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Furfural Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data
Report Format: PDF+Excel | Report ID: SR112024A23325
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Furfural Prices December 2023
|
Product
|
Category | Region | Price |
|---|---|---|---|
| Furfural | Chemical | USA | 1266 USD/MT (Dec 2023) |
| Furfural | Chemical | Germany | 1496 USD/MT (Dec 2023) |
The price of furfural in the United States for Q4 2023 reached 1266 USD/MT in December. Similarly, the price trend for furfural in Germany reached 1496 USD/MT in December 2023.
Furfural Price Trend, Market Analysis, and News
IMARC’s newly published report, titled “Furfural Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of furfural pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.
It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of furfural price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The report examines the elements influencing furfural price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.
Furfural Market Analysis
The global furfural market size reached US$ 639.2 Million in 2023. By 2032, IMARC Group expects the market to reach US$ 1061.7 Million, at a projected CAGR of 5.80% during 2023-2032.
- The demand for furfuryl alcohol is driving the growth of the furfural market. Additionally, furfuryl alcohol is used to produce furan resins, which have extensive applications in various industries such as aerospace, automotive, and construction. Moreover, the increasing demand for furfuryl alcohol is primarily due to its excellent thermal stability, mechanical strength, and corrosion resistance.
- Additionally, the furfural market is witnessing a major shift toward renewable chemicals due to the growing awareness about the need for sustainable and eco-friendly alternatives. Furfural is derived from agricultural residues such as sugarcane bagasse, corncobs, rice husk, and sunflower hull, making it a bio-based and renewable resource. Moreover, this shift is driven by government initiatives and regulations promoting the use of renewable chemicals. For instance, the European Union's Renewable Energy Directive sets a target of at least 32% of the EU's energy coming from renewable sources by 2030.
- Furfural is gaining attention in the textile industry due to its potential use in the production of various textile-related chemicals and materials. The textile industry is increasingly seeking sustainable and environmentally friendly alternatives, and furfural's versatility makes it an attractive option. The demand for furfural in the textile industry is expected to grow significantly, driven by the need for sustainable products. According to the Ministry of Textiles, Govt of India launched the National Technical Textiles Mission (NTTM) in the year 2020 for four years up to March 2024, with an objective of increasing penetration level of technical textiles from 5-10% as compared to 30-70% in the developed world.
Furfural News
The report covers the latest developments, updates, and trends impacting the global furfural market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in furfural production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the furfural price trend.
Latest developments in the furfural industry:
- In 2024, Fortum, a big name in the furfural industry announced that it is about to start a new biorefinery project in Assam, India. The biore¬finery is a joint venture of the Indian oil refinery company Numaligarh Refinery Limited (NRL), Chempolis, and Fortum.
- In June 2023, Origin Materials announced the startup of Origin 1, the world’s first commercial CMF (chloromethyl furfural) plant.
Product Description
Furfural is an intriguing organic compound that springs from the remnants of agriculture—think corncobs, oats, wheat bran, and sawdust. This colorless, oily liquid, however, does not stay that way for long and it shifts to yellow and then brown when it meets the air. Also, one common question regarding furfural is what it is good for furfural is a superstar in the solvent world, especially in refining lubricating oils and it is also the starting point for creating a range of furan-based chemicals and resins. In the world of synthesis, it crafts fungicides, herbicides, and various specialty chemicals. It boosts synthetic rubber properties and plays a pivotal role in producing phenolic resins. These resins find their way into molding compounds, coatings, and adhesives. Moreover, furfural’s green credentials and ability to break down naturally make it a favorite of sustainable industry practices. Its part in making furfuryl alcohol, a key player in foundry resins-cements its place in the chemical sector. With the world leaning more toward renewables, furfural is riding high as a versatile and eco-friendly chemical of choice.
Regional Coverage
The report provides a detailed analysis of the furfural market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the furfural price trend.
Global Furfural Price
The report offers a holistic view of the global furfural pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.
Europe Furfural Price
European furfural prices are examined, highlighting the market-specific influences in the region, such as stringent environmental regulations, the competitive landscape, and import-export imbalances that significantly affect pricing structures.
This analysis can be extended to include detailed furfural price information for a comprehensive list of countries.
| Region | Countries Covered |
|---|---|
| Europe | Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries. |
North America Furfural Price
The analysis of furfural prices in North America delves into the regional industry dynamics, encompassing the impact of local production capacities and the trade flows between North America and other significant global markets.
Specific data on furfural prices within the United States and Canada can also be provided.
| Region | Countries Covered |
|---|---|
| North America | United States and Canada |
Middle East and Africa Furfural Price
The report explores the furfural pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.
In addition to region-wise data, information on furfural prices for countries can also be provided.
| Region | Countries Covered |
|---|---|
| Middle East & Africa | Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries. |
Asia Pacific Furfural Price
The furfural pricing trends in Asia Pacific are examined, reflecting the role of the region as a major global production hub and consumer market, with price dynamics heavily influenced by supply chain efficiencies, regional demand surges, and policy shifts in major economies.
This analysis can be further extended to include detailed furfural prices for a comprehensive list of countries within the region.
| Region | Countries Covered |
|---|---|
| Asia Pacific | China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries. |
Latin America Furfural Price
The analysis of furfural prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.
This comprehensive review can be extended to include specific countries within the region.
| Region | Countries Covered |
|---|---|
| Latin America | Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries. |
Report Coverage
| Key Attributes | Details |
|---|---|
| Product Name | Furfural |
| Report Features | Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Price Analysis, and Segment-Wise Assessment. |
| Currency/Units | US$ (Data can also be provided in local currency) or Metric Tons |
| Region/Countries Covered | The current coverage includes analysis at the global and regional levels only. Based on your requirements, we can also customize the report and provide specific information for the following countries: Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand* Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece* North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru* Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco* *The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
| Information Covered for Key Suppliers |
|
| Customization Scope | The report can be customized as per the requirements of the customer |
| Report Price and Purchase Option |
Plan A: Monthly Updates - Annual Subscription
Plan B: Quarterly Updates - Annual Subscription
Plan C: Biannually Updates - Annual Subscription
|
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
| Delivery Format | PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report presents a detailed analysis of furfural pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
- The study examines factors affecting furfural price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
- The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
- IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the furfural industry.
Need more help?
- Speak to our experienced analysts for insights on the current market scenarios.
- Include additional segments and countries to customize the report as per your requirement.
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- For further assistance, please connect with our analysts.
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