The global furfural market held a market value of USD 457.4 Million in 2022 and is projected to reach USD 840.7 Million by the year 2030. The market is anticipated to grow at a CAGR of 8.7% from 2022 to 2030. Around 390.31 kilo tons of furfural was sold in 2022.
Furfural is an organic compound, which is used for manufacturing plastics, inks, adhesives, antacids, fungicides, nematicides, flavouring compounds, and fertilizers. The market is expected to be driven by the growing demand of furfuryl alcohol by various industries.
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Furthermore, rapid growth of the construction industry in developing nations are also estimated to fuel the market growth.
Despite the driving factors, outdated manufacturing technologies for furfural production, which result in low yields of furfural and availability of crude oil-based alternatives are anticipated to hinder the market growth. Furthermore, during the COVID-19 pandemic, the market was negatively impacted as various market players are heavily dependent on China for procuring raw materials.
Growing demand for furfuryl alcohol from various industries
The demand for furfuryl alcohol in various industries is fuelling the market growth. It is used in manufacturing of furfuryl alcohol, levulinic acid, and tetrahydrofuran as a solvent. It has various commercial applications, such as used as fragrance in personal care products, food flavoring, and pesticides. Its demand is increasing due to its properties such as rapid absorption as well as elimination after dermal, oral, and inhalation exposures.
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The global furfural market is segmented into raw material, application, and end user.
By Raw Material,
The corncob segment is expected to hold the largest market share of around 32% owing to versatile nature and use in manufacturing various chemical products and biofuels. The sugarcane bagasse segment is anticipated to witness the fastest growth rate of 9.4% as it improves oxidation stability and viscosity index, among other features.
Agricultural Raw Materials
The furfuryl alcohol segment is anticipated to account for the largest market share of about 43% owing to its increasing usage in tanks, containers, valves, and lines for avoiding potential leakage. The resins segment is estimated to surpass a volume size of around 60 kilo tons by 2025 owing to its high usage in the foundry industry. The agricultural raw materials segment is expected to witness a growth rate of 7.9% during the forecast period.
By End User,
Paints & Coatings
Food and Beverages Industry
The petroleum refineries segment is expected to hold the largest market share owing to owing to high adoption of furfural in this industry. The cements industry is estimated to witness a market volume of around 30 kilo tons by 2023. The energy sector segment is expected to reach a market size of about USD 40 million in 2027.
By region, the global furfural market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The North America region accounted for the largest market share owing to growing focus of various market players on manufacturing furfuryl alcohol by using furfural manufactured in their manufacturing plants.
The Asia Pacific region is expected to witness the fastest growth rate of about 9% owing to the rapidly growing petroleum refineries and pharmaceutical industry in emerging economies, such as India and China.
Major players in the global furfural market include Shandong Zibo Baofeng I&E Co.,Ltd., Zhongkang Furfural Co., Ltd., Shanghai Huiyingtong International Trading Co.,Ltd., Arcoy Industries Pvt. Ltd, Hongye Holding Group Corporation Limited, Hebeichem, International Furan Chemicals B.V., KRBL, Lenzing AG, NC-Nature Chemicals Dr. Kruppa GmbH, Pennakem, Silvateam S.p.a., Transfuran Chemicals, Tieling North Furfural (Group) Co. Ltd., Zhucheng Taisheng Chemical Co., Ltd., Zibo Xinye Chemical Co., Ltd., and Other Prominent Players. The cumulative market share of the six major players is near about 44%.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in September 2017, Lenzing Group opened its new application innovation center in Hong Kong.
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The global Furfural market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Furfural market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Furfural market report answers questions such as:
- What is the market size and forecast of the Global Furfural Market?
- What are the inhibiting factors and impact of COVID-19 on the Global Furfural Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global Furfural Market?
- What is the competitive strategic window for opportunities in the Global Furfural Market?
- What are the technology trends and regulatory frameworks in the Global Furfural Market?
- What is the market share of the leading players in the Global Furfural Market?
- What modes and strategic moves are considered favorable for entering the Global Furfural Market?
- What is the volume (kilo tons/year) of furfural and furfural derivatives production?
- What is the comparison of furfural processing technologies?
- What is the input flows for the process (per kg HMF)?
- What is the output flows for the process (per kg HMF)?
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