- Industrial Grade
- Drug Grade
2-Methylfuran Market is poised to grow at a CAGR of 5.5% over 2023-2029. 2-Methylfuran is a chemical compound that is a flammable, water-insoluble liquid with a chocolate odor, found naturally in Myrtle and Dutch Lavender with various industrial applications, and is used as a precursor or intermediate in the synthesis of other chemicals. The rising application in the pharmaceutical industry as an intermediate for the synthesis of vitamin B, chloroquine phosphate, primary chloroquine phosphate, and other drugs drives the 2-Methylfuran market. The increased sales of pharmaceutical products are also anticipated to propel the market during the forecast period. For instance, according to research conducted, in 2017 pharmaceutical market revenue was USD 1,143 billion and will reach almost USD 1,462 billion in 2021.
Furthermore, the growth of various chemical industries that use 2-methylfuran as a precursor in the synthesis of various chemicals is anticipated to experience a surge in the future. Additionally, in the area of 2-methylfuran, there are opportunities for research and development to find new uses and enhance manufacturing procedures, possibly leading to more affordable procedures and wider market penetration. Compliance with regulations related to environmental protection and chemical safety in various chemical, agronomic, and pharmaceutical industry manufacturers to increase sales among environmentally conscious customers is currently becoming popular in the market. But, the constant fluctuation in the feedstock availability and market demand along with disruptions in the supply chain, such as disruptions in raw material availability or transportation is anticipated to hinder the market growth. However, the growing demand for bio-based and sustainable chemicals, the emergence of new companies involved in the production, distribution, and sale of 2-methylfuran, the increase in disposable income, and the technological advancement are anticipated to burgeon the market growth during the forecast period.
Fastest Growing Market
The market is expected to rise due to the increased application of industrial-grade 2-methylfuran tremendously. Chemical intermediates of industrial-grade 2-methylfuran are often employed in a variety of industrial processes. It is used in making chemicals, polymers, resins, and other industrial goods. The major application of industrial-grade methyl furan is for the production of olefins such as Ethylene and Propylene. The level of general industrial activity in the industries where 2-methylfuran is utilized may have an impact on demand. Furthermore, 2-methylfuran is used for making pesticides, flavors, or fragrances and has a narcotic effect. In Addition, due to its use as an additive in gasoline, where it functions as a fuel regulator by regulating the air/fuel ratio, has led to an increase in engine efficiency & power output, the demand for 2-MF has surged. Moreover, the growing agricultural industry and rising pesticide demand are anticipated to create potential opportunities for the 2-methyl Furan market.
The 2-methylfuran market is expected to grow at 5.5% CAGR over the forecast period 2023 – 2029.
The rising application in the pharmaceutical industry as an intermediate for the synthesis of vitamin B, chloroquine phosphate, primary chloroquine phosphate, and other drugs drives the 2-Methylfuran market.
Capot Chemical, ChemExper Inc, AN PharmaTech, AandJ Pharmtech, Tractus Company, Haihang Industry, Amadis Chemical, Angene Chemical, Finetech Industry, and MP Biomedicals, are a few companies operating in the 2-Methylfuran market.
Asia Pacific is anticipated to grow with 5.9% CAGR over the forecast period 2023-2029.