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Furfural Derivatives Market are Driving Growth in the Global Furfural Market
The Global Furfural Derivatives Market is a multibillion-dollar industry producing a diverse range of industrial and commercial chemicals. Furfural is a colorless, flammable liquid organic compound with a distinctive smell produced by the acidic decomposition of pentoses like xylose or arabinose found in lignocellulosic materials like corncobs or sugarcane bagasse. Furfural derivatives have numerous applications as solvents, chemical intermediates, and fuel additives. Major applications include furfuryl alcohol, furfurylamine, sodium carboxymethylcellulose, and others.
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 from 2024 to 2031.
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. Furfural derivatives have applications in solvents, resin binders, and fuel additives and agrochemicals among others. Growing demand for Furfural Derivatives Market Size from automotive, aviation, foundry, and petroleum industries is expected to drive market growth. Major players are expanding production facilities globally especially in Asia Pacific and North America to cater to growing demand in these regions.
Market players like Pyran, Pennakem, BASF SE and UBE Corp. are focusing on capacity expansions and backward integration to cater to increasing demand. The growing demand for furfural derivatives from end-use industries like petroleum, chemicals, agricultural and pharmaceuticals is expected to boost market revenues over the forecast period. Additionally, increasing applications as fuel oxygenates and other green solvents is supporting market growth.
Market drivers
Increasing crop residues from sugarcane, rice, and other grains provide a readily available and inexpensive feedstock for producing furfural derivatives. Major end-use industries like automotive and aviation are increasing the consumption of furan-based resins and chemicals to manufacture high performance components requiring heat resistance. Stringent environmental regulations regarding fuel quality are also promoting the use of furfural derivatives as renewable fuel additives and oxygenates. This is expected to remain a key growth driver for the global furfural derivatives market during the forecast period.
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