According to a recent market study published by Growth Market Report, titled, Global Furfural Derivatives Market by Product (Furfuryl Alcohol, Furoic Acid, Tetrahydrofurfuryl Alcohol (THFA), Methyl Tetrahydrofuran, 2-5-Furandicarboxylic Acid, 1, 2 Pentanediol, Others), by Function (Solvent, Intermediate, Monomer, Others), by End-Use Industry (Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverage, Refineries, Chemical, Others), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa): Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 2,152.4 Million in 2022 and is expected to grow at a growth rate of 5.2% by the year 2031.

As per Growth Market Report industry analyst Anupama Kumari, the “Global Furfural Derivatives Market is anticipated to witness significant growth during the forecast period 2023-2031.” Furfural derivatives are made from plant-derived raw materials, which have recently become popular as high-performance fuel additives.  

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The global furfural derivative market is expanding, due to the increasing demand for bio-based sustainable chemicals across the globe. Extensive use of biomass-derived furfural derivatives opens up new opportunities to reduce dependence on petroleum and fossil resources as well as ensure sustainable human development. Efficient utilization of furfural to produce useful chemicals such as furan-dicarboxylic acid, aromatic compounds, and cyclopentanone has made progress and some new strategies have been developed. Furfural derivatives are used as environmentally friendly solvents, as they are biodegradable. Low toxicity nature makes them a suitable choice to use in various end-use industries. The biodegradable nature of furfural derivatives can replace other conventional solvents. This factor is expected to create lucrative opportunities for key manufacturers in the coming years. Increasing widespread applications of these furfural derivatives are expected to create various opportunities for the market expansion during the forecast period.

The primary and secondary research methodology is used for keen observation and study of perfluoro elastomer (FFKM) products. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The outbreak of coronavirus disease in 2019 (COVID-19) restrained the global economy, created global interdependence, and challenged the governments of various nations. The pandemic raised concerns among economies and businesses by shifting focus to the online supply of consumer electronic gadgets and automotive components and creating manufacturing issues.

In January, the WHO labeled the COVID-19 outbreak as a public health emergency of global concern and proclaimed it a global pandemic in March 2020. This deadly virus has become one of the biggest pandemics in human history. The COVID-19 outbreak is a public health emergency that affected almost every industry. The long-term effects of the pandemic are expected to affect the growth of various industries during the forecast period, especially across Eastern Europe, European Union, the US, and Eastern & Central Asia.

As of February 13, 2023, this pandemic had infected over 678,724,789 people, and over 6,791,202 people died from the disease. COVID-19 cases have been registered in more than 231 countries and territories. Many countries are economically weak, while others have poor healthcare systems that affect the economy and life of people.

Key Takeaways from the Study:

  • The players include DalinYebo Trading and Development (Pty) Ltd, Endeavour Speciality Chemicals Ltd , Honeywell International Inc, ILLOVO SUGAR AFRICA, Manas Petro Chem, Merck KGaA, Monument Chemical, Otto Chemie Pvt. Ltd, Polysciences Inc, Shree Ganesh Remedies Ltd, Silvateam S.p.a, Tokyo Chemical Industry Co., Ltd, TransFurans Chemicals bvba.

Report Scope:

Report Metric

Details

Market Value in 2022

USD 2,152.4 Million

Market Growth Rate (from 2023 to 2030)

5.2%

Historical Data

2016 & 2021

Base Year

2022

Forecast Period

2023 – 2031

Units Considered

Value (USD Million)

Market Segments

by Product (Furfuryl Alcohol, Furoic Acid, Tetrahydrofurfuryl Alcohol (THFA), Methyl Tetrahydrofuran, 2-5-Furandicarboxylic Acid, 1, 2 Pentanediol, Others), by Function (Solvent, Intermediate, Monomer, Others), by End-Use Industry (Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverage, Refineries, Chemical, Others)

Key Companies Profiled

DalinYebo Trading and Development (Pty) Ltd, Endeavour Speciality Chemicals Ltd , Honeywell International Inc, ILLOVO SUGAR AFRICA, Manas Petro Chem, Merck KGaA, Monument Chemical, Otto Chemie Pvt. Ltd, Polysciences Inc, Shree Ganesh Remedies Ltd, Silvateam S.p.a, Tokyo Chemical Industry Co., Ltd, TransFurans Chemicals bvba

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.


Target Audience:

  • Supply-side: Raw material suppliers and Manufactures  

  • Demand Side: Furfural Derivatives manufacturing companies

  • Regulatory Side: Concerned government authorities, and other regulatory bodies.