Furfural Market Overview, Dynamics, Trends, Segmentation, Application and Forecast to 2023-2028

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Global Furfural Market Research Report:

The latest report by IMARC, titled “ Furfural Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” finds that the global furfural market size reached US$ 700 Million in 2022. Furfural (C4H3O-CHO), also known as 2-furaldehyde, is an organic compound that appears as a colorless or reddish-brown liquid with a penetrating odor. It is usually obtained by dehydrating carbon sugars and derived from agricultural residues, including corncob, rice husk, cottonseed hulls, and sugarcane bagasse (SCB) or wood residues. It is widely used as a raw material to manufacture phenol-furfural-resins. It is also utilized to produce plastics, adhesives, nematicides, inks, antacids, fungicides, fertilizers, and flavoring compounds. Besides this, furfural is commonly converted into furfuryl alcohol, tetrahydrofurfuryl alcohol (THFA), tetrahydrofuran, furan, and diols, which find extensive applications in numerous industries across the globe.

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Global Furfural Market Trends :

Furfuryl alcohol is mainly used as a flavoring agent and filler in manufacturing paints, textiles, plastics, resins, and adhesives. As a result, the escalating demand for furfuryl alcohol from end use sectors represents one of the key factors driving the market growth. Moreover, due to the rapid growth in the construction industry, the increasing usage of furfural in various refractory materials, such as bricks, fiberglass, and ceramic composites, has accelerated product adoption rates. Additionally, there is a rise in product use in the production of pesticides owing to the expanding global population, changing climatic conditions, elevating food security concerns, and declining arable land. In line with this, the growing product adoption as a flavoring agent in wine, beverages, and convenience food products has augmented the demand for furfural. Furthermore, the emerging novel applications of furfural, such as in the production of biofuels, on account of the surging environmental concerns and the rising need to minimize reliance on petrochemicals, have propelled the market growth. Apart from this, the increasing applications of furfural derivatives in fiberglass and aircraft and automotive components are contributing to the market growth. Other factors, including the rising product adoption in personal care and hygiene items, escalating demand for bio-based chemicals, inflating consumer purchasing power, and ongoing research and development (R&D) activities, are also anticipated to provide a positive impact on the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1,060 Million by 2028, expanding at a CAGR of 6.4% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).

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Market Summary:

Process Insights:

• Quaker Batch Process

• Chinese Batch Process

• Rosenlew Continuous Process

• Others

Raw Material Insights:

• Corn Cobs

• Rice Husk

• Sugarcane Bagasse

• Others

Application Insights:

• Furfuryl Alcohol

• Solvent

• Others

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End-User Insights:

• Agriculture

• Petroleum Refineries

• Paints and Coatings

• Pharmaceuticals

• Others

Regional Insights:

• North America

• United States

• Canada

• Asia-Pacific

• China

• Japan

• India

• South Korea

• Australia

• Indonesia

• Others

• Europe

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• Germany

• France

• United Kingdom

• Italy

• Spain

• Russia

• Others

• Latin America

• Brazil

• Mexico

• Others

• Middle East and Africa

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Competitive Landscape with Key Players:

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

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