Furfural Derivatives Market Growth Set to Surge Significantly during 2024

The global furfural derivatives market is characterized by the presence of several industry giants and is set to witness the rise in both large and small enterprises. Transparency Market Research (TMR) recently authored a report that distinguishes the market by names such as Hongye Chemical Co Ltd., Avantium, Ashland Inc., Mitsubushi Chemical and DynaChem Inc. The market is predicted to witness high level of competition, compelling the market participants to strategize to create market influence. The players are expected to provide the consumers with competitive prices, which could lead to partnerships and mergers among companies. The recent advances in synthetically produced material, such as ethanol, which are also cost effective as compared to furfural derivatives, may lead to market participants encourage mergers and acquisitions.

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The TMR published report prognosticates the furfural derivatives market worldwide to exhibit a healthy CAGR during the forecast period 2016 to 2024. In 2016, the market stood at an estimated value of 947.58 kilo tons and is expected to reach 1,172.17 kilo tons the end of 2024. At this rate, the market is predicted to exhibit a 2.69% CAGR over the forecast duration. With a CAGR of 3.98% CAGR in terms of value, Asia Pacific is predicted to be the leading region of the market, owing to it being the chief producer as well as consumer of furfural derivatives.

FDCA to Emerge as Leading Segment Due to Multitude of Applications

The international furfural derivatives market can be classified on the premise of type of product into tetrahydrofurfuryl liquor (THFA), furoic corrosive, 2,5-furandicarboxylic corrosive (FDCA), and other product types. The segment of other product types comprises of tetrahydrofuran (THF), methyl tetrahydrofuran (MeTHF) and poly tetrahydrofuran (Poly THF), and is a part of the most profoundly enticing products. All of these, in combination, have a plethora of applications and in thus are predicted to hold a gargantuan share of the total market revenue. On the basis of CAGR, the segment of FDCA is foretold to be highly lucrative and is predicted to showcase a CAGR of 2.85% between the forecast duration.

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Rising Concerns Regarding Environmental Safety to Provide Impetus to Market

Furfural is a natural derivative of agricultural produce and waste products, such as, sawdust, oat, corn cobs, and wheat bran. By texture, furfural is a slick, colorless fluid. As far as end-product businesses are concerned, where furfural is utilized, the study reports furfural to be utilized as a part of the chemicals sector, the pharmaceuticals business, and the food and beverage segment, others such as beautifying agents, perfumes industry and household products. In recent years, the erratic nature of the market and reduced revenue generation for sale of commodity chemicals have impelled manufacturers to look for cost-effective alternatives. In light of this, the furfural derivatives market is predicted to have high potential to be that substitute. The rise in requirement for goods created from biodegradable and green sources as well as the accelerated utilization of the derivatives in the food and beverage industry could lead to a considerable market growth.

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Between 2007 and 2013, the price of Free on Board furfural products rose, due to amplified prices of corn, reduced number of lower cost furfural suppliers form China, and lower market penetration. The downturn of the industry has led to an overall negative affect over the furfural derivatives and by products, on account of changes in government regulations, lower agricultural produce and constrains on export of the product. While these factors are predicted to hamper market growth, the market is nevertheless witness a steady growth, on account of the opportunities and motivating factors mentioned. The receding cost of furfural derivatives will provide a significant driving force to the market dynamics.

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