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How has the furfural derivatives market grown in recent years?

The furfural derivatives market has grown significantly in recent years. It will rise from $12.54 billion in 2024 to $13.58 billion in 2025, at a compound annual growth rate (CAGR) of 8.3%. The growth in the past period is attributed to greater demand for furfural derivatives in agrochemicals, food and beverage applications, pharmaceuticals, industrial chemicals, and the textile and fashion industries.

How is the furfural derivatives market size expected to evolve during the forecast period?

The furfural derivatives market is projected to grow to $18.51 billion by 2029 at a CAGR of 8.1%. The demand from the food industry, increased applications for furfural alcohol, government support for bio-based products, and the rising use of furfural derivatives in plastics are key drivers. Major trends include the shift towards renewable chemicals, integration into biorefineries, and the use of furfural derivatives in solvents and chemical processes.

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Which key drivers are propelling the furfural derivatives market’s growth?

The growth in the agriculture sector is anticipated to drive the expansion of the furfural derivatives market in the future. The agricultural industry includes the production, processing, and distribution of crops, livestock, and other farm products. Key factors contributing to this growth include changes in dietary habits, increasing environmental awareness, and more investment in agricultural research, development, and infrastructure. Furfural derivatives are beneficial to agriculture by enhancing pest management, improving soil fertility, seed quality, and crop productivity, while promoting sustainable farming practices due to their biodegradability. For example, in February 2024, reports from the UK Department for Environment Food & Rural Affairs indicated a significant rise in the average farm business income (FBI) from USD 50,461 (£46,500) in 2020/21 to USD 78,133 (£72,000) in 2021/22. Additionally, total income from farming in the UK rose by 17% to USD 6.61 billion (£7.9 billion) in 2022. Thus, the agriculture sector’s growth is boosting the furfural derivatives market.

What are the market segments in the furfural derivatives industry?

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

Subsegments:

1) By Furfuryl Alcohol: Industrial Grade Furfuryl Alcohol, Food And Pharmaceutical Grade Furfuryl Alcohol, Bio-Based Furfuryl Alcohol

2) By Furoic Acid: Pharmaceutical Grade Furoic Acid, Industrial Grade Furoic Acid, Bio-Based Furoic Acid

3) By Tetrahydrofurfuryl Alcohol (THFA): Industrial Grade THFA, Bio-Based THFA, Pharmaceutical Grade THFA

4) By Methyl Tetrahydrofuran (MTHF): Bio-Based MTHF, Solvent-Grade MTHF, High Purity MTHF

5) By 2,5-Furandicarboxylic Acid (FDCA): Bio-Based FDCA, Industrial Grade FDCA, Pharmaceutical Grade FDCA

6) By 1,2 Pentanediol: Bio-Based 1,2 Pentanediol, Pharmaceutical Grade 1,2 Pentanediol, Industrial Grade 1,2 Pentanediol

7) By Other Products: Furfural, Furfural-Derived Solvents, Other Bio-Based Derivatives, Additives For Resins And Plastics, Specialty Chemicals

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Which leading companies are shaping the growth of the furfural derivatives market?

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.

What key trends are currently impacting the furfural derivatives market’s development?

Companies in the furfural derivatives market are investing in downstream projects to expand product portfolios. Downstream projects refine raw materials into finished goods, while midstream projects handle transportation and storage. For example, in September 2022, Numaligarh Refinery (NRL), an India-based oil company, invested INR 35,000 crore ($4.4 billion) in downstream and midstream projects, converting bamboo into fuel-grade bioethanol and biochemicals like acetic acid, furfural, and furfuryl alcohol.

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Which geographic areas are influencing the growth of the furfural derivatives market?

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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