IMARC Group’s latest report, titled “Furfural Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global furfural market size reached US$ 700 Million in 2022. 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$ 1,060 Million by 2028, expanding at a CAGR of 6.4% during 2023-2028.
- 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.
|Base Year of the Analysis
||Process, Raw Material, Application, End-User, Region
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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
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