Global Furfural Market to Reach US$ 1,290 Million by 2032, Fostered by Escalating Demand for Furfuryl Alcohol

March 02, 2023 | Chemical & Materials

IMARC Group’s latest report, titled “Furfural Market Report by Process (Quaker Batch Process, Chinese Batch Process, Rosenlew Continuous Process, and Others), Raw Material (Corn Cobs, Rice Husk, Sugarcane Bagasse, and Others), Application (Furfuryl Alcohol, Solvent, and Others), End-User (Agriculture, Petroleum Refineries, Paints and Coatings, Pharmaceuticals, and Others), and Region 2024-2032,” finds that the global furfural market size reached US$ 770 Million in 2023. Furfural (C4H3O-CHO), also known as 2-furaldehyde, is an organic compound that appears as a colorless or reddish-brown liquid with a penetrating odor. It is usually obtained by dehydrating carbon sugars and derived from agricultural residues, including corncob, rice husk, cottonseed hulls, and sugarcane bagasse (SCB) or wood residues. It is widely used as a raw material to manufacture phenol-furfural-resins. It is also utilized to produce plastics, adhesives, nematicides, inks, antacids, fungicides, fertilizers, and flavoring compounds. Besides this, furfural is commonly converted into furfuryl alcohol, tetrahydrofurfuryl alcohol (THFA), tetrahydrofuran, furan, and diols, which find extensive applications in numerous industries across the globe.

Global Furfural Market Trends:

Furfuryl alcohol is mainly used as a flavoring agent and filler in manufacturing paints, textiles, plastics, resins, and adhesives. As a result, the escalating demand for furfuryl alcohol from end use sectors represents one of the key factors driving the market growth. Moreover, due to the rapid growth in the construction industry, the increasing usage of furfural in various refractory materials, such as bricks, fiberglass, and ceramic composites, has accelerated product adoption rates. Additionally, there is a rise in product use in the production of pesticides owing to the expanding global population, changing climatic conditions, elevating food security concerns, and declining arable land. In line with this, the growing product adoption as a flavoring agent in wine, beverages, and convenience food products has augmented the demand for furfural. Furthermore, the emerging novel applications of furfural, such as in the production of biofuels, on account of the surging environmental concerns and the rising need to minimize reliance on petrochemicals, have propelled the market growth. Apart from this, the increasing applications of furfural derivatives in fiberglass and aircraft and automotive components are contributing to the market growth. Other factors, including the rising product adoption in personal care and hygiene items, escalating demand for bio-based chemicals, inflating consumer purchasing power, and ongoing research and development (R&D) activities, are also anticipated to provide a positive impact on the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1,290 Million by 2032, expanding at a CAGR of 5.7% during 2024-2032.

Market Summary:

  • Based on the process, the market has been segmented into Quaker Batch, Chinese Batch, Rosenlew Continuous, and other processes.
  • On the basis of the raw material, the market has been classified into corn cobs, rice husk, sugarcane bagasse, and others.
  • The market has been divided based on the application into furfuryl alcohol, solvent, and others.
  • Based on the end user, the market has been categorized into agriculture, petroleum refineries, paints and coatings, pharmaceuticals, and others. 
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.   
  • The competitive landscape of the market has also been examined, with some of the key players being Behran Oil Company, Central Romana Corporation Ltd., Hongye Holding Group Corporation Limited, Illovo Sugar Ltd. (Associated British Foods plc), KRBL Limited, Lenzing Aktiengesellschaft, Linzi Organic Chemical Inc. Ltd., Pennakem LLC, Shandong Crownchem Industries Co. Ltd, Silvateam S.p.a., Tanin d.d., Sevnica, TransFurans Chemicals bvba, and Xian Welldon Trading Co. Ltd, etc.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Process, Raw Material, Application, End-User, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Behran Oil Company, Central Romana Corporation Ltd., Hongye Holding Group Corporation Limited, Illovo Sugar Ltd. (Associated British Foods plc), KRBL Limited, Lenzing Aktiengesellschaft, Linzi Organic Chemical Inc. Ltd., Pennakem LLC, Shandong Crownchem Industries Co. Ltd, Silvateam S.p.a., Tanin d.d., Sevnica, TransFurans Chemicals bvba and Xian Welldon Trading Co. Ltd
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
30 N A
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

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.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Furfural Market to Reach US$ 1,290 Million by 2032, Fostered by Escalating Demand for Furfuryl Alcohol
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More