Transparency Market Research’s recent report on global furfural derivatives market states that the market is expected to grow substantially in tenure of 2018 to 2026. As per the analysts and market experts at Transparency Market Research the growth is the result of growing adoption of furfural in manufacturing of biofuels and various biochemical. Moreover, the widespread application of furfural in chemical industry is also a key factor boosting the growth of the global furfural derivatives market in the projected time frame.Looking at the widespread application and adoption of furfural derivatives, the experts at Transparency Market Research predicts that the global furfural derivative market shall witness 3.5% CAGR in the projected time frame of 2018 to 2026.
End-Use Industries are to be Dominated by Plastics Segment
The end-use industries is dominated by the plastic segment. Since various countries are involving into several green revolutions to protect the environment. As a result the organizations that are dealing in plastic products are extensively adopting furfural derivatives. This is because of the fact that these derivatives are biodegradable and poses no threat to ecosystem. Based on these benefits the plastic segment in end-use industries category is expected to be the most lucrative segment from 2018 to 2026.
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2, 5-Furandicarboxylic Acid (FDCA) to be the Lucrative Segment in Type Category
The type category of the global furfural derivative market is divided into several products including polyethylenefuranoate or PEF and 2, 5-Furandicarboxylic Acid. Out of these products the 2, 5-Furandicarboxylic acid segment is expected to witness a considerable growth over the period of time. This is because of the widespread application of the compound in several petrochemical companies. The segment accounts for more than 58% of share of global furfural derivatives market. Moreover, the environmental concerns in several countries also accelerate the growth of the segment in global furfural derivatives market from 2018 to 2026.
Massive Customer Base to Result in Greater Business
Furfural derivatives are easy to synthesize and store. Moreover, they have a low production cost and are eco-friendly. Due to these reasons the global furfural derivatives market has a vast customer base that brings major profit to the players of the market. These players are merging and collaborating with various other businesses to capture major portion of these opportunities. Additionally they also help businesses as an individual to grow substantially in the global furfural derivatives market from 2018 to 2026.
North America and Europe Dominates the Geographical Front
Based on the industrial developments in the U.S, Canada, the U.K. and Germany, North America and Europe collectively dominate the regional segmentation of global furfural derivatives market during the projected tenure. Additionally the growing environmental concerns in these countries also make these regions as the leaders of global furfural derivatives market.