5-hydroxymethylfurfural is utilised in bioplastics and biobased resins. Due to its distinctive properties, it plays a significant role in the synthesis of fuels and polymers produced from biomass. A lot of work has gone into converting carbs into 5-hydroxymethylfurfural. resulting in a growth of the market. Furthermore, in a variety of industries, including textile, construction, packaging, cosmetics, food, and health, 5-hydroxymethylfurfural is used as a building block. It is also an active natural ingredient in nutraceuticals and dietary foods. Dried fruit, glucose syrup, honey, and coffee all naturally contain higher concentrations of 5-hydroxymethylfurfural. As a food enhancement agent, 5-hydroxymethylfurfural is frequently employed in the food industry as a flavouring ingredient for food items as well as a food additive as a biomarker. As a result, the expansion of the 5-Hydroxymethylfurfural (5-HMF) market is anticipated to be driven by applications of 5-HMF across a variety of sectors.
The 5-hydroxymethylfurfural market will be significantly impacted by the recession. Even though it is predicted that price inflation will decrease in 2023, a rise in interest rates would probably result in a significant slowdown in economic growth. Global inflation will drop from 8.8% in 2022 to 6.5% in 2019, according to IMF forecasts. Inflation is only expected to fall by 8.1% in 2023, which would provide less reassurance for developing economies. For a while, power and raw materials will be expensive. The partial reversal of globalisation, labour shortages in many Western nations that increase the cost of manufacturing, and the shift to a shared economy in reaction to the biggest threat to our species are additional variables that cause inflation.
Increased Production of Biomass from 5-hydroxymethylfurfural to Promote Market Growth
The primary intermediary in the synthesis of polymers and fuels produced from biomass has been identified as 5-hydroxymethylfurfural. It has been extensively employed as a platform chemical in research and development. Due to its distinct characteristics, 5-HMF is one of the key compounds in biochemistry. It is also a main component in a number of potential goods. A promising use for 5-HMF is as an active pharmaceutical ingredient (API) and as a chemical building block for 2,5-dimethylfuran, a liquid biofuel. Additionally, because 5-Hydroxymethylfurfural may be turned into 2,5-dimethylfuran (DMF), a biofuel with the potential to replace bioethanol due to its higher energy content, the demand for this substance is increasing.
High Cost of 5-hydroxymethylfurfural to Limit Market Growth
The cost of producing 5-hydroxymethylfurfural can become expensive due to changes in the price of a crucial raw material, such as maize cob, which could impede the market's growth in the near future. 5-hydroxymethylfurfural is produced using feedstock. The price of a raw material, particularly corncob, can alter when the amount of that raw material changes. Due to rising raw material costs brought on by climate change, furfural prices have altered on the market. The market for 5-hydroxymethylfurfural is severely constrained by the volatility of raw material prices and the lack of chemical penetration in industrialised nations.
Based on grade, the 5-hydroxymethylfurfural market is segmented into industrial grade and food grade. The food grade category dominated the market in 2022. As the level of 5-HMF increases for some products, such as wine or honey, which have been stored for extended periods of time or have undergone excessive heating during their production process, it is possible to evaluate the quality of food using HMF; therefore, its use is crucial for the purpose of food analysis.
Based on purity, the 5-hydroxymethylfurfural market is segmented into > 99%, > 95% and > 80%. The >99% category dominated the market in 2022. One of the most important bio-based platform chemicals for the synthesis of high-value chemicals and fuels is 5-hydroxymethylfurfural (5-HMF). The traditional production of 5-HMF from biomass has challenges such as a low yield and high cost of manufacturing. Because it can be transformed into a number of high-value chemicals, including 2,5-dimethyltetrahydrofuran, 2,5-bis(hydroxymethyl)furan, and 5-furandicarboxylic acid, 5-hydroxymethylfurfural (5-HMF), which is >99% pure, has recently attracted a lot of attention among biomass-based materials.
By Packet Size
Based on packet size, the 5-hydroxymethylfurfural market is segmented into 100 MG, 1 G, 25 G, 100 G and 1 KG. The 100 G category dominated the market in 2022. In order to obtain high conversion and selectivity, 5-HMF is often created using the dehydration reaction of fructose in the presence of a catalyst; as a result, it is manufactured at a high cost. Thus, the 100 G packet size is preferred by market participants for the selling of 5-HMF.
By End-Use Industry
Based on end-use industry, the 5-hydroxymethylfurfural market is segmented into chemical industry, flavor & fragrance industry, pharmaceutical industry and others. The pharmaceutical industry category dominated the market in 2022. Some of the reasons driving market expansion include the increased prevalence of chronic diseases and expanding R&D projects and activities in the pharmaceutical sector. For better drug candidate identification, emerging technologies like high throughput, bioinformatics, and combinatorial chemistry are being used more frequently.
Europe is projected to hold the largest share of the 5-hydroxymethylfurfural market over the forecast period. One of the world's top producers and consumers of bio-based chemicals is Europe. The market for bio-based chemicals in Europe is anticipated to expand significantly over the forecast period. One of the new "platform of chemicals" produced in the area from biomass is 5-hydroxymethylfurfural (HMF). After being listed among the top 10 compounds derived from biomass, 5-HMF gained popularity throughout Europe. Moreover, "AVA BIOCHEM," a significant producer of 5-HMF, has its headquarters in this area. 5-Hydroxymethylfurfural of both food- and industrial-grade is produced in the area. On the other hand, the Asia Pacific 5-hydroxymethylfurfural market is anticipated to grow significantly. In order to meet consumer demand, the region's expanding industrialization and urbanisation have increased the use of 5-Hydroxymethylfurfural (5-HMF) in the food and beverage, pharmaceutical, and flavour and fragrance industries. China has the most PET consumers in the food and beverage packaging sector, followed by other Asian nations like Japan, South Korea, India, and Indonesia. Asia-Pacific nations have already begun looking for alternatives to PET and are making significant investments to assist the commercial research that is now being done. PEF (Polyethylene Furanoate), which is made indirectly from 5-HMF, is already being used in China.
LIST OF KEY COMPANIES PROFILED:
- AVA Biochem
- Robinson Brothers
- Xuzhou Ruisai Technology
- Penta Manufacturer
- NBB Company
- Wutong Aroma Chemicals
- Sugar Energy
- Beijing Lys Chemicals
|Market Size in 2022
|USD 57.5 Million
|Market Forecast in 2030
|USD 65.1 Million
|Compound Annual Growth Rate
|Revenue (USD Million) and Volume (Kilo Tons)
|By Grade, By Purity, By Packet Size, By End-Use Industry and By Geography
|By Packet Size
|By End-Use Industry