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Global Furfural Market Report by Process, Raw Material, Application, End-User, and Region 2023-2028

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    Report

  • 141 Pages
  • November 2023
  • Region: Global
  • IMARC Group
  • ID: 5912051

Quick Summary:

In the dynamic and rapidly evolving furfural market, strategic decision-making is critical for maintaining a competitive edge. This market research report delves deep into the complexity of the furfural industry, offering invaluable insights that pave the way for informed, data-driven business strategies. With a comprehensive analysis of market trends, segmentation, and competitive landscapes, this report equips you with the knowledge to capitalize on the underlying opportunities within the market.

The increasing demand for furfural across a diverse range of applications signifies a lucrative growth potential for industry professionals. The versatility of furfural, utilized in producing everything from fragrances and bioplastics to pharmaceuticals and food flavorings, reflects its integral role in numerous sectors. This report not only details these multifarious uses but also provides critical segmentation analysis by process, raw material, application, and end-user — invaluable for stakeholders aiming to enhance their market presence. Whether steering a corporation in the perfume industry or directing investments in sustainable materials, this document is an essential tool for decision-makers who seek to stay ahead in the ever-competitive global marketplace.

The global furfural market size reached US$ 700 Million in 2022. Looking forward, the market is expected to reach US$ 1,060 Million by 2028, exhibiting a growth rate (CAGR) of 7.16% during 2022-2028. The increasing production of perfumes and fragrances, rising utilization in the food and beverage (F&B) industry, and the increasing environmental concerns represent some of the key factors driving the market.

Furfural (C4H3O-CHO) refers to the natural compound formed during the dehydration of sugars. It is manufactured from various raw materials, such as sugarcane bagasse, corn cobs, wood waste, and rice husk. It is a colorless liquid, oily in appearance, versatile, and completely miscible with alcohol and ether. It is also a corrosion-preventive substance that is especially effective on low-carbon steel surfaces. It can be easily converted into furfuryl alcohol, tetrahydrofurfuryl alcohol (THFA), tetrahydrofuran, furan, and diols. It offers thermosetting and physical resistance properties that are highly suitable for the production of resins. It is utilized as food flavoring, fragrance in personal care products, solvents in petrochemical refining to extract dienes from hydrocarbons, lubricants, decolorizing agents, and transportation fuels. It is also employed as pesticides and fertilizers, gasoline additives, jet fuel blend stocks, wood modifier, all-weather repair system for bomb-damaged runways and potholes. Besides this, C4H3O-CHO finds applications in the agriculture, food and beverage (F&B), paints and coatings, and pharmaceutical industries across the globe.

Furfural Market Trends

At present, the rising demand for C4H3O-CHO to produce perfumes and fragrances in personal care products represents one of the primary factors supporting the growth of the market. Besides this, the growing demand for C4H3O-CHO to produce bioplastics polyethylene furanoate (PEF), which is an alternative to polyethylene terephthalate (PET) and bio-PET for soft drink bottles, is offering a positive market outlook. Additionally, there is a rise in the demand for furfuryl alcohol to produce cores and mold for metal casting around the world. This, coupled with the increasing utilization of C4H3O-CHO in the pharmaceutical industry for the production of tetrahydrofurfuryl alcohol (THFA), is propelling the growth of the market. Apart from this, the rising demand for C4H3O-CHO derivatives for manufacturing fiberglass and aircraft and automobile components is offering a lucrative growth opportunity to industry players. Moreover, the increasing employment of C4H3O-CHO due to the rising environmental concern around the world, along with the growing need to reduce the dependence on petrochemicals, is positively influencing the market. Furthermore, the rising usage of C4H3O-CHO in the food and beverage (F&B) industry as a flavoring agent or adjuvant in various products is strengthening the market growth.

Key Market Segmentation

This research provides an analysis of the key trends in each sub-segment of the global furfural market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on process, raw material, application and end-user.

Process Insights:

  • Quaker Batch Process
  • Chinese Batch Process
  • Rosenlew Continuous Process
The report has provided a detailed breakup and analysis of the furfural market based on the process. This includes quaker batch process, Chinese batch process, rosenlew continuous process, and others. According to the report, Chinese batch process represented the largest segment.

