Furfural Market Analysis | 2023-2028

Market Insights

The furfural market was estimated at USD 545.7 million in 2022 and is likely to grow at a CAGR of 6.03% during 2023-2028 to reach USD 780.65 million in 2028.

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Market Dynamics

Introduction

Furfural (C5H4O2) is an organic substance that has an odor that is similar to almonds and is colorless or pale yellow in color. Through a procedure called hydrolysis, furfural is produced from a variety of agricultural wastes, including maize cobs, oat hulls, and sugarcane bagasse.

The substance is mostly produced as an initial stage for other compounds. Furfural has many uses, including the manufacture of furan derivatives such as furfuryl alcohol, which is used to make resins, polymers, and wetting agents. Tetrahydrofuran, a solvent commonly used in the chemical industry, can also be produced from furfural.

Market Drivers

The major factors contributing towards the growth of the furfural market are:

• With the renewable use of agricultural by products to produce furfural a growing global emphasis on sustainability and a decrease in dependency on fossil fuels, the need for renewable and sustainable feedstocks has increased. Furfural's market is expanding because it provides an effective substitute for chemicals made from petroleum.
• In producing several compounds and derivatives, furfural is used as a starter. Furfural demand has increased due to the development of the chemical sector, particularly in emerging economies.
• The need for green solvents has increased as the industry works to minimize their negative environmental effects and adhere to regulations. Due to its environmental friendliness, furfural is a desirable choice for various products, including paints, coatings, and cleaning products.
• Due to the nutty and caramel-like scent of furfural, it is used as a flavoring. The furfural market has expanded due to the burgeoning food and beverage industry, pushed by evolving customer preferences and new product introductions.
• Globally, governments are implementing laws and rules to encourage using renewable resources and lower greenhouse gas emissions. Supportive programs, including tax breaks, grants, and subsidies, promote the use of sustainable practices and the expansion of the market for furfural.

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Key Players

The following are the key players in the furfural market:

• Central Romana Corporation Ltd
• Hongye Holding Group Corporation Limited
• Illovo Sugar Africa (Pty) Ltd
• KRBL Ltd
• Lenzing AG
• Pennakem, LLC
• Shandong Crownchem Industries Co. Ltd
• Silvateam S.p.a
• Tanin d.d
• TransFurans Chemicals BVBA.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Application Type

"Derivatives segment held the largest share of the market in 2022".

The furfural market is segmented as derivatives, solvents, and others. The derivatives segment held the largest share of the market in 2022, as furfural is used as the starting material for manufacturing various furan derivatives such as tetrahydrofuran (THF), furfuryl alcohol, maleic anhydride (MA), 2-methyl tetrahydrofuran (MTHF), and 1, 5-pentanediol, which are manufactured on a large scale.

By Raw Material Type

 "Corncob is expected to be the fastest-growing segment with a market share of >65% in 2022". 

The market is segmented as corncob, rice husk, sugarcane bagasse, and others. Corncob is expected to be the fastest-growing segment with a market share in 2022. 

Regional Analysis

"Asia-Pacific is estimated to be the largest as well as fastest-growing with a market share of > 70% in 2022".

Asia-Pacific is estimated to be the largest as well as fastest-growing furfural market with a market share in 2022, driven by China which is not only the largest manufacturer and consumer of furfural but also the largest exporter of furfural and furfural-based chemicals to the other regions. North America and Europe are also expected to offer considerable growth opportunities during the forecast period. 

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s furfural market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The furfural market is segmented into the following categories. 

By Raw Material Type

• Corncob
• Rice Husk 
• Sugarcane Bagasse
• Bagasse
• Others

By Application Type

• Derivatives 
• Solvent 
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the raw material types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com