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2-Furoyl Chloride Market Overview
2-Furoyl Chloride Market size is forecasted to reach a value of US$130.6 million by the end of 2027 after growing at a CAGR of 5.2% during the forecast period 2022-2027. 2-Furoyl chloride is a furan acyl chloride that is typically produced in conjunction with polyethoxylated alcohol, thionyl chloride, along with materials to improve the intermediate strength. The 2-furoyl chloride is primarily utilized as a pharmaceutical intermediary in the production of mometasone furoate, an anti-inflammatory prodrug used to treat skin diseases, hay fever and asthma. The 2-Furoyl Chloride Market is majorly driven by the growth of the pharmaceutical sector. Additionally, the growing agrochemical industry is boosting the demand for pesticide intermediate, which is expected to fuel the demand for 2-furoyl chloride, thereby, propelling the 2-furoyl chloride industry growth during the projected forecast period.
2-Furoyl Chloride Market COVID-19 Impact
The Covid-19 pandemic hampered the growth of the 2Global -Furoyl Chloride market because major economies across the world were under lockdown, owing to this production activities were halted. The production of pharmaceuticals, agrochemicals and more declined in the starting months of 2020 because federal government-led stringent measures resulted in restrictions on the labor movement, supply chain and others. For instance, according to the Government of Japan Ministry of Health, in 2019 pharmaceuticals production in Japan was US$87.03 million and in 2020 it was US$84.6 million, a decline of about 3.2%. Hence, the decline in such industrial output resulted in revenue losses for the 2-Furoyl Chloride Market. However, the ease of the Covid-19-related regulations in 2021 resulted in a surge in the production of pharmaceuticals and other such industries, which in turn resulted in revenue growth for the 2-Furoyl Chloride Market growth. Also, during the upcoming years, it is projected that the hampering impact of the Covid-19 pandemic will be phased out. This will result in the 2-furoyl chloride industry growth scenario similar to pre-Covid time.
Report Coverage
The report: "2-Furoyl Chloride Market–Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the 2-Furoyl Chloride Market.
Key Takeaways
- Asia-Pacific region dominated the 2-Furoyl Chloride Market, owing to the growing pharmaceuticals industry in the region. For instance, according to the General Statistics Office of Vietnam, in 2019 the total pharmaceuticals production in Vietnam was US$3255.6 million and in 2020 it was US$3484.5 million, an increase of about 7.03%.
- The surging agriculture production is fueling the demand for pesticides, which is expected to propel the demand for 2-furoyl chloride. This in turn is benefiting the market growth.
- Moreover, the growing research and developments associated with the chemicals industry is creating an opportunity for the growth of the 2-Furoyl Chloride Market growth during the projected forecast period.
- However, the production-related constraints along with the hazardous nature of 2-furoyl chloride are restricting the growth of the 2-Furoyl Chloride Market.
Figure: Asia-Pacific2-Furoyl Chloride Market Revenue, 2021-2027 (US$ Million)
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2-Furoyl Chloride Market Segment Analysis – by Application
The pharmaceutical intermediate segment held a significant share in the 2-Furoyl Chloride Market in 2021 and is forecasted to grow at a CAGR of 5.4% during the forecast period 2022-2027. 2-furoyl chloride is used in pharmaceutical intermediates to strengthen the synthetics of the drugs. Furthermore, the 2-furoyl chloride pharmaceutical intermediates are employed in the manufacturing of allergic as well as non-allergies pharmaceuticals. The factors such as pollution, dust and unhealthy lifestyle are resulting in the surging cases of allergies across the world, which is resulting in the surging demand for allergy treatment medicines. For instance, according to the recent statistics released by the Allergy & Asthma Network, about 1 in 5 Americans suffers from allergies caused by pollution. Also, according to the Centers for Disease Control and Prevention (CDC), more than 50 million people in the United States suffer from allergies. Hence, the surging demand for allergic-remedy medicines is expanding the demand for pharmaceutical intermediates. This in turn is expected to fuel the demand for 2-furoyl chloride, which is benefiting the segmental growth of the market.
2-Furoyl Chloride Market Segment Analysis – by End-Use Industry
The pharmaceutical segment held a significant share in the 2-Furoyl Chloride Market in 2021 and is forecasted to grow at a CAGR of 6.3% during the forecast period 2022-2027. For the manufacturing of pharmaceuticals, the pharmaceutical intermediates must have superior chemical synthetics for efficient drug delivery. The 2-furoyl chloride use in pharmaceutical intermediates ensures superior synthesis, owing to this its use is ideal in the pharmaceuticals industry. The surging demand for pharmaceutical products is fueling the growth of the pharmaceutical industry. For instance, according to The European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2020, the total production of pharmaceuticals in Europe was EURO 310,000 million (approximately US$354,080.76 million), an increase of 5.7%. Hence, the growing pharmaceutical industry is projected to drive the demand for 2-furoyl chloride. This in turn will fuel the market growth during the projected forecast period.
2-Furoyl Chloride Market Segment Analysis – by Geography
Asia-Pacific region is the dominating region as it held the largest share in the 2-Furoyl Chloride Market in 2021 up to 42%. The economic growth of the Asia-Pacific countries is expanding due to the growth of various industries such as pharmaceuticals, agrochemicals and other such sectors in the region. The growth of the pharmaceuticals sector in the Asia-Pacific region is attributed to various factors such as surging production, new facility developments and government initiatives related to the pharmaceutical industry. For instance, according to the International Trade Administration, the pharmaceuticals market in Vietnam is expected to grow by a 10% annual rate from 2017 to 2028, with revenues per capita virtually tripling in ten years from 2017 to 2027. Moreover, according to the Government of Japan Ministry of Health, Labor and Welfare (MHLW), in 2019, the production of pharmaceuticals in Japan was US$87.03 million, an increase of 39% over the previous year. Therefore, the increasing pharmaceutical industry in the Asia-Pacific region is anticipated to accelerate market growth.
