The Furfural market size is forecast to reach $735.3 million by 2027, after growing at a CAGR of 4.8% during 2022-2027. Furfural is a highly valuable chemical compound. It is a colorless, motile, and clear liquid that has a distinct almond benzaldehyde odor. It is also commonly called as furfurol, fural, 2-furfuraldehyde, 2-furanaldehyde, furaldehyde, and 2-furancarboxaldehyde. It is generally produced from the agricultural biomass that has pentosans. The major drivers for the furfural market are the tightening of regulations globally in regards to air pollution standards. Furfurals are green chemicals as the raw materials are extracted from the Agricultural feedstock and lignocellulosic feedstock. The other driver is the public awareness towards the inadequate sources of fossil raw materials. Furfurals replace these fossil materials and are used as alternatives. The rise in demand for non-toxic furfural as solvents in refining petroleum is also a driver in the furfural market.
The report: “Furfural Market- Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Furfural Market Industry.
Rosenlew continuous process is the simplest of all, has trouble-free operation characteristics, and needs comparatively less maintenance. However, this process is not preferred by small- and medium-scale manufacturers as it uses a large quantity of steam, and the production yield is low, thereby resulting in high production cost. The majority of the manufacturers prefer the Chinese batch process as it is inexpensive.
Furfural is used as an intermediate in the synthesis of pharmaceuticals and as an essential fragment of pharmaceutical building blocks. The product is recorded as an active ingredient in veterinary products in Drug Products Database. Moreover, in petroleum refineries, solvent application of the organic compound is used.
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, the current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries.
Asia Pacific dominated the furfural market with a share of more than XX%, followed by North America and Europe Asia-Pacific region is holding a major share of the market in the consumption and production of furfuryl alcohol with the increasing population and the concern for renewable materials. In addition, Asia-Pacific is the leading market for furan foundry binder resins, which are produced with the help of furfuryl alcohol. Therefore, strong demand for furfuryl alcohol in Asia-Pacific is supporting the growth of the furfural industry in this region. . Low manufacturing costs, increase in disposable incomes, and availability of raw materials in Asia Pacific drive the market in the region.
Furfuryl alcohol is a chemical, which is derived from furfural. Furfuryl alcohol plays a vital role in the production of foundry sand binders due to its high reactivity. This alcohol has been extensively used for producing cores and mold for metal for many decades. It is also used in the production of tetrahydrofurfuryl alcohol (THFA), which is widely used in the pharmaceutical industry. According to the World Foundry Organization, the foundry industry is expected to grow by 13.0-14.0% until 2025 in India, which is expected to be the second-largest foundry market in the world, after China. Therefore, the growing foundry industry is leading to the demand for furfuryl alcohol, thereby boosting the market for furfural.
The availability of crude oil-based alternative products, which are relatively cheaper, is restraining the market for furfural. Furan resin is used in the foundry industry for preparing binders. However, phenolic resin, which is obtained from crude oil, is cheaper than furan resin, according to various primary respondents. Also, butanediol (BDO) is used in polytetramethylene ether glycol (PTMEG) for the production of spandex, which is used in the textile industry. THF, which is a derivative of furfural, can be used for the production of spandex, but its higher cost due to the processing of furfural makes it less preferable than BDO.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the furfural market. In 2019, the market of furfural has been consolidated by the top five players accounting for xx% of the share. Major players in the furfural market are Central Romana Corporation, Ltd., Hongye Holding Corporation Ltd., Illovo Sugar Ltd., Lenzing AG, Penn A Kem LLC, Silvateam SpaIN., Tanin Senvica d.d., Aurus Specialty Company, Henan Huilong Chemical Co., Ltd., Shandong Crownchem Industries Co., Ltd., and Tieling North Furfural (Group) Co., Ltd. among others.
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Report Coverage
The report: “Furfural Market- Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Furfural Market Industry.
- By Process: Quaker Batch Process, Chinese Batch Process, Rosenlew Continuous Process and Others.
- By Raw Material: Corncobs, Rice Hulls, Cotton Hulls, Sugarcane Bagasse, and Others.
- By Application: Solvents, Flavor Enhancers, Gasoline Additives, Decolorizing agents, Resins, Fungicides and Others.
- By End-User Industry: Agriculture, Paints and Coatings, Pharmaceuticals, Food and Beverage, Refineries, Chemical and Others.
- By Geography: North America, South America, Europe, APAC, and RoW
Key Takeaways
- New product developments and increasing investments in research and development of furfuryl alcohol are expected to drive the growth of this market.
