Global Furfural Derivatives Market is Poised to Grow Owing to Rising Application in Petroleum Refining
Global Furfural Derivatives Market is Poised to Grow Owing to Rising Application in Petroleum Refining
The Global Furfural Derivatives Market is estimated to be valued at US$ 13.15 billion in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period of 2024 to 2031.

Furfural derivatives are chemicals produced from furfural, which is extracted through acid-catalyzed of agricultural byproducts such as oats, wheat bran, corn cobs, and sugarcane bagasse. These derivatives have wide applications in solvents, agrochemicals, petroleum refining, pharmaceuticals, and other industries. Growing usage of furfural derivatives as additives in gasoline blending and as solvents in extraction processes adopted by petroleum refineries continue to drive their demand.

Key Takeaways

Key players operating in the Global Furfural Derivatives Market are Pyran, Pennakem, LLC, TransFurans Chemicals bvba, BASF SE, UBE Corp., Yuanli Chemical Group, Hefei Home Sunshine Pharmaceutical Technology Co., Ltd., AB Enterprises, Hefei TNJ Chemical Industry Co. Ltd., and International Furan Chemicals B.V. These companies collectively account for over 50% of the overall market share.

Key opportunities in the market include developing more sustainable and cost-effective production processes as well as exploring applications of Furfural Derivatives Market Demand in newer industries. Many market leaders are focusing on global expansion through building production facilities or entering into strategic partnerships across APAC, North America, and Europe where petroleum refining industries are well established.

Market drivers: The growing application of furfural derivatives in petroleum refining processes, such as in extracting aromatics from reformates, enhancing gasoline properties, and distillation of crude oil, is a major market driver. They act as fuel additives and anti-fouling agents which improves overall refining efficiency.

Market restraints: Manufacturing of furfural derivatives requires large quantities of agricultural byproducts that are dependent on seasonal harvests. Supply bottlenecks and price volatility of raw materials continue to restrain the growth of furfural derivatives market to some extent.

Market Drivers and Restrain:

The growing application of furfural derivatives in petroleum refining processes, such as in extracting aromatics from reformates, enhancing gasoline properties, and distillation of crude oil, is a major market driver. They act as fuel additives and anti-fouling agents which improves overall refining efficiency.

Market restraints: Manufacturing of furfural derivatives requires large quantities of agricultural byproducts that are dependent on seasonal harvests. Supply bottlenecks and price volatility of raw materials continue to restrain the growth of furfural derivatives market to some extent.

Segment Analysis

The global furfural derivatives market can be segmented based on type as furfuryl alcohol, tetrahydrofurfuryl alcohol (THFA), 2-furanmethanol, and others. The furfuryl alcohol segment is dominating the market currently due to its widespread application as a resin or adhesive for foundry cores and molds. It is also used as a food additive and solvent. The increasing use of furfuryl alcohols as ingredients in industrial resins and adhesives as well as thermosetting resins for wood adhesives is expected to drive the growth of this segment during the forecast period.

THFA is projected to be the fastest growing segment during the forecast period. This is primarily due to increasing usage of THFA in industrial resins, coatings, pharmaceuticals, and pesticides. It possesses strong bonding properties and is an excellent substitute for formaldehyde. The low toxicity of THFA compared to formaldehyde is augmenting its demand across industries.

Global Analysis

The Asia Pacific region accounts for the largest share in the global furfural derivatives market currently. The growth in the region can be attributed to China being the largest producer and exporter of furfural and its derivatives including furfuryl alcohol. The country has a large manufacturing base for industrial resins, adhesives, and foundry cores where furfural derivatives find high usage. North America is also among the major markets driven by the increasing applications of furfuryl alcohol as a thermosetting resin in wood adhesives industry in the U.S. and Canada. Europe is projected to witness significant growth during the forecast period due to robust demand from the automotive and construction industries and growing need for sustainable bio-based chemicals.

Get more insights on Furfural Derivatives Market

What's your reaction?

Comments

https://www.timessquarereporter.com/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!

Facebook Conversations