The recent “Furfural Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report
The report on the “Furfural Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.
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Global Furfural Market Analysis and Growth Forecast:
The global furfural market held a market value of USD 457.4 Million in 2020 and is projected to reach USD 840.7 Million by the year 2027. The market is anticipated to grow at a CAGR of 8.7% from 2021 to 2027. Around 390.31 kilo tons of furfural was sold in 2020.
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. 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Despite the driving factors, outdated manufacturing technologies for furfural production, which result in low yields of furfural and availability of crude oil-based alternatives are anticipated to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.
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 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.
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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.
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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Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.
Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.
Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.
Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.
The Analysis Objectives of the Report are:
To determine the size of the Market by identifying its sub-segments.
To research the key players and analyze their growth strategies.
To assess the size and value of the Market based on key regions.
To analyze the Market in terms of growth trends, potential, and participation in the overall sector.
To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.
Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.
To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.
What is new in 2024?
– Major developments that can change the business landscape as well as market forecasts.
– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.
– Coverage of new market players and change in the market share of existing players of the market.
– Updated financial information and product portfolios of players operating in the market.
– Updated market developments of the profiled players.
– Any new data points/analysis (frameworks) which was not present in the previous version of the report
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