The global furfural solvent
market is expected to reach USD 153.4 million by 2022, according to a new
report by Grand View Research, Inc. Increasing demand for bio-based, renewable
chemicals on account of rising sustainability concerns is a vital determinant
for industry growth.
Growth of key end-use
industries such as paints & coatings and pharmaceuticals coupled with
stringent regulations regarding synthetic chemicals is expected to have a
positive influence on the market growth. Growing demand for bio-based
sustainable products particularly in developed economies of North America and
Europe is also expected to fuel demand for furfural solvent.
Petroleum refining was the
largest application segment and accounted for over 55% of total volume in 2014.
Increasing petroleum refining activities to meet increasing lubricant demand in
automotive and industrial sectors is expected to drive the application segment.
Pharmaceutical is expected to witness the highest growth of 16.1% from 2015 to
2022. Organic, non-toxic and bio-based chemicals have been rapidly replacing
conventional solvents as intermediates in several drug formulations. High
biocompatibility and non-reactivity has also made furfural solvents ideal in
medical industry. Such factors are expected to fuel furfural solvent demand in
pharmaceutical industry.
In depth research report on Furfural Solvent Market
Further key findings from the report suggest:
•
Global furfural solvent market
demand was 89.3 kilo tons in 2014 and is expected to reach 253.3 kilo tons by
2022, growing at a CAGR of 16.9%from 2015 to 2022.
•
China emerged as the leading
consumer and accounted for over 60% of global volume in 2014. The region is
characterized by high furfural production and rapid growth of key end-use industries
such as petrochemicals, paints & coatings, lubricants, pharmaceutical
ingredients and agrichemicals.
•
Growth in North America and
Western Europe is characterized by regulatory policies favoring bio-based
products development and restriction on hazardous chemicals. North American
furfural solvent market is expected to grow at an estimated CAGR of 13.4% from
2015 to 2022.
•
Key furfural & derivative
manufacturers include BASF SA, Teijing North Furfural Co., Goodrich Sugar &
Chemical Ltd., Transfurans Chemicals, Harborchem (Illovo Sugar Ltd.), and
Alchem Chemical Co. among others such as Linzi Organic Chemical Inc., Xing Tai
Chunlei Furfural Alcohol Ltd., Penn Specialty Chemicals, The Good Scents Co.
and Furfural Espanol S.A.
Grand View Research has segmented
the furfural solvent market on the basis of application and region:
Global Furfural Solvent Application Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2012 - 2022)
•
Petroleum refining
•
Agricultural formulations
•
Paints &coatings
•
Pharmaceuticals
•
Others
Global Furfural Solvent Regional Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2012 - 2022)
•
North AmericaWestern Europe
•
U.S
•
Central & Eastern Europe
•
China
•
Rest of Asia Pacific
•
Rest of the World
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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