Furfural Derivatives Market
Furfural Derivatives Market Forecasts to 2030 - Global Analysis By Product Type (Furfural Alcohol, Furan, Tetrahydrofuran (THF), Methyltetrahydrofuran, 2-Methylfuran, Poly Tetrahydrofuran, 2, 5 - Furandicarboxylic Acid and Other Product Types), Form, Application, End User and By Geography
According to Stratistics MRC, the Global Furfural Derivatives Market is accounted for $14.7 billion in 2024 and is expected to reach $25.0 billion by 2030 growing at a CAGR of 9.2% during the forecast period. Furfural derivatives are chemical compounds derived from furfural, an organic compound obtained from agricultural byproducts like corn cobs, oat, wheat bran, and sawdust. These derivatives are used in various industrial applications due to their chemical versatility. They serve as precursors in the production of resins, solvents, pharmaceuticals, and fine chemicals. Furfural is a valuable platform chemical in renewable energy and green chemistry, supporting the shift towards sustainable industrial practices.
Market Dynamics:
Driver:
Growing demand for furfuryl alcohol
The demand for furfuryl alcohol in the market is increasing due to its extensive use in various industrial applications. As a key ingredient in the production of furan resins, it is essential for manufacturing foundry sand binders, adhesives, and coatings. Additionally, the shift towards sustainable and bio-based chemicals is further propelling its demand. Industries such as automotive and agriculture are increasingly adopting this alcohol for its superior properties, including chemical resistance and durability, thus contributing to the market's growth.
Restraint:
Competition from existing products
The furfural derivatives market faces significant competition from existing products, presenting a notable challenge to its growth and development. These entrenched products often benefit from economies of scale, making it difficult for furfural derivatives to compete on price. Additionally, the familiarity and reliability of these existing products make it difficult for new entrants to convince industries to switch to furfural derivatives, despite their potential environmental benefits.
Opportunity:
Shift towards renewable chemicals
The shift towards renewable chemicals in the market is driven by increasing environmental awareness and stringent regulations. Furfural, derived from agricultural waste, offers a sustainable alternative to petroleum-based chemicals. Its derivatives are used in various applications contributing to reduced carbon footprints. Companies are investing in green technologies and production processes to meet the rising demand for eco-friendly products, fostering market growth and innovation in renewable chemical solutions.
Threat:
Raw material price fluctuations
Raw material price fluctuations have a significant negative impact on the market. These fluctuations lead to increased production costs, affecting profitability and pricing strategies. Manufacturers may struggle to maintain stable relationships with suppliers and customers due to unpredictable costs. Additionally, frequent price changes can hinder long-term planning and investment, ultimately affecting the market’s growth and competitiveness. This instability can deter new entrants and innovation within the industry.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the market by disrupting supply chains and causing a slowdown in industrial activities. Lockdowns and restrictions affected production and distribution, leading to decreased demand in various end-use industries. Additionally, economic uncertainties and reduced consumer spending further impacted market growth. However, the pandemic also accelerated interest in sustainable and bio-based chemicals, which may drive future recovery and innovation in the market as industries adapt to new norms.
The furfural alcohol segment is expected to be the largest during the forecast period
The furfural alcohol is expected to be the largest during the forecast period. As industries seek sustainable and high-performance materials, furfuryl alcohol’s role as a key intermediate in creating durable and eco-friendly products becomes increasingly valuable. Its use in manufacturing bio-based polymers and specialty chemicals aligns with the rising emphasis on green chemistry and sustainable practices, further boosting its market presence and growth potential.
The agriculture segment is expected to have the highest CAGR during the forecast period
The agriculture segment is expected to have the highest CAGR during the forecast period. These derivatives enhance the efficacy of pesticides, herbicides, and fertilizers, improving crop yield and pest control. The demand for sustainable and efficient agricultural practices drives the adoption of furfuryl alcohol-based products, as they offer eco-friendly alternatives to traditional chemicals. This trend supports agricultural productivity and contributes to the broader push for sustainable farming solutions.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. Furfural derivatives are being utilized in various industries such as pharmaceuticals, agriculture, and food processing. The region's emphasis on green chemistry and renewable resources is boosting the adoption of these derivatives. Key factors contributing to market expansion include stringent environmental regulations and advancements in production technologies that enhance product efficiency and sustainability.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. There's a rising demand for bio-based chemicals as alternatives to petroleum-based products, driven by environmental regulations and a shift towards sustainable practices. Rapid industrialization in countries is boosting the demand for furfural derivatives in manufacturing and chemical processes. Policies and incentives aimed at promoting green chemistry and reducing environmental impact are supporting the growth of the market.
Key players in the market
Some of the key players in Furfural Derivatives market include Aurus Specialty Chemicals, B Enterprises, Tanin, Beijing Lys Chemicals, Chemical Industry Co. Ltd., Furnova Polymers, Hefei Home Sunshine Pharmaceutical Technology Co., Ltd., Hongye Holding Group Corporation, International Furan Chemicals B.V., Pennakem, LLC, Pyran, Shanghai Ruizheng Technology, Silvateam, BASF SE, TCI Chemicals, TransFurans Chemicals bvba, UBE Corp, Xingtai Chunlei Furfuryl Alcohol, Yuanli Chemical Group and Zhucheng Taisheng Chemical.
Key Developments:
In May 2024, BASF introduced first biomass-balanced products for its ammonia and urea portfolio. BASF applies a biomass balance approach to replace fossil resources at the beginning of the production process with certified biowaste raw materials which are attributed to the products.
