Global Furfural Market – Industry Analysis and Forecast (2020-2027)

Global Furfural Market was valued at US$ 551 Mn in 2019, and is expected to reach US$ 820.30 Mn by 2027, at a CAGR of 5.1 % during forecast period.

 

The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Furfural market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in Furfural market.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

Furfural is an important renewable, non-petroleum based, chemical feedstock. It can be converted into a variety of solvents, polymers, fuels and other useful chemicals by a range of catalytic reductions. Furfural is produced from agricultural waste biomass that contains pentosans, which are aldose sugars composed of small rings formed from short, five-member chains. These aldose sugars constitute a class of complex carbohydrates.

The Strong alteration towards the development of bio-based chemicals on account of volatile petrochemical prices and growing environmental concerns is a key driver behind the growth of global furfural market.

Furfural is used as a solvent in refining of lubrication oils, extraction of butadiene, and chemical extraction processes of different types. Rapid growth of the construction industry is expected to augment the demand for furfural for the use in various refractory materials such as fiberglass composites, ceramics, and bricks in the near future. Depletion of fossil fuel resources is driving the demand for sustainable products. This, in turn, is boosting the demand for furfural worldwide.

Based on the raw material, The Sugarcane Bagasse segment accounted for the largest share in the furfural market in 2017 followed by Corn cob. Sugarcane is a tree-free renewable resource. Sugarcane bagasse is the major by-product of the sugar cane industry. It contains about 50% cellulose, 25% hemicellulose and 25% lignin. Due to its abundant availability, it can serve as an ideal substrate for microbial processes for the production of value-added products such as furfural. Furfural based on corn cob and sugarcane bagasse raw materials together accounted for half of the market share in 2015, in terms of revenue.

Based on the application, Furfuryl alcohol application segment accounted the major share of furfural market and it is expected to dominate the market during forecast period. Furfuryl alcohol is the most important application of Furfural. At present, approximately 88 percent of all furfural produced is converted to furfuryl alcohol attributed to demand for this product in the production of foundry resins. Furfural as a solvent is the second largest application for furfural globally. Furfural is used to manufacture tetrahydrofuran (THF), which is precursor for a wide range of chemical syntheses.

Geographically, Asia pacific holds the major share of furfural market and it is expected to dominate the global furfural market during forecast period. This can be credited to the increase in the market for end-user industries such as petroleum refineries, pharmaceuticals, paints & coatings, agricultural formulations, and others.

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Scope of Furfural Market:

Global Furfural Market, By Raw Material

• Corn Cob
• Rice Husk
• Sugarcane Bagasse
• Others
Global Furfural Market, By Application

• Furfuryl Alcohol
• Solvents
• Chemical Intermediates
• Pharmaceuticals
• Others
Global Furfural Market, By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating In Global Furfural Market

• Central Romana Corporation, Ltd.
• Hongye Holding Corporation Ltd.
• Illovo Sugar Ltd.
• Lenzing AG
• Penn A Kem LLC
• Silvateam S.p.A.
• Tanin Senvica d.d.
• Aurus Specialty Company
• Henan Huilong Chemical Co., Ltd.
• Shandong Crownchem Industries Co., Ltd.
• Tieling North Furfural (Group) Co., Ltd.

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