Global 5-Chloromethyl Furfural Market Growth & Trends
According to Absolute Markets Insights report, Polyethylene terephthalate (PET) segment accounted for the major market share in 2020 and is expected to uphold its prominence over the forecast period (2021-2029) in the 5-chloromethyl furfural market. High demand for food & beverage packaging along with non-food packaging products concurrent to household consumer goods increased the product demand for 5-chloromethyl furfural market in 2020. The product being precursor to paraxylene, and terephthalic acid it is widely used for production of polyethylene terephthalate. Additionally, industrial transition towards biomass conversion which is sought after alternative to petroleum-based products has increased the popularity of 5-chloromethyl furfural as a renewable platform molecule in 2020. Such a factor increased the inclination of polyethylene terephthalate manufacturers towards green value chain development which subsequently drove the product demand in 2020. According to EDP Science Journal, in 2021, the production capacity for polyethylene terephthalate has reached around 90 million tons which has exceeded at an average annual growth rate of 5%. Thus, growing maturity along production of polyethylene terephthalate have positively influenced the market growth of 5-chloromethyl furfural in 2020.
Besides this, increasing demand for paraxylene for production of purified terephthalic acid (PTA) spurred the product demand in 2020. 5-chloromethyl furfural acts as building block which can be converted to obtain paraxylene, purified terephthalic acid being commodity chemical has high demand for wide array of applications such as PTA based polyamides and polyesters for hot melt adhesives, polyester films, water soluble coatings, etc. Moreover, successive research & developments for production of Furandicarboxylic Acid (FDCA) from 5-chloromethylfurural through oxidation process has further increased the product potential in the polymer industry. Additionally, increasing traction of 5-chloromethylfurural as high yield alternative to 5-(hydroxymethyl)furfural (HMF) is projected to positively influence biorefinery roadmap. The aforementioned factors are likely to play major role in driving the 5-chloromethyl furfural market growth in foreseeable future.
As the product is produced through biomass platform, feedstock prices are projected to play vital role in influencing the market dynamics of 5-chloromethylfurural, especially in terms of production. sucrose, fructose, bamboo pulp, cellulose are some of the typical raw materials used for producing 5-chloromethylfurural. In addition, rising crude oil prices has positively influenced the product demand in 2020. According to U.S. Energy Information Administration, Brent crude oil prices increased from USD 64.34 per barrel in 2019 to USD 70.60 per barrel. Such price hike has created lucrative opportunities for industry participants to tap end-use industries by means of bio platform derived products including 5-chloromethyl furfural. From macroeconomic perspective, government initiatives and policies towards promoting green chemistry along with stringent environmental regulations pertaining to fossil fuel-based products are further likely to foster biobased platform chemicals which subsequently will drive 5-chloromethyl furfural market growth in the extended run.
From geographical standpoint, Asia Pacific emerged as the prominent regional market for 5-chloromethyl furfural in 2020. Strong presence of 5-chloromethyl furfural manufacturers in China along with prevalent growing consumption of polyethylene terephthalate-based products are some of the major factors that have contributed for the regional growth. Also, China’s 14th Five Year Plan promoting green developments is further projected to positively influence product demand in the region. Apart from Asia Pacific, growing PET production capacities in North America and Europe will bode well for overall 5-chloromethyl furfural market growth in near future.
- By application, the polyethylene terephthalate (PET) segment registered for the major share of revenue in the 5-chloromethyl furfural market in 2020. High product consumption as a precursor established as major factor for segment growth
- By purity, <98% of 5-chloromethyl furfural segments accounted for the highest market share in 5-chloromethyl furfural market in 2020.
- By distribution channel, indirect distribution channel accounted for the major share in 2020. The segment growth can be attributed to low number of manufacturers along with their growing need to increase commercial product penetration via traders, distributors, suppliers etc.
- By region, Asia-Pacific region dominated the market in terms of revenue in 2020. High production capacities along with domestic product consumption fostered the segment growth.
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The key companies profiled in the 5-Chloromethyl Furfural Market are mentioned below:
- Biosynth Carbosynth
- Chemenu Inc.
- Cymit Química S.L.
- Dayang Chem (Hangzhou) Co., Ltd.
- J&H CHEM Co., Ltd.
- LEAP CHEM Co., Ltd.
- Origin Materials
- Shenxian Shuiyuan New Energy Technology Co.,Ltd.
- Toronto Research Chemicals
- United States Biological
- Other Market Participants
The 5-chloromethyl furfural market is characterised by low concentration of market players, especially by region. Market participants are highly involved in commercializing product through bio-based routes. For instance, in August 2020, Origin Materials announced to develop furan-based platform by commercially producing 5-chloromethyl furfural (CMF). This was intended to tackle carbon footprint and develop product portfolio of the company.
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Global 5-Chloromethyl Furfural Market Segmentation:
Global 5-Chloromethyl Furfural Market Application Outlook (Revenue, USD Million, 2015 - 2029)
- Purified Terephthalic Acid (PTA)
- Polyethylene Terephthalate (PET)
- Furandicarboxylic Acid (FDCA)
Global 5-Chloromethyl Furfural Market Purity Outlook (Revenue, USD Million, 2015 - 2029)
Global 5-Chloromethyl Furfural Market Distribution Channel Outlook (Revenue, USD Million, 2015 - 2029)
Global 5-Chloromethyl Furfural Market End-Use Industry Outlook (Revenue, USD Million, 2015 - 2029)
- Building & Construction
- Electrical & Electronics
Global 5-Chloromethyl Furfural Market Region Outlook (Revenue, USD Million, 2015 - 2029)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Our 420+ pages research study will include extensive information on the following pointers:
- Global Market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) by segments/sub-segments; wherein 2015 to 2019 has been considered as historic years, 2020 as the base year, while 2021 to 2029 has been considered as the forecast period.
- Split of the market revenue (US$ Million) into all the relevant segments & sub-segments across all major regions/countries.
- Technological Trends
- Macro-Economic and Micro-Economic Indicators
- Market determinants and Influencing Factors
- Market Dynamics (Drivers, Restraints, Opportunities and Challenges)
- Global and Regional Impact of Covid-19 on Global 5-Chloromethyl Furfural Market
- Porter’s Five Forces Analysis
- Competitive Benchmarking: Global Presence and Growth Strategies
- Mergers and Acquisitions
- R&D Initiatives
- Product Launches
- Investments Trends
- Market Share Analysis, 2020
- Detailed insights of major market participants operating in the market, including information on company details, company overview, product offerings, key developments, financial analysis, SWOT analysis and business strategies
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