The global pharmaceuticals market is expected to increase at a CAGR of over 4-5% during forecast period. 2-Methylfuran is expected to gain traction in the near future as it is primarily used in pharmaceuticals industry. It is a light yellowish green volatile organic compound with an ethereal odor and is also known as sylvan. 2-Methylfuran changes its shading to black or yellow when exposed to sunlight.
It is highly flammable and hence is stored in a ventilated, cool dry place far from heat & fire. 2-Methylfuran is widely used in manufacturing of drugs like atropine, sodium acetate, furadantine, anisodamine and thiamine furan. In pharmaceuticals industry, synthesis of vitamin B1 is done using 2-Methylfuran. It is less dense than water but its vapors are heavier when contrastedwith air.
2-Methylfuran also finds application as a tool for screening of lung cancer and production of anti-malarial drug like chloroquine. It is also used to produce methyl furfural, aliphatic compounds and sulfur and nitrogen heterocycles. Moreover, 2-Methylfuran is also used for making pesticides, flavors or fragrances and has narcotic effect. Hence, the global 2-Methylfuran market is expected to grow at a moderate CAGR during the forecast period.
2-Methyl furan is soluble in alcohol and ether and has the potential to be used as an alternative fuel. This factor is expected to drive the demand for 2-Methylfuran in chemical industry. The growing pharmaceutical industry is also anticipated to be the major driving factor for the growth of global 2-Methylfuran market. Moreover, increasing demand for pesticides coupled
with growing agricultural sector is expected to set an opportunity for the growth of 2-Methyl furan market. One of the major factor restricting the growth of the global 2-Methylfuran market is its high flammability and lower flash point. This makes the transportation of 2-Methylfuran difficult, which in turn is expected to restrain the growth of 2-methylfuran market in the near future.
Moreover, environmental regulation are imposed for limited usage of 2-Methylfuran because of its toxic effects and thus expected to challenge the overall growth of the market. Additionally, the key players are responding to the challenges and are expanding their global presence in order to sustain their share in the global 2-Methylfuran market.
The global 2-Methylfuran market can be segmented on the basis of applications and regions. On the basis of applications, the global 2-Methylfuran market is segmented into pharmaceuticals, agricultural and chemical industry. Pharmaceutical industry is estimated to account the largest share in global 2-Methylfuran market. On the basis of regions, the global 2-Methylfuran market can be segmented into North America, Western Europe, Middle East and Africa, Latin America, Asia Pacific, Japan and Eastern Europe.
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North America is expected to be the most dominant region in global 2-Methylfuran market. Asia Pacific is anticipated to be the most promising revenue generating region for 2-Methylfuran and is expected to grow at significant rate. Due to availability of labor and low cost of raw material, China is projected to be one of the highest revenue generating country in Asia Pacific region in 2-Methylfuran market. Middle East & Africa and Latin America are also expected to show positive growth in the near future.