Market Research Reports Search Engine has recently added a report to its repository on the energy, mining, oil, and gas industry related market studies. The report is titled “Furfural Derivatives Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 – 2024,” and is available for sale on the company website. According to the report, the leading five companies accounted for a share of 57% in the overall market in 2015. These companies are Nova Molecular Technologies, Inc., Penn A Kem LLC, Hongye Chemical Co. Ltd., Sinochem Qingdao Co. Ltd., and Corbion NV.
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Despite its consolidated vendor landscape, a high level of competition prevails in the global furfural derivatives market. The presence of several smaller enterprises at regional level has intensified the competition prevailing in the market further.
Due to the high price of furfural derivatives, the players operating in the market are witnessing a significantly high threat of substitutes. The availability of synthetic process materials such as ethanol at lower price, and which can be easily used in place of furfural derivatives, pose threat to the market. To counter the scenario, the leading players in the market are engaging in partnerships and joint ventures to enhance their production capacity, subsequently lowering the cost furfural derivatives.
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Globally, the practice of replacing non-renewable resources with renewable alternatives due to the increasing concerns pertaining to the adverse impacts of fossil-based fuel on the environment has become highly widespread. This is a primary factor supporting the growth of the global furfural derivatives market. In addition, the market is gaining impetus from the implementation of stringent regulations aimed at encouraging the use of bio-based products across diverse industries. This has greatly contributed to the rising demand for furfural derivatives, which is widely used in the production of biochemical and biofuels. Besides this, the market is also considerably gaining from the significantly rising demand in Asia Pacific. In the near future, the report forecasts the demand from the region to increase at an exponential pace.
On the downside, safety issues related to the transportation of furfural derivatives are creating major hindrances for the market. Furthermore, different countries have different regulations in place to curb any unforeseen events pertaining to transporting materials such as furfural, which could pose a challenge to the market in the forthcoming years.
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Regionally, Asia Pacific emerged dominant in the global furfural derivatives in 2015. According to the report, the region is likely to remain dominant through the forecast period. In terms of type, the furfural derivatives market is dominated by the others segment, which includes methyl tetrahydrofuran (MeTHF), poly tetrahydrofuran (Poly THF), and tetrahydrofuran (THF).
To study the competition prevailing in the market, the report also profiles companies such as Penn A Kem LLC, BASF SE, Ashland, Inc., Hongye Chemical Co. Ltd., Avantium, Nova Molecular Technologies, Corbion NV, DynaChem Inc., Mitsubishi Chemical, and Sinochem Qingdao Co. Ltd.
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