Furfural Derivatives Market Analysis:
Furfural is an organic intermediate derived from agricultural residues, such as corncob, rice husk, and sugarcane bagasse or wooden residues. It is used for manufacturing furan-based biochemicals and biofuels. Furfural is a solvent produced through the acid hydrolysis of pentosan, which might be present in biomasses, including bagasse, corn cobs, rice hulls, and oats hulls. The coloration of furfural changes to a dark red/brown when exposed to sunlight in presence of oxygen. It is particularly used within the production of derivatives consisting of furoic acid, tetrahydrofurfuryl alcohol (THFA) for refining lubricating oils as selective solvents in agriculture, plastics, pharmaceutical, and oil & gasoline commercial application. Furfural has gained acceptance alternatively for petrochemicals as a building block for polymers and solid elastomers. It is widely utilized in industries inclusive of agrochemicals, food & beverages, business chemicals, pharmaceuticals, plastics, and refineries.
COVID–19 scenario analysis
The food & beverages industry has been adversely affected, due to the outbreak of COVID-19 pandemic. Owing to the lockdown implemented across various countries, consumers have reduced dining out. Moreover, government has forced to shut down various food & beverages outlets to prevent the further spread of virus due to social gathering. However, the application of furfural derivatives in the pharmaceuticals industry is expected to boost the demand for the product even in the time of crisis.
Market scenario analysis
The strong shift toward the improvement of bio-based chemical substances on account of rising petrochemical prices and developing environmental concerns is anticipated to be key motive force for the growth of global furfural market. In addition, rise is issues regarding environment, which includes biodegradability and increase in carbon footprint related to traditional petrochemicals further boost the market growth. Moreover, increase in demand for furfural in solvent applications, including lubricating oils and in butadiene extractions is expected to supplement the market growth during the upcoming years. In addition, surge in use of furfural in chemical processing as a raw material is anticipated to drive the market growth. R&D activities are being conducted by various organizations and institutes to improve the production process. However, those processes are not commercially operational. Obsolete production technologies are predicted to hinder the market growth during the forecast period.
Furfuryl alcohol is a chemical, which is produced from furfural. Furfuryl alcohol plays a fundamental role in the creation of foundry sand covers, owing to its high reactivity. This alcohol has been appreciably used for producing cores and mold for metallic for a long time. It is additionally utilized in the creation of tetrahydrofurfuryl liquor (THFA), which is generally utilized in the pharmaceutical sector. Factors such as rise in demand for bio-based products, improvement in the production strategies of furfural derivatives, and upward thrust in demand for furfural derivatives from the pharmaceutical industry are further driving the market for furfural derivatives. Moreover, the demand for bio-based resins and paints is growing in advanced countries due of implementation of stringent environmental policies, which, in turn, fuels the market growth. Furfural subsidiaries play a significant role in the production of gums and paints which are eco-friendly. In addition, furfural derivatives are significantly employed in the food & beverages industry for synthetic flavors, colors, and also are used in the packaging of food items. Furfural derivatives are used as monomers or solvents within the pharmaceutical industry, which further boost the target market. These numerous uses of furfural in various industries is predicted to drive the market in the near future.
On the basis of region, the global furfural derivatives market is analyzed across North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia-Pacific holds a significant portion of the worldwide furfural subsidiaries advertise. Popularity for furfural subsidiaries from the pharmaceuticals, plastics, and agrochemicals enterprises support the market in Asia-Pacific. Western Europe is expected to follow Asia-Pacific. Strong environmental regulations in are expected to drive the furfural market growth. Middle East & Africa serve as lucrative markets for furfural derivatives, owing to increase in demand for furfural derivatives from oil refineries.
Key benefits of the report
- This study presents the analytical depiction of the global furfural derivatives industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global furfural derivatives market share.
- The current market is quantitatively analyzed to highlight the global furfural derivatives market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global furfural derivatives market research report:
- Which are the leading players active in the global furfural derivatives market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Furfural Derivatives Market Report Highlights
By Raw material
By End User
Key Market Players
Ashland, Nova Molecular, Corbion, BASF, Sino hem Qingdao, Hongye Chemical, Dynachem, Avantium, Penn A Kem, Mitsubishi Chemical