The top five companies in the global furfural
derivatives market together accounted for 57% of the overall market
in 2015. These players are Penn A Kem LLC, Nova Molecular
Technologies, Inc., Sinochem Qingdao Co. Ltd., Hongye Chemical Co.
Ltd., and Corbion NV. The growing presence of small and large
companies has intensified the competition in the global furfural
derivatives market, states Transparency Market Research, and the
degree of rivalry is likely to remain high throughout the forecast
period.
Pricing plays a key role in this competitive
environment since the cost of furfural derivatives is relatively
high. This also means that the threat of substitutes is rather high.
“Synthetic process materials such as ethanol are lower priced and
can be used in place of furfural derivatives,” the author of the
study states. This threat has compelled players in the market to
engage in partnerships and joint ventures so as to increase their
production capacity and lower the prices of furfural derivatives. One
such company that has focused on joint ventures and acquisitions to
increase production capacity is Hongye Chemical. Headquartered in
China, Hongye Chemical reportedly possesses the largest production
base for furfuryl alcohol and furfural in the world and, in 2015,
reported a production capacity of 150,000 MT of furfuryl alcohol.
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The global demand for furfural derivatives is poised
to rise from 947.5 kilo tons in 2016 to 1,172.1 kilo tons by 2024,
registering a 2.69% CAGR in terms of volume. On the other hand, the
global revenue generated by the market during the course of the
forecast period is projected to increase at a 3.76% CAGR.
Asia Pacific to Lead Global Furfural Market by
Value and Volume
Asia Pacific is the leading producer as well as
consumer of furfural derivatives. Registering a 2.93% CAGR in terms
of volume and a 3.98% CAGR in terms of value, the region is projected
to retain its lead throughout the forecast period. Based on product
type, the furfural derivatives market is led by the others segment,
which comprises tetrahydrofuran (THF), methyl tetrahydrofuran (MeTHF)
and poly tetrahydrofuran (Poly THF). The segment is projected to
value US$1.1 bn by 2024 while the combined demand for the
aforementioned derivatives is poised to reach 592.3 kilo tons by
2021. Registering a 2.85% CAGR from 2016 to 2024, the 2,5-
furandicarboxylic acid segment will emerge as a swiftly expanding
market.
Rising Environmental Awareness among Consumers a
Growth Driver
Rising concerns among consumers pertaining to the
adverse effects of fossil-based resources on the environment have
resulted in the widespread replacement of non-renewable sources with
renewable and bio-based alternatives. Strict environmental
regulations have also encouraged the use of bio-based products in a
number of end-use industries. This has greatly driven the demand for
furfural derivatives, which are mainly used for the production of
biofuels and biochemicals. The rising demand in Asia Pacific, the
leading market for furfural derivatives, is also anticipated to
significantly boost the global market.
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On the flip side, safety
issues regarding the transportation of furfural and its derivatives
is a major area of concern for this market. Different countries have
different restrictions and legislations pertaining to transportation
and export and this could pose a threat to the growth of the market
in the coming years.
This review is based on
the findings of a TMR report titled “Furfural Derivatives Market -
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
2016 - 2024.”
Furfural Derivatives Market, by Product
- Furoic acid
- Tetrahydrofurfuryl alcohol (THFA)
- 2,5- Furandicarboxylic acid (FDCA)
- Others [tetrahydrofuran (THF), methyl tetrahydrofuran (MeTHF) and poly tetrahydrofuran (poly THF)]
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