- Among end-user, the agriculture segment is projected to lead the fufural market during the forecast period.
- the Asia Pacific dominated the furfural market.
- By Process - Segment Analysis
Rosenlew continuous process is the simplest of all, has trouble-free operation characteristics, and needs comparatively less maintenance. However, this process is not preferred by small- and medium-scale manufacturers as it uses a large quantity of steam, and the production yield is low, thereby resulting in high production cost. The majority of the manufacturers prefer the Chinese batch process as it is inexpensive.
- By Raw Material - Segment Analysis
- By Application - Segment Analysis
- By End-User Industry - Segment Analysis
Furfural is used as an intermediate in the synthesis of pharmaceuticals and as an essential fragment of pharmaceutical building blocks. The product is recorded as an active ingredient in veterinary products in Drug Products Database. Moreover, in petroleum refineries, solvent application of the organic compound is used.
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, the current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries.
Geography- Segment Analysis
Asia Pacific dominated the furfural market with a share of more than XX%, followed by North America and Europe Asia-Pacific region is holding a major share of the market in the consumption and production of furfuryl alcohol with the increasing population and the concern for renewable materials. In addition, Asia-Pacific is the leading market for furan foundry binder resins, which are produced with the help of furfuryl alcohol. Therefore, strong demand for furfuryl alcohol in Asia-Pacific is supporting the growth of the furfural industry in this region. . Low manufacturing costs, increase in disposable incomes, and availability of raw materials in Asia Pacific drive the market in the region.
Drivers - Furfural Market
Growing demand for furfuryl alcohol
Furfuryl alcohol is a chemical, which is derived from furfural. Furfuryl alcohol plays a vital role in the production of foundry sand binders due to its high reactivity. This alcohol has been extensively used for producing cores and mold for metal for many decades. It is also used in the production of tetrahydrofurfuryl alcohol (THFA), which is widely used in the pharmaceutical industry. According to the World Foundry Organization, the foundry industry is expected to grow by 13.0-14.0% until 2025 in India, which is expected to be the second-largest foundry market in the world, after China. Therefore, the growing foundry industry is leading to the demand for furfuryl alcohol, thereby boosting the market for furfural.
Challenges - Furfural Market
Availability of crude oil-based alternatives
The availability of crude oil-based alternative products, which are relatively cheaper, is restraining the market for furfural. Furan resin is used in the foundry industry for preparing binders. However, phenolic resin, which is obtained from crude oil, is cheaper than furan resin, according to various primary respondents. Also, butanediol (BDO) is used in polytetramethylene ether glycol (PTMEG) for the production of spandex, which is used in the textile industry. THF, which is a derivative of furfural, can be used for the production of spandex, but its higher cost due to the processing of furfural makes it less preferable than BDO.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the furfural market. In 2019, the market of furfural has been consolidated by the top five players accounting for xx% of the share. Major players in the furfural market are Central Romana Corporation, Ltd., Hongye Holding Corporation Ltd., Illovo Sugar Ltd., Lenzing AG, Penn A Kem LLC, Silvateam SpaIN., Tanin Senvica d.d., Aurus Specialty Company, Henan Huilong Chemical Co., Ltd., Shandong Crownchem Industries Co., Ltd., and Tieling North Furfural (Group) Co., Ltd. among others.
Geographical Expansion
- In 2016, an India-based Company, KRBL set up a furfuryl alcohol plant at Bhasaur, Dhuri District, Sangrur in the state of Punjab at a total cost of more than US$ 2.0 Mn. The company, through this plant, intends to convert furfuryl oil into refined furfuryl alcohol, as there is a huge demand for furfuryl alcohol in India.
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Table of Contents
1. Furfural Market Market - Overview
2. Furfural Market Market - Executive summary
3. Furfural Market Market
4. Furfural Market Market Forces
5. Furfural Market Market -Strategic analysis
6. Furfural Market - By Raw Material (Market Size -$Million / $Billion)
7. Furfural Market Market - By Application (Market Size -$Million / $Billion)
8. Furfural Market Market - By Catalyst type (Market Size -$Million / $Billion)
9. Furfural Market - By End User Industry (Market Size -$Million / $Billion)
10. Furfural Market - By Geography (Market Size -$Million / $Billion)
11. Furfural Market Market - Entropy
12. Furfural Market Market Company Analysis
13. Furfural Market Market -Appendix
Methodology
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