According to IMARC Group latest report titled “Furfural Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on furfural market analysis. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global furfural market size reached US$ 700 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,060 Million by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Furfural, an organic compound derived from agricultural byproducts like corncobs, oat, and wheat bran, is a colorless, oily liquid that boasts a distinct almond-like aroma. Industrially, it serves as a precursor to other furan chemicals and as a solvent in refining lubricating oils. Its properties include low viscosity, high reactivity due to an aldehyde group, and excellent solvent capabilities for polar non-hydrocarbon substances. Furfural is advantageous due to its renewable origins and biodegradability, making it an environmentally preferable option in chemical manufacturing. It also has a unique ability to selectively dissolve specific types of polymers, which is critical in applications ranging from pharmaceuticals to pesticide production.
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Market Trends:
The global market is primarily driven by the material's versatility and integration into various industrial processes. The trend towards sustainable products is elevating the demand for furfural in the production of biofuels and bioplastics. The market is also gaining impetus from its application in the pharmaceutical industry, where it is used as a solvent and an intermediate in the synthesis of active pharmaceutical ingredients. Also, continual advancements in extraction and processing technologies are improving yields, further stimulating market expansion. Additionally, the chemical sector's increasing use of furfural in producing specialty chemicals adds to the positive market outlook. The demand for furfural in resin and adhesive manufacturing due to its strong bonding properties is also a pivotal growth driver. Furthermore, the growing importance of environmental sustainability in manufacturing practices is persuading industries to invest in furfural, securing its role in the future of green chemistry and thereby stimulating the market demand.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Behran Oil Company
- Central Romana Corporation Ltd.
- Hongye Holding Group Corporation Limited
- Illovo Sugar Ltd.
- KRBL Limited
- Lenzing Aktiengesellschaft
- Linzi Organic Chemical Inc. Ltd.
- Pennakem LLC
- Shandong Crownchem Industries Co. Ltd
- Silvateam S.p.a.
- Tanin d.d.
- TransFurans Chemicals bvba
- Xian Welldon Trading Co. Ltd
Furfural Market Segmentation:
Our report has categorized the market based on region, process, raw material, application and end use industry.
Breakup by Process:
- Quaker Batch Process
- Chinese Batch Process
- Rosenlew Continuous Process
- Others
Breakup by Raw Material:
- Corn Cobs
- Rice Husk
- Sugarcane Bagasse
- Others
Breakup by Application:
- Furfuryl Alcohol
- Solvent
- Others
Breakup by End User:
- Agriculture
- Petroleum Refineries
- Paints and Coatings
- Pharmaceuticals
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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