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  • Furfural Market Growth Analysis | 2023-2028

    Furfural Market Growth Analysis | 2023-2028

    Furfural Market Growth Analysis | 2023-2028
    Report code - SRAM456 Delivery - 2 Weeks
    Furfural Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity See more...

    "The furfural market is estimated to grow from USD 545.7 million in 2022 to USD 780.65 million by 2028 at a CAGR of 6.03% during the forecast period".

    To get more information about this report. Click here.

    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.

    Furfural Market Report Overview 

    Market Size in 2028

    USD 545.7 million

    Market Size in 2022

    USD 780.65 million

    Market Growth (2023-2028)

    CAGR of 6.03%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

     

    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.

     

    To know more about the market segments, 

    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. 

    By Region

    "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. 

    Want to know more about the market trends?

    Segmentation

    This furfural market 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)

    Key Players

    The following are the key players in the Furfural Market (arranged alphabetically)

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

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides intelligence most totally. The furfural market report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Global Furfural Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and what is their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Research Methodology

    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 the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    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

    Frequently Asked Questions (FAQs)

    Furfural is a colorless organic compound (C4H3OCHO). It is obtained using renewable sources and thus, has no effect on the environment and is considered a green chemical.

    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, and TransFurans Chemicals BVBA are among the key players in the market.

    Asia-pacific is expected to be the largest furfural market during the next five years.

    Corncob is expected to be the fastest growing segment in the market in the coming years.

    The derivatives segment held the largest share of the market in 2022..

    With the renewable use of agricultural byproducts to produce furfural and 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 market is likely to grow from USD 545.7 million in 2022 to reach USD 780.65 million by 2028.

    The market is likely to grow at a healthy CAGR of 6.03 % during the forecast period.

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