Furfural Derivatives Market Size, Share & Trends Analysis Report By Product By Route (Tetrahydrofuran, Cyclopentanone), By Product By Application (1-5 Pentanediol, Furoic Acid), By Region, And Segment Forecasts, 2023 - 2030

Furfural Derivatives Market Size, Share & Trends Analysis Report By Product By Route (Tetrahydrofuran, Cyclopentanone), By Product By Application (1-5 Pentanediol, Furoic Acid), By Region, And Segment Forecasts, 2023 - 2030

Furfural Derivatives Market Growth & Trends

The global furfural derivatives market size is expected to reach USD 21.84 billion by 2030, registering a CAGR of 7.24% from 2023 to 2030, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the growing demand for sustainable and bio-based chemicals along with the wide range of applications of furfural derivatives in different industries. Furfural derivatives can be used as key components in the production of biofuels and other green chemicals. The shift toward renewable energy sources and sustainable chemical production is bolstering their consumption globally. Furfural is derived from agricultural waste products like corncobs and sugarcane bagasse.

Thus, the products are considered more environmentally friendly and sustainable than some petrochemical alternatives, thereby contributing to green chemistry initiatives. These derivatives find application in a wide range of industries, including chemicals, pharmaceuticals, agriculture, electronics, and others, which makes them versatile. Asia Pacific was the dominating region and held a revenue share of 66.1% in 2022. The region has abundant sources of agricultural residues like rice husks and sugarcane bagasse, which can be used as feedstock for furfural production. This availability of raw materials has led to increased interest in these derivatives in the region. Environmental awareness and sustainability initiatives have been on the rise in Asia Pacific. Furfural derivatives, being derived from renewable sources, align well with these goals, leading to increased adoption in eco-friendly applications.

Furfural Derivatives Market Report Highlights

• Tetrahydrofuran was the dominating product segment in 2022 accounting for a revenue share of 46.2% due to its growing usage for producing poly-tetramethylene glycol (PTMEG), which is a polymer extensively utilized for manufacturing urethane elastomers and fiber
• Maleic anhydride was the second-largest product segment and accounted for a significant revenue share in 2022 owing to its growing demand for unsaturated polyester resins (UPR), which finds application in automotive & marine applications
• Europe was the second-largest region in 2022 and is predicted to grow at a considerable growth rate from 2023 to 2030 as the products play a crucial role in the production of biofuels, which are essential for reducing greenhouse gas emissions and meeting renewable energy targets of the region

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