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Furfural Derivatives Market : Analysis and Forecast upto 2024
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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.
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.
Based on geography, Asia Pacific is deemed to exhibit high demand furfuryl alcohol. While being the primary producer of the same, the region is also prognosticated to continue being the chief consumer of furfuryl alcohol, leading to Asia Pacific leading the international market in terms of revenue.
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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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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