Overview and Scope
Furfural derivatives are organic compounds that are derived from furfural, an aldehyde typically produced from biomass materials such as corncobs, oat hulls, or sugarcane bagasse. Furfural itself is a colorless liquid with a distinct almond-like odor, and it serves as a precursor for various useful chemicals.
Sizing and Forecast
The furfural derivatives market size has grown strongly in recent years. It will grow from $11.6 billion in 2023 to $12.54 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth in the historic period can be attributed to rise in demand for furfural derivatives in agrochemicals, increased applications of furfural derivatives in food and beverages, increased utilization of furfural derivatives in pharmaceuticals, increased demand for furfural derivatives in industrial chemicals, increased applications of furfural derivatives in the textile and fashion industry.
The furfural derivatives market size is expected to see strong growth in the next few years. It will grow to $17.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to growing consumption from the food industry, expansion of application areas for furfural alcohol and furfural derivative products, government support for bio-based products, growing demand for furfuryl alcohol, increasing use of furfural derivatives in plastics. Major trends in the forecast period include demand for products from renewable and biodegradable sources, integration of furfural derivatives in biorefineries, shift towards renewable chemicals, use of furfural derivatives as solvents, demand for furfural derivatives as chemical intermediates.
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Segmentation & Regional Insights
The furfural derivatives market covered in this report is segmented –
1) By Product Type: Furfuryl Alcohol, Furoic Acid, Tetrahydrofurfuryl Alcohol (THFA), Methyl Tetrahydrofuran, 2-5-Furandicarboxylic Acid, 1, 2 Pentanediol, Other Products
2) By Raw Material Type: Sugarcane Bagasse, Corncob, Rice Husk, Other Raw Material Types
3) By Application: Derivatives, Solvents, Other Applications
4) By End-User Industry: Agriculture, Paints And Coatings, Pharmaceuticals, Food And Beverage, Refineries, Chemical, Other End User Industries
Asia-Pacific was the largest region in the furfural derivatives market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the furfural derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growth in the agriculture sector is expected to propel the growth of the furfural derivatives market going forward. The agriculture sector refers to the part of the economy that involves producing, processing, and distributing crops, livestock, and other agricultural products. There is a shift in dietary patterns, growing awareness of environmental issues, and increased investment in agricultural research, development, and infrastructure. Furfural derivatives offer agricultural benefits such as improved pest management, soil fertility, seed quality, and crop productivity while supporting sustainable farming practices through their biodegradability and environmental compatibility. For instance, in February 2024, according to the Department for Environment Food & Rural Affairs reports, a UK-based government agency, the average farm business income (FBI) across all UK farms increased significantly from USD 50461 (£46,500) in 2020/21 to USD 78133 ( £72,000) in 2021/22. Furthermore, the UK total income from Farming (TIFF) in 2022 was $6.61 billion(£7.9 billion), an increase of 17% from 2021 with USD 1.43 billion(£1.1 billion ). Therefore, growth in the agriculture sector drives the furfural derivatives market.
Key Industry Players
Major companies operating in the furfural derivatives market are BASF SE, Mitsubishi Chemical Corporation, Merck KGaA , Central Romana Corporation, Lenzing AG, Ashland Inc., Yuanli Chemical Group, Alfa Aesar GmbH Co. KG, Furnova Polymers Ltd., GFS Chemicals Inc., Cayman Chemical Co., Tokyo Chemical Industry Co. Ltd., Vertellus Holdings LLC, Pennakem LLC , Silvateam S.p.a., Acros Organics, DynaChem Incorporated, TransFurans Chemicals, Hongye Chemical Co. Ltd. , Tanin Group, Beijing Chemical Industry Group Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., AB Enterprises, Haihang Industries, Chemsavers Inc.
The furfural derivatives market report table of contents includes:
1. Executive Summary
2. Furfural Derivatives Market Characteristics
3. Furfural Derivatives Market Trends And Strategies
4. Furfural Derivatives Market – Macro Economic Scenario
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32. Global Furfural Derivatives Market Competitive Benchmarking
33. Global Furfural Derivatives Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Furfural Derivatives Market
35. Furfural Derivatives Market Future Outlook and Potential Analysis
36. Appendix
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