In January 2024, BASF announced a new collaboration with Envision Energy, a leading green technology provider of comprehensive net zero solutions. The collaboration aims to further develop the conversion of green hydrogen and CO2 into e-methanol through an advanced, dynamic process design.
Product Types Covered:
• Furfural Alcohol
• Furan
• Tetrahydrofuran (THF)
• Methyltetrahydrofuran
• 2-Methylfuran
• Poly Tetrahydrofuran
• 2, 5 - Furandicarboxylic Acid
• Other Product Types
Forms Covered:
• Liquid
• Solid
• Gaseous
Applications Covered:
• Solvents
• Plastics & Resins
• Adhesives & Sealants
• Textiles
• Coatings
• Other Applications
End Users Covered:
• Chemical Industry
• Pharmaceuticals
• Agriculture
• Automotive & Aerospace
• Food & Beverage
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Furfural Derivatives Market, By Product Type
5.1 Introduction
5.2 Furfural Alcohol
5.3 Furan
5.4 Tetrahydrofuran (THF)
5.5 Methyltetrahydrofuran
5.6 2-Methylfuran
5.7 Poly Tetrahydrofuran
5.8 2, 5 - Furandicarboxylic Acid
5.9 Other Product Types
6 Global Furfural Derivatives Market, By Form
6.1 Introduction
6.2 Liquid
6.3 Solid
6.4 Gaseous
7 Global Furfural Derivatives Market, By Application
7.1 Introduction
7.2 Solvents
7.3 Plastics & Resins
7.4 Adhesives & Sealants
7.5 Textiles
7.6 Coatings
7.7 Other Applications
8 Global Furfural Derivatives Market, By End User
8.1 Introduction
8.2 Chemical Industry
8.3 Pharmaceuticals
8.4 Agriculture
8.5 Automotive & Aerospace
8.6 Food & Beverage
8.7 Other End Users
9 Global Furfural Derivatives Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Aurus Specialty Chemicals
11.2 B Enterprises
11.3 Tanin
11.4 Beijing Lys Chemicals
11.5 Chemical Industry Co. Ltd.
11.6 Furnova Polymers
11.7 Hefei Home Sunshine Pharmaceutical Technology Co., Ltd.
11.8 Hongye Holding Group Corporation
11.9 International Furan Chemicals B.V.
11.10 Pennakem, LLC
11.11 Pyran
11.12 Shanghai Ruizheng Technology
11.13 Silvateam
11.14 BASF SE
11.15 TCI Chemicals
11.16 TransFurans Chemicals bvba
11.17 UBE Corp
11.18 Xingtai Chunlei Furfuryl Alcohol
11.19 Yuanli Chemical Group
11.20 Zhucheng Taisheng Chemical
List of Tables
1 Global Furfural Derivatives Market Outlook, By Region (2022-2030) ($MN)
2 Global Furfural Derivatives Market Outlook, By Product Type (2022-2030) ($MN)
3 Global Furfural Derivatives Market Outlook, By Furfural Alcohol (2022-2030) ($MN)
4 Global Furfural Derivatives Market Outlook, By Furan (2022-2030) ($MN)
5 Global Furfural Derivatives Market Outlook, By Tetrahydrofuran (THF) (2022-2030) ($MN)
6 Global Furfural Derivatives Market Outlook, By Methyltetrahydrofuran (2022-2030) ($MN)
7 Global Furfural Derivatives Market Outlook, By 2-Methylfuran (2022-2030) ($MN)
8 Global Furfural Derivatives Market Outlook, By Poly Tetrahydrofuran (2022-2030) ($MN)
9 Global Furfural Derivatives Market Outlook, By 2, 5 - Furandicarboxylic Acid (2022-2030) ($MN)
10 Global Furfural Derivatives Market Outlook, By Other Product Types (2022-2030) ($MN)
11 Global Furfural Derivatives Market Outlook, By Form (2022-2030) ($MN)
12 Global Furfural Derivatives Market Outlook, By Liquid (2022-2030) ($MN)
13 Global Furfural Derivatives Market Outlook, By Solid (2022-2030) ($MN)
14 Global Furfural Derivatives Market Outlook, By Gaseous (2022-2030) ($MN)
15 Global Furfural Derivatives Market Outlook, By Application (2022-2030) ($MN)
16 Global Furfural Derivatives Market Outlook, By Solvents (2022-2030) ($MN)
17 Global Furfural Derivatives Market Outlook, By Plastics & Resins (2022-2030) ($MN)
18 Global Furfural Derivatives Market Outlook, By Adhesives & Sealants (2022-2030) ($MN)
19 Global Furfural Derivatives Market Outlook, By Textiles (2022-2030) ($MN)
20 Global Furfural Derivatives Market Outlook, By Coatings (2022-2030) ($MN)
21 Global Furfural Derivatives Market Outlook, By Other Applications (2022-2030) ($MN)
22 Global Furfural Derivatives Market Outlook, By End User (2022-2030) ($MN)
23 Global Furfural Derivatives Market Outlook, By Chemical Industry (2022-2030) ($MN)
24 Global Furfural Derivatives Market Outlook, By Pharmaceuticals (2022-2030) ($MN)
25 Global Furfural Derivatives Market Outlook, By Agriculture (2022-2030) ($MN)
26 Global Furfural Derivatives Market Outlook, By Automotive & Aerospace (2022-2030) ($MN)
27 Global Furfural Derivatives Market Outlook, By Food & Beverage (2022-2030) ($MN)
28 Global Furfural Derivatives Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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