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Furfural Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 120 Pages
  • April 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 5025683
UP TO OFF until Dec 31st 2023
The Global Furfural market is projected to register a CAGR of  more than 5% during the forecast period (2021-2026).

Furfural and its derivatives have been widely applied as fungicides and nematicides, transportation fuels, gasoline additives, lubricants, resins, decolorizing agents, jet fuel blend stocks, drugs, insecticides, bio-plastics, flavor enhancers for food and drinks, amongst others. Overall, they are used as an intermediate in diversified chemical production. With the chemical industry badly impacted due to the COVID-19 pandemic, the demand for furfural went down in 2020. Furthermore, overdependence on China for raw materials has adversely affected the industry. Globally, chemical produciton declined significantly in 2020 with major chemical producers registering losses in 2020. However, the industry is expected to recover through medium to long run.
  • Over the mid-term, the major factors driving the growth of the market studied are the increasing demand for furfuryl alcohol and rising usage of furfural for industrial chemical manufacturing.
  • On the flip side unfavorable conditions arising due to COVID-19 is likely to hinder the market growth.
  • Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Key Market Trends

Increasing Demand for Furfuryl Alcohol
  • Furfural is majorly used in the manufacturing of furfuryl alcohol. It is industrially produced by the catalytic hydrogenation of furfural under high pressures.
  • Furfural is a hemicellulose-derived platform molecule. Furfuryl alcohol is one of the most well-studied of the drugs that can be made from furfural. It is manufactured on a wide scale in the presence of a CuCr catalyst, but the process has a negative environmental effect.
  • Furfuryl alcohol is widely used in plastic and resins. With the growing research activities in the field of rocketry fuel, the consumption of furfuryl alcohol is likely to boost the market for furfural in coming years.
  • Furfuryl alcohol is further widely used in adheive and foundry resin production. In additiona, it is also used in
  • Plastics are being used in different end-user industries owing to the advantages such as low cost, less weight, durable, water-resistant, etc. Some of the major end-user industries include automotive & transportation, construction, electrical & electronics, etc.
  • Asia-Pacific region holds the major share of the market in the consumption and production of furfuryl alcohol with the increasing population and the concern for renewable materials.
  • Owing to all these factors, the market for furfural is likely to grow across the world during the forecast period.

Asia-Pacific to Dominate the Market
  • Asia-Pacific region is expected to dominate the global furfural market during the forecast period, owing to the emerging countries such as China, India, and Japan among others.
  • China is a hub for chemical processing, accounting for a major chunk of chemicals produced globally. The country contributes more than 35% to the global chemical sales. Many major companies in the market have their chemical plants in China. With the growing demand for various bio-based chemicals, globally, the demand for furfural from this sector is projected to grow during the forecast period.
  • India is expected to witness robust growth in its chemical industry, fueled by the growing demand for chemicals and agrochemicals. The government predicts chemical industry to reach USD 304 billion by 2025, with opportunities offered by the anticipated increase in demand by about 9% per annum over the next five years. The chemical industry holds investment opportunity worth about USD 701.97 million, with about 168 investment prospects and about 29 projects under development.
  • Due to rising urbanisation, industrial expansion, and increased investments in emerging economies such as Japan, China, and India, Asia Pacific is a rapidly increasing area of the foundry products sector.
  • The foundry industry in India is expected to grow over 13% to reach 14-15 million tonnes by 2021 and 20 million tonnes by 2025.
  • Therefore, owing to the above mentioned factors, the market for furfural in the region is expected to have a steady growth during the forecast period.

Competitive Landscape

The furfural market is partially consolidated in nature. Some of the major players in the market include Central Romana Corporation, ILLOVO SUGAR AFRICA (PTY) LTD, KRBL Limited, LENZING AG, and Pennakem, LLC, among others.

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Increasing Demand for Furfuryl Alcohol
4.1.2 Increasing Demand from Industrial Chemicals Manufacturing
4.2 Restraints
4.2.1 Unfavourable Conditions Arising due to COVID-19 Impact
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5.1 Raw Material
5.1.1 Corncobs
5.1.2 Rice Hulls
5.1.3 Cotton Hulls
5.1.4 Sugarcane Bagasse
5.1.5 Other Raw Materials
5.2 Application
5.2.1 Furfuryl Alcohol
5.2.2 Solvent
5.2.3 Intermediate
5.2.4 Other Applications
5.3 Geography
5.3.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.3.2 North America United States Canada Mexico
5.3.3 Europe Germany United Kingdom Italy France Rest of Europe
5.3.4 Rest of the World South America Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Central Romana Corporation
6.4.2 Hongye Holding Group Corporation Limited
6.4.4 KRBL Limited
6.4.6 Pennakem, LLC
6.4.7 Silvateam S.p.a.
6.4.8 Tanin d.d.
6.4.9 TransFurans Chemicals bvba
6.4.10 Xingtai Chunlei Furfuryl Alcohol Co., Ltd (hebeichem)
6.4.11 Zibo Xinye Chemical Co.,Ltd.
7.1 Rising Adoption of Bio-based Chemicals

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Central Romana Corporation
  • Hongye Holding Group Corporation Limited
  • KRBL Limited
  • Pennakem, LLC
  • Silvateam S.p.a.
  • Tanin d.d.
  • TransFurans Chemicals bvba
  • Xingtai Chunlei Furfuryl Alcohol Co., Ltd (hebeichem)
  • Zibo Xinye Chemical Co.,Ltd.