DUBLIN, Dec. 19, 2023 /PRNewswire/ — The “Global Furfural Market by Raw Material (Sugarcane Bagasse, Corncob, Rice Husk), Application (Derivatives, Solvents), End-use Industry (Agriculture, Paint & Coatings, Pharmaceuticals, Food & Beverages, Refineries), and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global market size for furfural is projected to grow from USD 662 million in 2023 to USD 767 million by 2028, at a CAGR of 2.9% from 2023 to 2028. Its diverse applications in pharmaceuticals, agriculture, and various chemical processes underscore its significance. The furfural market, a holistic ecosystem encompassing production to end-use, is shaped by diverse factors. An essential driver is the escalating demand for sustainable alternatives, propelling market progression. Overcoming limitations related to low productivity and feedstock concentration presents a hurdle. In the broader spectrum of bio-based chemicals, the furfural market signifies a collective leap towards greener and more sustainable industrial practices. Moreover, the textile industry emerges as an additional opportunity, showcasing furfural’s potential applications in this sector.
By Raw Material, corncob segment dominated the market in 2022
The corncob stands out as the principal raw material segment within the furfural market, given its widespread utilization in furfural production. This prevalence is primarily attributed to the substantial presence of xylose and pentosan in corncob, essential components that undergo a pivotal conversion process to yield furfural during synthesis. The abundant content of xylose and pentosan not only positions corncob as the preferred raw material but also emphasizes its integral role in shaping the overall production dynamics and availability of furfural in the market.
By Application, derivatives segment to account for the highest CAGR during the forecast period
Anticipated as the fastest-growing segment in the forecast period, the derivatives application within the furfural market is set to undergo substantial expansion. This accelerated growth is attributed to the robust demand emanating from diverse end-use industries. Furfuryl Alcohol (FA) takes center stage as the major derivative, constituting a significant share of the global furfural production. The heightened demand for furfuryl alcohol is indicative of its widespread utilization across various sectors, underlining its importance as a key driver for the overall growth and prominence of the derivatives application within the furfural market.
By End-use Industry, Agriculture segment to account for the highest CAGR during the forecast period
Agriculture has emerged as the fastest-growing end-use industry in the furfural market, driven by its multifaceted applications and the ever-evolving needs of the agricultural sector. Furfural, a versatile chemical compound, finds extensive use in the synthesis of agrochemicals and pesticides, contributing significantly to crop protection and enhanced yield. The growing global emphasis on sustainable and eco-friendly agricultural practices has propelled the demand for furfural-based products, particularly in the development of bio-based pesticides and fertilizers. As the agricultural industry increasingly seeks innovative solutions to address productivity challenges, furfural’s diverse applications position it at the forefront of growth, making agriculture the fastest-growing end-use industry within the furfural market.
APAC to be the biggest region in the Furfural market
In 2022, the Asia-Pacific (APAC) region emerged as the frontrunner in the global furfural market, with China playing a pivotal role as the primary driver of growth. China, boasting the majority share of both global production and consumption of furfural, significantly influenced the market dynamics. The surge in demand within the region was particularly fuelled by the expanding foundry and pharmaceutical industries in China. The robust growth in these sectors, marked by increasing production activities, contributed substantially to the heightened demand for furfural. Notably, beyond China, Thailand has also made significant strides, positioning itself as the major producer and exporter of furfural in the APAC region.
Market Dynamics
Drivers
- Growing Demand for Furfuryl Alcohol
- Increase in Utilization of Furfural in Agrochemicals and Horticulture
- Shift Toward Renewable Chemicals
Restraints
- Availability of Crude Oil-based Alternatives
- Lack of Technological Advancement and Production Process Framework
Opportunities
- Emerging Demand from Textile and Fashion Industries
Challenges
- Fluctuations in Raw Material Prices
- Low Yield of Furfural from Traditional Technology
Key Topics Covered:
Executive Summary
- Corncob Segment to Lead Furfural Market During Forecast Period
- Derivatives Segment to Dominate Furfural Market
- Agriculture to be Largest End-use Industry in Furfural Market
- Asia-Pacific Dominated Furfural Market in 2022
Premium Insights
- Attractive Opportunities for Players in Furfural Market – Asian Economies to Witness Relatively Higher Growth Rate for Furfural Market
- Asia-Pacific: Furfural Market, by End-use Industry and Country, 2022 – China Accounted for Largest Share in Terms of Volume
- Furfural Market, by Country – Furfural Market in China to Grow at Highest CAGR
Case Study Analysis
- Use of PD-PDO/ZNSO4 Catalyst in Furfural Manufacturing
- Conversion of Furfural into Bio-Chemicals Through Bio-Catalysis
Companies Mentioned
- A. B. Enterprises
- Aecochem
- Beijing Lys Chemicals
- Central Drug House
- Central Romana
- Furnova Polymers
- Hefei TNJ Chemical
- Hongye Holding Group
- Illovo Sugar
- Junsei Chemical
- Kanto Chemical
- KRBL
- Kunshan Odowell
- Laxmi Furals
- Lenzing
- Merck
- Pennakem,
- Rx Chemicals
- Shandong Xinhua Pharma
- Shandong Yino Biologic Materials
- Silvateam
- Tanin
- Tokyo Chemical Industry
- Xingtai Chunlei Furfuryl Alcohol
- Zhucheng Taisheng Chemical
For more information about this report visit https://www.researchandmarkets.com/r/v88bcv
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SOURCE Research and Markets
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