Michelin Group and Greentech Pioneer AVA Biochem have Signed a Joint Development Agreement (JDA)
In 2020, AVA Biochem, a leader in green technology, and the Michelin Group have signed a Joint Development Agreement (JDA) to work together to develop 5-Hydroxymethylfurfural (5-HMF) for use in a variety of chemical and material applications. The collaboration seeks to develop the first 5-Hydroxymethylfurfural (5-HMF) commercial-scale production plant globally and eventually bring product applications based on this chemical to market. All of these applications aim to enhance a variety of industrial and consumer items' performance, sustainability (low carbon footprint), economies, and safety (non-toxicity).
Rising Demand from to Polyethylene Furanoate Production Boost Market Growth
Demand for 5-hydroxymethylfurfural is driven by an increase in demand for polyethylene furanoate (PEF). PEF is produced through the oxidation of 5-hydroxymethylfurfural to FDCA (2,5-furandicarboxylic acid) (polyethylene furanoate). Growing awareness of a bio-based economy is the cause of the increased use of polyethylene furanoate. PET (polyethylene terephthalate), a polymer made from traditional synthetic materials, is one example of a commonly used polymer that could potentially be replaced by polyethylene furanoate, a next-generation polyester that is 100% recyclable. Several polymers are consumed in large quantities for use in food and beverage packaging. PET has the largest market share of all the polymers used in food and beverage packaging. Also, a gradual transition to a bio-based economy is driving up the demand for bio-based polymers like PEF, which in turn is driving up the price of 5-Hydroxymethylfurfural.
Market Expansion is Restricted due to Side Effects Caused by 5-hydroxymethylfurfural
Human health is adversely affected by hydroxymethylfurfural, which is harmful to mucous membranes, the skin, the upper respiratory tract, chromosomal abnormalities, mutagenicity, and carcinogenicity in both people and animals. This drawback could limit market expansion during the anticipated term.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the 5-hydroxymethylfurfural market plan acquisitions to improve their brand recognition globally. For instance, in November 2020, to meet the demand for sugar around the world, Illovo Sugar Africa increased the size of its operational facilities in six different African nations and became the primary producer of furfural.
List of Key Players Profiled in the Report
- AVA Biochem
- Robinson Brothers
- Xuzhou Ruisai Technology
- Penta Manufacturer
- NBB Company
- Wutong Aroma Chemicals
- Sugar Energy
- Beijing Lys Chemicals
- The market in Europe is expected to gain a huge portion of the global 5-hydroxymethylfurfural market share in the coming years. Europe is one of the main producers and consumers of bio-based chemicals worldwide.
- Moreover, "AVA BIOCHEM," a key producer of 5-HMF, has its headquarters here.
- In Asia Pacific, the growth in this region is primarily driven by the increased use of 5-HMF in the food and beverage, pharmaceutical, and flavour and fragrance sectors has expanded due to industrialization and urbanisation.
|Market Size in 2022||USD 57.5 Million|
|Market Forecast in 2030||USD 65.1 Million|
|Compound Annual Growth Rate||2.10 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Grade, By Purity, By Packet Size, By End-Use Industry and By Geography|
|By Packet Size||
|By End-Use Industry||