The global furfural market size was valued at $1.2 billion in 2019 and is anticipated to generate $2.0 billion by 2027. The market is projected to experience growth at a CAGR of 6.9% from 2020 to 2027.
Furfural is an organic, renewable, nonpetroleum-based chemical feedstock derived from agricultural by-products such as corn cobs, rice husk, sugarcane bagasse, cotton husk, oat husk, almond husk, olive press cake, and others. It is colorless or a little yellowish chemical compound, which quickly darkens when exposed to air. Furfural manufacturing activity is based on pentosan-containing residues, obtained from the processing of various agricultural or forest products. Furfural is processed in a digester under high-pressure steam, and is recovered by steam distillation, followed by water–furfural separation and purification.
Furfural provides superior and remarkable properties such as corrosion resistance, thermosetting properties, and physical resistance, which makes it suitable for the production of resins. Furfural as a solvent is used for refining lubricating oils and decolorizing agents. It is also used in purification of C4 and C5 hydrocarbons; as a reactive solvent and good wetting agent; and as a unique chemical feedstock for other furan derivatives. Moreover, furfural is used as herbicides & pesticides; in the production of synthetic materials and plastics; as additive fuel for rockets; in the production of an inert polymer concrete; as a solvent for cellulose esters; in the production of perfumes and to accelerate the production of rubber tires.
There is an increase in the consumption of furfural in India, China, Indonesia, and Malaysia, owing to the increase in demand for green chemical, environmental awareness to renewable alternatives, and availability of agro products & wastes in these countries. Supportive environmental regulations from agencies such as Environmental Protection Agency (EPA) of the U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe, concerning the development of bio-based products is also expected to have a positive impact on the global furfural market growth during the forecast period.
The furfural market is segmented into raw material, application, end user, and region. By raw material, the market is divided into corn cobs, rice husk, sugarcane bagasse, and others (including almond husk, cotton husk, and oat husk). By application, the market is classified into furfuryl alcohol and solvents. Furfural alcohol is a dominant product segment due to its low viscosity & high reactivity, outstanding chemical, mechanical, & thermal properties. This has led to increase in adoption of furfuryl alcohol in various chemical products such as foundry resins, adhesives, and wetting agents. By End User, the market is categorized into petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others, which includes textile, foundry metal casting, perfume, and food & beverage industry.
Region-wise the furfural market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). In 2019, China accounted for $1,328.0 million of the global furfural market. In addition, it has emerged as the key contributor to the consumption of furfural in Asia-Pacific region, and is expected to maintain its dominance during the forecast period. Raw materials such as corn cobs, rice husk, sugarcane bagasse, cotton husk, almond husk, and other agro-based products & wastes are widely available in the developing countries such as India, China, Indonesia, and Malaysia. This is expected to boost the furfural market growth in Asia-Pacific during
the forecast period.
The key players operating in the global furfural market are Arcoy Industries Pvt. Ltd., Central Romana Corporation, Ltd., Hongye Holding Group Corporation, Illovo Group, KRBL Ltd., Lenzing AG, Penn A Kem LLC, Silvateam, Tanin Sevnica d.d, and Tieling North Furfural (Group) Co. Ltd.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
BY Raw Material
BY Application
By End User
By Region
Key Players
Furfural is an organic, renewable, nonpetroleum-based chemical feedstock derived from agricultural by-products such as corn cobs, rice husk, sugarcane bagasse, cotton husk, oat husk, almond husk, olive press cake, and others. It is colorless or a little yellowish chemical compound, which quickly darkens when exposed to air. Furfural manufacturing activity is based on pentosan-containing residues, obtained from the processing of various agricultural or forest products. Furfural is processed in a digester under high-pressure steam, and is recovered by steam distillation, followed by water–furfural separation and purification.
Furfural provides superior and remarkable properties such as corrosion resistance, thermosetting properties, and physical resistance, which makes it suitable for the production of resins. Furfural as a solvent is used for refining lubricating oils and decolorizing agents. It is also used in purification of C4 and C5 hydrocarbons; as a reactive solvent and good wetting agent; and as a unique chemical feedstock for other furan derivatives. Moreover, furfural is used as herbicides & pesticides; in the production of synthetic materials and plastics; as additive fuel for rockets; in the production of an inert polymer concrete; as a solvent for cellulose esters; in the production of perfumes and to accelerate the production of rubber tires.
There is an increase in the consumption of furfural in India, China, Indonesia, and Malaysia, owing to the increase in demand for green chemical, environmental awareness to renewable alternatives, and availability of agro products & wastes in these countries. Supportive environmental regulations from agencies such as Environmental Protection Agency (EPA) of the U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe, concerning the development of bio-based products is also expected to have a positive impact on the global furfural market growth during the forecast period.
The furfural market is segmented into raw material, application, end user, and region. By raw material, the market is divided into corn cobs, rice husk, sugarcane bagasse, and others (including almond husk, cotton husk, and oat husk). By application, the market is classified into furfuryl alcohol and solvents. Furfural alcohol is a dominant product segment due to its low viscosity & high reactivity, outstanding chemical, mechanical, & thermal properties. This has led to increase in adoption of furfuryl alcohol in various chemical products such as foundry resins, adhesives, and wetting agents. By End User, the market is categorized into petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others, which includes textile, foundry metal casting, perfume, and food & beverage industry.
