Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Furfural Derivatives Market Size is Expected to Grow from USD 13.39 Billion in 2023 to USD 26.98 Billion by 2033, at a CAGR of 7.26% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Furfural Derivatives Market Size, Share, and COVID-19 Impact Analysis, By Route (Tetrahydrofuran and Cyclopentanone), By Application (1-5 Pentanediol and Furoic Acid), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The furfural derivatives market is simply the production and consumption of various chemical compounds derived from furfural, a very important by-product of agricultural wastes like corncobs, oat husks, and sugarcane bagasse. These derivatives can be used everywhere in industries because of their diversified chemical properties, including, but not limited to, pharmaceuticals, agrochemicals, food & beverages, and plastics. Furfural derivatives include products like furfuryl alcohol, tetrahydrofuran (THF), and furan resins, used as solvents, in resin production, and the synthesis of valuable chemicals used in many industrial applications. The main driving forces of the market include increasing demand for bio-based chemicals and sustainable alternatives to petrochemical products and increasing utilization of furfural derivatives in manufacturing processes. Moreover, with a growing concern regarding environmental issues and the increasing urge to adopt cleaner production processes, there is greater adoption of furfural derivatives. However, the market is comprised of constraints, which include the turbulence in the price of raw materials, especially agricultural waste, and the production costs incurred while extracting and processing furfural.
The tetrahydrofuran segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the route, the furfural derivatives market is classified into tetrahydrofuran and cyclopentanone. Among these, the tetrahydrofuran segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. THF is widely utilized as a solvent in various industries, including pharmaceuticals, polymers, and coatings. Its versatility, stability, and application in producing plastics such as polyesters and polyurethanes contribute to its prominent market position. Additionally, THF plays a critical role in the production of other chemicals, making it a key component in industrial manufacturing.
The 1-5 pentanediol segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the furfural derivatives market is divided into 1-5 pentanediol and furoic acid. Among these, the 1-5 pentanediol segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. 1,5-pentanediol is primarily used as an intermediate in the production of polyurethanes, resins, and plastics, which are extensively applied in industries such as automotive, construction, and consumer goods. The growing demand for bio-based chemicals and sustainable materials, coupled with increasing applications in the production of coatings, adhesives, and plasticizers, is expected to drive the growth of this segment.
Asia-Pacific is estimated to hold the largest furfural derivatives market share over the forecast period.
Asia-Pacific is estimated to hold the largest furfural derivatives market share over the forecast period. The overall presence of several agrarian economies in the region producing valuable feedstock for furfural in the form of agricultural wastes has been a significant contributor in the region. Several countries in the region have adopted environmentally friendly and sustainable practices. Furfural and its derivatives are considered eco-friendly chemicals aligning with these initiatives and encouraging their use.
Europe is predicted to have the fastest CAGR growth in the furfural derivatives market over the forecast period. The region has some of the most rigorous environmental regulations globally, which have stimulated the use of environmentally friendly chemicals such as furfural derivatives in various sectors. European nations are increasingly adopting agricultural residues like wheat straw and oat hulls as feedstocks for furfural production. This increases the supply of raw materials for furfural derivatives.
Company Profiling
Major key players in the furfural derivatives market are Pyran, Pennakem, LLC, TransFurans Chemicals bvba, BASF SE, UBE Corporation, Yuanli Chemical Group, Hefei Home Sunshine Pharmaceutical Technology Co., Ltd., AB Enterprises, Hefei TNJ Chemical Industry Co.,Ltd., International Furan Chemicals B.V., and Others.
Key Target Audience
Market Segment
This study forecasts global, regional, and country revenue from 2023 to 2033. Spherical Insights has segmented the furfural derivatives market based on the below-mentioned segments:
Global Furfural Derivatives Market, By Route
Global Furfural Derivatives Market, By Application
Global Furfural Derivatives Market, By Regional Analysis
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