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 (2022-2029) 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 2022, 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.

The key companies profiled in the 5-Chloromethyl Furfural Market are mentioned below:

Biosynth Carbosynth,BLDpharm,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

View Full Report Link: https://industryglobalnews24.com/global-5chloromethyl-furfural-market-to-grow-at-a-cagr-of-576-during-the-forecast-period-2022-2029

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.

 Global 5-Chloromethyl Furfural Market Segmentation:

Global 5-Chloromethyl Furfural Market Application Outlook (Revenue, USD Million, 2015 - 2029)

  • Para-xylene
  • Purified Terephthalic Acid (PTA)
  • Polyethylene Terephthalate (PET)
  • Furandicarboxylic Acid (FDCA)
  • Others

Global 5-Chloromethyl Furfural Market Purity Outlook

  • 95%
  • 96%
  • 98%
  • Others

Global 5-Chloromethyl Furfural Market Distribution Channel Outlook

  • Direct
  • Indirect

Global 5-Chloromethyl Furfural Market End-Use Industry Outlook

  • Packaging
  • Building & Construction
  • Automotive
  • Electrical & Electronics
  • Medical
  • Agriculture
  • Others

Global 5-Chloromethyl Furfural Market Region Outlook

  • 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)

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