Furfural Derivatives Global Market Report 2024

The furfural derivatives market size has grown strongly in recent years. It will grow from $11.6 billion in 2023 to $12.54 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth observed in the historic period can be attributed to several factors, including the increased demand for furfural derivatives in agrochemicals, expanded applications of these derivatives in the food and beverage sector, heightened utilization of furfural derivatives in pharmaceuticals, rising demand for them in industrial chemicals, and increased applications in the textile and fashion industry.

The furfural derivatives market size is expected to see strong growth in the next few years. It will grow to $17.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth anticipated in the forecast period can be attributed to several factors, including the increasing consumption from the food industry, the broader application areas for furfural alcohol and its derivatives, government backing for bio-based products, rising demand for furfuryl alcohol, and the expanding use of furfural derivatives in plastics. Major trends expected in this period encompass the demand for products sourced from renewable and biodegradable origins, the integration of furfural derivatives in biorefineries, a shift towards renewable chemicals, the use of furfural derivatives as solvents, and the demand for them as chemical intermediates.

The anticipated growth in the agriculture sector is poised to drive the expansion of the furfural derivatives market in the foreseeable future. The term "agriculture sector" encompasses activities involved in the production, processing, and distribution of crops, livestock, and related products. This growth is spurred by shifting dietary habits, heightened environmental awareness, and increased investment in agricultural research, development, and infrastructure. Furfural derivatives play a crucial role in agriculture by offering benefits such as improved pest control, soil fertility, seed quality, and crop yield, while also promoting sustainable farming practices due to their biodegradability and environmental compatibility. For example, in February 2024, reports from the Department for Environment Food & Rural Affairs, a UK government agency, revealed a significant increase in the average farm business income (FBI) across all UK farms from USD 50,461 (£46,500) in 2020/21 to USD 78,133 (£72,000) in 2021/22. Additionally, the UK total income from Farming (TIFF) in 2022 rose to $6.61 billion (£7.9 billion), marking a 17% increase from 2021, with USD 1.43 billion (£1.1 billion) contributing to the growth. Therefore, the upward trajectory of the agriculture sector positively influences the furfural derivatives market.

Leading companies in the furfural derivatives market are strategically investing in downstream projects to expand their product portfolios. These projects involve the refinement and processing of raw materials into finished products. Meanwhile, midstream projects focus on the transportation, storage, and wholesale distribution of raw materials and intermediate products between production sites and downstream facilities. For instance, in September 2022, Numaligarh Refinery (NRL), an India-based oil company, announced an investment of INR 35,000 crore (approximately $4.4 billion) in various downstream and midstream projects over the next five years. One notable project involves the conversion of 300,000 tonnes of bamboo annually into 50,000 tonnes of fuel-grade bioethanol and 30,000 tonnes of biochemicals, including acetic acid, furfural, and furfuryl alcohol.

In December 2022, TRB Lightweight Structures, a UK-based company specializing in efficient transport solutions, entered a partnership with the University of Bristol. This collaboration aims to enhance the performance and sustainability of poly(furfuryl alcohol) (PFA) resin systems. By leveraging the expertise of both entities, this partnership is expected to bolster TRB's market position by expanding its poly(furfuryl alcohol) (PFA) offerings and advancing its capabilities in advanced materials.

Major companies operating in the furfural derivatives market are BASF SE, Mitsubishi Chemical Corporation, Merck KGaA, Central Romana Corporation, Lenzing AG, Ashland Inc., Yuanli Chemical Group, Alfa Aesar GmbH Co. KG, Furnova Polymers Ltd., GFS Chemicals Inc., Cayman Chemical Co., Tokyo Chemical Industry Co. Ltd., Vertellus Holdings LLC, Pennakem LLC, Silvateam S.p.a., Acros Organics, DynaChem Incorporated, TransFurans Chemicals, Hongye Chemical Co. Ltd., Tanin Group, Beijing Chemical Industry Group Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., AB Enterprises, Haihang Industries, Chemsavers Inc.

Asia-Pacific was the largest region in the furfural derivatives market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the furfural derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the furfural derivatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Furfural derivatives are organic compounds obtained from furfural, an aldehyde typically sourced from biomass materials such as corncobs, oat hulls, or sugarcane bagasse. Furfural, a colorless liquid with a distinctive almond-like scent, acts as a precursor for various valuable chemicals.

The primary types of furfural derivatives include furfuryl alcohol, furoic acid, tetrahydrofurfuryl alcohol (THFA), methyl tetrahydrofuran, 2-5-furan dicarboxylic acid, and 1,2-pentanediol, among others. Furfuryl alcohol, one such derivative, is produced via chemical processing of agricultural waste such as sugarcane bagasse, corncob, and rice husk. Raw materials used include sugarcane bagasse, corncob, rice husk, and others, finding applications in derivatives, solvents, and various industries such as agriculture, paints and coatings, pharmaceuticals, food and beverage, refineries, and chemicals.

The furfural derivatives market research report is one of a series of new reports that provides furfural derivatives market statistics, including furfural derivatives industry global market size, regional shares, competitors with a furfural derivatives market share, detailed furfural derivatives market segments, market trends and opportunities, and any further data you may need to thrive in the furfural derivatives industry. This furfural derivatives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The furfural derivatives market consists of sales of plastics, resins, agriculture chemicals, and fuel additives. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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