The global furfural market was worth $1.2 billion in 2019 and is expected to grow to $2.0 billion by 2027. From 2020 to 2027, the market is expected to grow at 6.9%.
Furfural is an agricultural byproduct-derived chemical feedstock that is organic, renewable and non-petroleum-based. Furfural is made from agricultural residues, such as corn cobs and rice husks, sugarcane bagasse, cotton husks, oat husks, almond husks, olive press cake, and other crops. Furfural, a colourless or slightly yellowish chemical compound that quickly darkens in the air, can be either colourless or very yellowish. The pentosan-containing residues obtained from the processing of various agricultural and forest products fuel furfural’s production activity. Furfural is extracted from agricultural or forest products and processed in a digester using high-pressure steam. The steam distillation is followed by waterfurfural separation, purification, and purification.
Furfural is a versatile material with excellent properties like corrosion resistance, thermosetting and physical resistance. This makes it an ideal material for making resins. Furfural can also be used in refining, purification and manufacturing processes, which is why it is so popular.
The furfural industry can be divided into raw material and application, end-users, and regions. The market can be divided into corn cobs and rice husk. Furfuryl alcohol, solvent, as well as others are the segments that make up the application segment. The market can be classified by end-user as petroleum refineries or agricultural formulations, paints and coatings, pharmaceuticals, etc. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa).
Arco Industries Pvt. are the key players in the furfural industry. Central Romana Corporation, Hongye Holding Group Corporation, Illovo Group, KRBL Ltd., Lenzing AG, Penn A Kem LLC, Silvateam, Tanin Sevnica d.d., and Tieling North Furfural Group (Group) Co. Ltd. The key players used various strategies to maintain market competition, including joint ventures, product launches, business expansion, and agreements.
Furfural Market by Raw Material
Corn cobs furfural, a versatile feedstock used to manufacture many biofuels and other chemical products, is the most important raw material segment. The sugarcane bagasse, however, is expected to grow the fastest during the forecast period. Its use improves fuel’s viscosity, oxidation stability and ignition characteristics, colour, flashpoints, and carbon-forming tendencies, as well as its ability to improve the colour and flash point.
Furfural Market, by Application
Furfuryl alcohol, by application, is the dominant segment and will continue to be so throughout the forecast period. To prevent potential leakage, furfuryl alcohol can be used in containers, tanks and lines. It is also a reactive solvent in corrosion-resistant manufacturing blocks of cement, mortars, and fibre-reinforced plastics.
Furfural Market by End User
Due to their use in revolutionary pesticides, fungicides, herbicides, and other synthetic chemical compounds, agricultural formulations held the largest market share. The forecast period will see agricultural formulations grow at the highest rate of CAGR due to government support to encourage the adoption of bio-based pesticides, fungicides, herbicides, and other chemical compounds.
Furfural Market by Region
Asia-Pacific was the dominant region in the global furfural market. The fastest growth rate is expected to occur during the forecast period. This is due to the growing demand for furfural and economies like China and India.
Asia-Pacific is expected to be the most lucrative market.
Key Benefits for Stakeholders
- This report includes an in-depth analysis of the furfural market, a forecast for the future, and current and future market trends.
- This report provides insight into the market’s key drivers, opportunities and limitations, and the impact analysis for the forecast period.
- Porter’s Five Forces analysis is a tool that analyzes the potential buyers and suppliers, as well as the competitive environment of furfural industries for strategy building.
- This comprehensive analysis identifies the factors driving and limiting the growth of the furfural industry.
- This report contains qualitative data that focuses on the development, dynamics, and trends in furfural markets.
- In terms of revenues, the furfural market size can be compared.
- This report offers extensive qualitative insight into the key segments and regions with favourable furfural market shares.
Furfural Market Report Scope and Segmentation
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
Key Market Segments
- By Application
- Furfuryl Alcohol
- Material by Row
- Corn Cobs
- Rice Husk
- Sugarcane Bagasse
- Petroleum Refineries
- Agricultural Formulations
- Paints & Coatings
- By Region
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
- North America
Key Market Participants
- Arco Industries Pvt. Ltd.
- Central Romana Corporation, Ltd.
- Hongye Holdings Group Co. Ltd.
- ILLOVO SUGAR AFRICA (PTY) LTD
- KRBL Ltd.
- Lenzing AG
- Penn A Kem LLC
- Tanin Sevnica d.d.
- Tieling North Furfural (Group) Co.