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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