2-Furoyl Chloride Market Drivers
The Surging Pesticides Intermediate Application
The 2-Furoyl Chloride is utilized in the pesticide intermediate application because it enhances the properties of the acylation agent, which is better than furoic acid. The increasing cultivated area under chemical pesticides is fueling the growth of the pesticides industry. For instance, according to the Food and Agriculture Organization (FAO), in 2019, global pesticide sales were 4,190,985 tons, an increase of 1.2% when compared with the previous year. Moreover, Asia was the largest user of pesticides in 2019 at 2,171,017. Hence, the surging demand for pesticides is expected to boost the demand for pesticide intermediates, which is driving market growth.
Surging Demand for Mometasone Furoate Medicines
In mometasone furoate medicines 2-Furoyl Chloride is employed to enhance the synthesis of pharmaceutical intermediate. Mometasone furoate medicines are used in the treatment of various types of medical conditions such as treatment of skin disorders, hay fever and asthma. The factors such as climate change, warmer temperatures and other factors are resulting in the surging cases of asthma and hay fever. This is resulting in the adoption of mometasone furoate medicines. According to the World Health Organization (WHO), globally asthma affected about 262 million people in the year 2019. Moreover, it further stated that environmental allergens and irritants, such as indoor and outdoor air pollution, home dust mites, molds and occupational contact with chemicals, fumes, or dust, are known to raise the risk of asthma. Also, according to the Allergy and Asthma Network, approximately 19.2 million adults and 5.2 million children suffer from hay fever in the United States of America. Moreover, in 2021, every American suffered from asthma in U.S. Thus, the surging demand for mometasone furoate medicines is likely to accelerate the demand for 2-furoyl chloride, which is benefiting the market growth.
2-Furoyl Chloride Market Challenges
Hazardous Nature of 2-Furoyl Chloride
The wide utilization of 2-Furoyl Chloride is attributed to the factors such as superior intermediate properties, synthesis and more. However, on the other hand, the 2-furoyl chloride listed under the hazard substance list is restricting the growth of the market. It is compulsory to tag and labeling of hazardous substances according to international standards. For instance, according to international standard GHS05, it is compulsory to have a hazardous substance label on the packaging of the 2-furoyl chloride. Furthermore, 2-furoyl chloride is more irritating to the eyes than benzoyl chloride when it takes the form of a corrosive liquid. Therefore, due to the hazardous substance list, the development related to the market is very limited, which is creating a bottleneck for the growth of the market.
2-Furoyl Chloride Industry Outlook
Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the 2-Furoyl Chloride Market. The top 10 companies in the Global 2-Furoyl Chloride industry are:
- Seqens
- Shree Ganesh Remedies
- Anhui Wotu Chemical
- Swadev Chemicals
- Syntor Fine Chemicals Ltd.
- Bengbu Zhuochuang Chemical
- Alfa Aesar
- Loba Chemie Pvt. Ltd.
- Jiangsu Qingquan Chemical Co. Ltd.
- Frontier Scientific Services Inc.
Relevant Reports
Report Code: CMR 1049
Report Code: HCR 0054
Report Code: FBR 84397
For more Chemicals and Materials Market reports, please click here
LIST OF TABLES
1.Global 2-Furoyl Chloride Market, by Type Market 2023-2030 ($M)2.Global 2-Furoyl Chloride Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
3.Global 2-Furoyl Chloride Market, by Type Market 2023-2030 (Volume/Units)
4.Global 2-Furoyl Chloride Market Analysis and Forecast by Type and Application Market 2023-2030 (Volume/Units)
5.North America 2-Furoyl Chloride Market, by Type Market 2023-2030 ($M)
6.North America 2-Furoyl Chloride Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
7.South America 2-Furoyl Chloride Market, by Type Market 2023-2030 ($M)
8.South America 2-Furoyl Chloride Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
9.Europe 2-Furoyl Chloride Market, by Type Market 2023-2030 ($M)
10.Europe 2-Furoyl Chloride Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
11.APAC 2-Furoyl Chloride Market, by Type Market 2023-2030 ($M)
12.APAC 2-Furoyl Chloride Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
13.MENA 2-Furoyl Chloride Market, by Type Market 2023-2030 ($M)
14.MENA 2-Furoyl Chloride Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
LIST OF FIGURES
1.US Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)2.Canada Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
3.Mexico Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
4.Brazil Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
5.Argentina Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
6.Peru Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
7.Colombia Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
8.Chile Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
9.Rest of South America Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
10.UK Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
11.Germany Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
12.France Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
13.Italy Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
14.Spain Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
15.Rest of Europe Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
16.China Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
17.India Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
18.Japan Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
19.South Korea Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
20.South Africa Global 2-Furoyl Chloride Market Revenue, 2023-2030 ($M)
21.North America Global 2-Furoyl Chloride By Application
22.South America Global 2-Furoyl Chloride By Application
23.Europe Global 2-Furoyl Chloride By Application
24.APAC Global 2-Furoyl Chloride By Application
25.MENA Global 2-Furoyl Chloride By Application