Global Furfural Market to 2027 - by Raw Material, Application, End-user and Region - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Furfural Market, By Raw Material, By Application, By End User, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.

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Despite the driving factors, outdated manufacturing technologies for furfural production, which result in low yields of furfural and availability of crude oil-based alternatives are anticipated to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.

Companies Mentioned

• 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.

Growth Influencers:

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.

Segments Overview:

The global furfural market is segmented into raw material, application, and end user.

By Raw Material

• Sugarcane Bagasse
• Corncob
• Rice Husk
• Sunflower Hull
• Others

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.

By Application

• Furfuryl Alcohol
• Solvent
• Resins
• Gasoline Additives
• Fungicides
• Flavor Enhancers
• Decolorizing Agents
• Agricultural Raw Materials
• Others

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

• Petroleum Refineries
• Agricultural Formulations
• Pharmaceuticals
• Paints & Coatings
• Lubricants Industry
• Cements Industry
• Energy Sector
• Adhesives
• Food and Beverages Industry
• Others

Regional Overview

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 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)?

For more information about this report visit https://www.researchandmarkets.com/r/83cevg

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