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How Is The Furfural Derivatives Market Expected To Grow In Terms Of Size?

In recent times, the furfural derivatives market has witnessed significant expansion. The market is expected to rise from a worth of $12.54 billion in 2024 to a projected $13.4 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.9%. This surge during the historical period is influenced by factors such as increasing demand for furfural derivatives in agrochemicals, expanding application in the food and beverage sector, growing use in pharmaceuticals, increasing consumption for industrial chemical purposes, and broader use in the textile and fashion industry.

Anticipated to witness robust growth in the coming years, the furfural derivatives market is forecasted to reach a worth of $17.74 billion in 2029 with an impressive compound annual growth rate (CAGR) of 7.3%. Several driving factors such as the increased use of furfuryl alcohol and furfural derivative goods as the food industry expands, governmental endorsement for bio-based product utilization, and rising demand for furfuryl alcohol and furfural derivatives in the plastics industry have attributed to the projected market growth within this forecast period. The period will also see increasing trends such as renewable, biodegradable products, the incorporation of furfural derivatives into biorefineries, a transition towards renewable chemicals, the exploitation of furfural derivatives as solvents, and a marked demand for furfural derivatives as a chemical proxy.

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What Market Forces Are Contributing To The Growth Of The Furfural Derivatives Market?

Advancements in the agriculture sector are anticipated to fuel the expansion of the furfural derivatives market. The agricultural sector encompasses all activities related to the production, processing, and distribution of crops, livestock, and other farm products. A change in eating habits, heightened environmental consciousness, and increased spending on agrarian research, development, and infrastructure are contributing to its growth. Furfural derivatives provide several agricultural advantages such as enhanced pest control, soil fertility, seed quality, and crop yield, and they support eco-friendly farming methods through their ability to degrade naturally and their environmental compatibility. For instance, the Department for Environment Food & Rural Affairs, a UK government agency, reported in February 2024 that the average farm business income (FBI) across all UK farms rose substantially from USD 50461 (£46,500) in 2020/21 to USD 78133 (£72,000) in 2021/22. In addition, the UK’s total income from farming (TIFF) in 2022 reached $6.61 billion (£7.9 billion), marking a 17% increase from 2021 with USD 1.43 billion (£1.1 billion). Consequently, the upturn in the agriculture sector is propelling the furfural derivatives market.

Which Segments Define The Structure Of The Furfural Derivatives Market?

The furfural derivativesmarket 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

What Strategic Shifts And Innovations Are Influencing The Furfural Derivatives Market?

Significant players in the furfural derivatives market are diversifying their product ranges by funding downstream projects. These projects are essentially the transformation and purification of raw materials into end products, whereas midstream projects handle the transport, warehousing, and bulk distribution of raw materials and preliminary products from manufacturing sites to downstream operations. For example, in September 2022, Numaligarh Refinery (NRL), a prominent oil corporation in India, committed around $4.4 billion (INR 35,000 crore) to a range of midstream and downstream projects in the next five years. This brand-new facility has the capacity to process 3,00,000 tons of bamboo each year into 50,000 tons of fuel-standard bioethanol and 30,000 tons of biochemicals like acetic acid, furfural, and furfuryl alcohol.

Who Are The Global Leaders Steering The Furfural Derivatives Market Forward?

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.

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What Regional Factors Are Accelerating Growth In The Furfural Derivatives Market?

Asia-Pacific was the largest region in the furfural derivatives market in 2024. 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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