2-Furoyl Chloride Market - Forecast(2023 - 2028)

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. 

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.