Raw Material Insights:

  • Corn Cobs
  • Rice Husk
  • Sugarcane Bagasse
A detailed breakup and analysis of the furfural market based on the raw material has also been provided in the report. This includes corn cobs, rice husk, sugarcane bagasse, and others. According to the report, corn cobs accounted for the largest market share.

Application Insights:

  • Furfuryl Alcohol
  • Solvent
A detailed breakup and analysis of the furfural market based on the application has also been provided in the report. This includes furfuryl alcohol, solvent, and others. According to the report, furfuryl alcohol accounted for the largest market share.

End-User Insights:

  • Agriculture
  • Petroleum Refineries
  • Paints and Coatings
  • Pharmaceuticals
A detailed breakup and analysis of the furfural market based on the end-user has also been provided in the report. This includes agriculture, petroleum refineries, paints and coatings, pharmaceuticals, and others. According to the report, petroleum refineries accounted for the largest market share.

Regional Insights:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Latin America
  • Brazil
  • Mexico
  • Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, Asia Pacific was the largest market for furfural. Some of the factors driving the Asia Pacific furfural market included the rising usage in agriculture, easy accessibility of raw materials, application in numerous industry verticals, etc.

Competitive Landscape

The report has also provided a comprehensive analysis of the competitive landscape in the global furfural market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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, Xian Welldon Trading Co. Ltd, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What was the size of the global furfural market in 2022?
2. What is the expected growth rate of the global furfural market during 2023-2028?
3. What are the key factors driving the global furfural market?
4. What has been the impact of COVID-19 on the global furfural market?
5. What is the breakup of the global furfural market based on the process?
6. What is the breakup of the global furfural market based on the raw material?
7. What is the breakup of the global furfural market based on the application?
8. What is the breakup of the global furfural market based on the end-user?
9. What are the key regions in the global furfural market?
10. Who are the key players/companies in the global furfural market?
Frequently Asked Questions about the Global Furfural Market

What is the estimated value of the Global Furfural Market?

The Global Furfural Market was estimated to be valued at $700 Million in 2022.

What is the growth rate of the Global Furfural Market?

The growth rate of the Global Furfural Market is 7.2%, with an estimated value of $1060 Million by 2028.

What is the forecasted size of the Global Furfural Market?

The Global Furfural Market is estimated to be worth $1060 Million by 2028.

Who are the key companies in the Global Furfural Market?

Key companies in the Global Furfural Market include AbbVie Inc., Amgen Inc., AstraZeneca plc, Biogen Inc., Bristol, Myers Squibb Company, Celltrion Inc., Eli Lilly and Company, F. Hoffmann and La Roche AG.

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Furfural Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Process
6.1 Quaker Batch Process
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Chinese Batch Process
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Rosenlew Continuous Process
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Raw Material
7.1 Corn Cobs
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Rice Husk
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Sugarcane Bagasse
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Application
8.1 Furfuryl Alcohol
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Solvent
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by End User
9.1 Agriculture
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Petroleum Refineries
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Paints and Coatings
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Pharmaceuticals
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market Trends
9.5.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Behran Oil Company
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 SWOT Analysis
15.3.2 Central Romana Corporation Ltd.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 SWOT Analysis
15.3.3 Hongye Holding Group Corporation Limited
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 SWOT Analysis
15.3.4 Illovo Sugar Ltd. (Associated British Foods plc)
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 SWOT Analysis
15.3.5 KRBL Limited
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 SWOT Analysis
15.3.6 Lenzing Aktiengesellschaft
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 SWOT Analysis
15.3.7 Linzi Organic Chemical Inc. Ltd.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 SWOT Analysis
15.3.8 Pennakem LLC
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 SWOT Analysis
15.3.9 Shandong Crownchem Industries Co. Ltd
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 SWOT Analysis
15.3.10 Silvateam S.p.a.
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 SWOT Analysis
15.3.11 Tanin d.d.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 SWOT Analysis
15.3.12 TransFurans Chemicals bvba
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.12.3 SWOT Analysis
15.3.13 Xian Welldon Trading Co. Ltd
15.3.13.1 Company Overview
15.3.13.2 Product Portfolio
15.3.13.3 SWOT Analysis
15.3.14 Sevnica
15.3.14.1 Company Overview
15.3.14.2 Product Portfolio

Companies Mentioned

  • 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
  • Xian Welldon Trading Co. Ltd

Methodology

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