Furfural Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Furfural Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

The global furfural market size reached US$ 680 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,000 Million by 2027, exhibiting a growth rate (CAGR) of 6.5% during 2022-2027.

Furfural (C4H3OCHO) is a naturally occurring compound formed by dehydrating carbon sugars and obtained from the hemicellulose fraction of lignocellulosic biomass. It is a versatile chemical, which is widely utilized as a raw material to produce phenol-furfural-resins. It can also be converted into furfuryl alcohol, tetrahydrofurfuryl alcohol (THFA), tetrahydrofuran, furan, and diols. Amongst these, furfuryl alcohol finds extensive applications as a flavoring agent and filler in the manufacturing of paints, textiles, and plastics across the globe, which is positively influencing their overall sales.

Furfural Market Trends:
The wide applications of furfural in various end use industries represent one of the primary factors bolstering the market growth. For instance, it is used to manufacture plastics, adhesives, nematicides, inks, antacids, fungicides, fertilizers, and flavoring compounds worldwide. In addition to this, the escalating demand for packaged food products on account of hectic schedules, increasing working population, inflating income levels and convenience offered is fueling the adoption of furfural in the food and beverage (F&B) industry. Moreover, the increasing shortage of food due to rapid urbanization, growing global population, changing climatic conditions, and declining arable land area is catalyzing the demand for furfural in the manufacturing of pesticides. Furthermore, the growing focus on personal health and hygiene is driving the demand for furfural for making perfumes and fragrances. Its derivatives are also finding extensive applications in manufacturing fiberglass, and aircraft and automobile components. Apart from this, due to the growing environmental concerns and the need for minimizing dependence on petrochemicals, furfurals are gaining traction as a potential source to produce biofuels. Moreover, emerging novel applications of furfural are projected to strengthen the market growth.

Key Market Segmentation:
IMARC Group 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 2022-2027. Our report has categorized the market based on process, raw material, application and end user.

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
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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., TransFurans Chemicals bvba and Xian Welldon Trading Co. Ltd.

Key Questions Answered in This Report:
How has the global furfural market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global furfural market?
What are the key regional markets?
What is the breakup of the market based on the process?
What is the breakup of the market based on the raw material?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global furfural market and who are the key players?
What is the degree of competition in the industry?