Region-wise the furfural market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). In 2019, China accounted for $1,328.0 million of the global furfural market. In addition, it has emerged as the key contributor to the consumption of furfural in Asia-Pacific region, and is expected to maintain its dominance during the forecast period. Raw materials such as corn cobs, rice husk, sugarcane bagasse, cotton husk, almond husk, and other agro-based products & wastes are widely available in the developing countries such as India, China, Indonesia, and Malaysia. This is expected to boost the furfural market growth in Asia-Pacific during
the forecast period.
The key players operating in the global furfural market are Arcoy Industries Pvt. Ltd., Central Romana Corporation, Ltd., Hongye Holding Group Corporation, Illovo Group, KRBL Ltd., Lenzing AG, Penn A Kem LLC, Silvateam, Tanin Sevnica d.d, and Tieling North Furfural (Group) Co. Ltd.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides extensive qualitative and quantitative analysis of the current trends and future estimations of the furfural market from 2019 to 2027 to determine the prevailing opportunities
- Comprehensive analysis of factors that drive and restrict furfural market growth is provided
- The furfural market forecast and estimations are based on factors impacting the market growth, in terms of value
- Profiles of leading players operating in the furfural market are provided to understand the global competitive scenario
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable furfural market share
- The furfural market size is provided in terms of revenue
- The report provides an in-depth analysis of the forecast along with the current and future furfural market trends
KEY MARKET SEGMENTS
BY Raw Material
- Corn Cobs
- Rice Husk
- Sugarcane Bagasse
- Others
BY Application
- Furfuryl Alcohol
- Solvent
- Others
By End User
- Petroleum Refineries
- Agricultural Formulations
- Pharmaceuticals
- Paints & Coatings
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Players
- Arcoy Industries Pvt. Ltd.
- Central Romana Corporation, Ltd.
- Hongye Holding Group Corporation
- Illovo Group
- KRBL Ltd.
- Lenzing AG
- Penn A Kem LLC
- Silvateam
- Tanin Sevnica d.d
- Tieling North Furfural (Group) Co. Ltd
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Furfural Market, by Raw Material
Chapter 5: Furfural Market, by Application
Chapter 6: Furfural Market, by End-user
Chapter 7: Furfural Market, by Region
Chapter 8: Company Profiles
Executive Summary
According to the report titled, 'Furfural Market by Raw Material, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027' the Global Furfural market size was valued at $1.2 billion in 2019 and is anticipated to generate $2.0 billion by 2027. The market is projected to experience growth at a CAGR of 6.9% from 2020 to 2027.The global furfural market is expected to reach $2.0 billion by 2027. By application, the furfuryl alcohol segment is expected to generate highest revenue during the forecast period. Asia-Pacific dominated the global furfural market share in 2019, and is expected to dominate the market during the forecast period.
The furfural market witnessed moderate growth during the past few years, and is expected to grow at a CAGR of 6.9% during the forecast period. Furfural is a nonpetroleum-based organic, renewable chemical feedstock obtained from agricultural residue containing pentosans. It has physical strength and exhibits resistance to corrosion, which makes it ideal to be used in the production of resins. It is also used in refining of lubricating oils, as a reactive solvent, wetting agent, as a decolorizing agent, for purification of C4 and C5 hydrocarbons, as flavors & fragrance, and as herbicides & pesticides. It is majorly used to procure furfuryl alcohol and other 5-membered oxygen-containing heterocycles, which include furan, methylfuran, acetylfuran, furfurylamine, and furoic acid. Furfuryl alcohol is a dominant application segment, which accounted for 75.1% market share in 2019. Furfuryl alcohol plays a vital role in the production of various chemical products, such as foundry resins, adhesives, and wetting agents, owing to low viscosity & high reactivity, outstanding chemical, mechanical, & thermal properties. Furfural gains increased importance across various end-user industries such as petroleum refineries, pharmaceuticals, paints & coatings, agricultural formulations, and others, which include textile, foundry metal castings, and flavors & fragrance.
Increased environmental awareness regarding renewable alternatives and ease of availability of agricultural residue in the developing countries such as India, China, South Africa, Dominican Republic, Indonesia, and Malaysia with a low production cost drive the global market growth. Moreover, economic development in these emerging economies is expected to boost furfural market growth during the forecast period. Whereas, lack of technological advancement and fluctuating prices of raw materials such as corn cob, rice husk, sugarcane bagasse, and others is expected to hamper the furfural market growth during the forecast period.
Key Findings of the Study:
Global furfural market size is provided in terms of revenue
By region, Asia-Pacific is projected to grow at the highest CAGR of approximately 7.1%, in terms of revenue, during the forecast period
By raw material, the corn cobs segment is anticipated to grow with CAGR 7.0%, in terms of revenue, during the forecast period.
By region, Asia-Pacific and Europe dominated the market with revenue share of over 77.5% and 11.0% in 2019
A comprehensive analysis of the factors that drive and restrain the furfural market growth is provided
The qualitative data in this report aims at the furfural market trends, dynamics, and developments in the furfural industry
The furfural market forecast and estimations are based on factors impacting market growth
Companies Mentioned
- Arcoy Industries Pvt. Ltd.
- Central Romana Corporation Ltd.
- Hongye Holding Group Corporation
- Illovo Group
- KRBL Ltd.
- Lenzing AG
- Penn A Kem LLC
- Silvateam
- Tanin Sevnica d.d and Tieling North Furfural (Group) Co. Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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