The global furfural derivatives market is characterized by the presence of several industry giants and is set to witness the rise in both large and small enterprises. Transparency Market Research (TMR) recently authored a report that distinguishes the market by names such as Hongye Chemical Co Ltd., Avantium, Ashland Inc., Mitsubushi Chemical and DynaChem Inc. The market is predicted to witness high level of competition, compelling the market participants to strategize to create market influence. The players are expected to provide the consumers with competitive prices, which could lead to partnerships and mergers among companies. The recent advances in synthetically produced material, such as ethanol, which are also cost effective as compared to furfural derivatives, may lead to market participants encourage mergers and acquisitions.
The TMR published report prognosticates the furfural derivatives market worldwide to exhibit a healthy CAGR during the forecast period 2016 to 2024. In 2016, the market stood at an estimated value of 947.58 kilo tons and is expected to reach 1,172.17 kilo tons the end of 2024. At this rate, the market is predicted to exhibit a 2.69% CAGR over the forecast duration. With a CAGR of 3.98% CAGR in terms of value, Asia Pacific is predicted to be the leading region of the market, owing to it being the chief producer as well as consumer of furfural derivatives.
The international furfural derivatives market can be classified on the premise of type of product into tetrahydrofurfuryl liquor (THFA), furoic corrosive, 2,5-furandicarboxylic corrosive (FDCA), and other product types. The segment of other product types comprises of tetrahydrofuran (THF), methyl tetrahydrofuran (MeTHF) and poly tetrahydrofuran (Poly THF), and is a part of the most profoundly enticing products. All of these, in combination, have a plethora of applications and in thus are predicted to hold a gargantuan share of the total market revenue. On the basis of CAGR, the segment of FDCA is foretold to be highly lucrative and is predicted to showcase a CAGR of 2.85% between the forecast duration.
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Based on geography, Asia Pacific is deemed to exhibit high demand furfuryl alcohol. While being the primary producer of the same, the region is also prognosticated to continue being the chief consumer of furfuryl alcohol, leading to Asia Pacific leading the international market in terms of revenue.