Global Furfural Market Size, Share & Trends Analysis Report By Raw Material (Rice Husk, Corn Cobs, Sugarcane Bagasse, and Others), By End User, By Application, By Regional Outlook and Forecast, 2023 - 2030
The Global Furfural Market size is expected to reach $8,67.7 million by 2030, rising at a market growth of 5.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,659.68 hundred tonnes, experiencing a growth of 4.8% (2019-2022).
Many countries in the Asia Pacific region have large agricultural sectors producing significant biomass residues such as rice husks, corn cobs, and sugarcane bagasse. Thus, the Asia Pacific region acquired $3,60,648.5 thousand revenue in 2022. The growth of India’s pharmaceutical industry may drive investments in chemical plants and infrastructure for furfural production or processing.
Advanced production processes enable furfural manufacturers to achieve higher yields and improve overall efficiency. Higher yields also translate into higher output volumes, meeting the growing demand for furfural in various industries. Thus, the technological advancements in production processes propel the market’s growth.
Additionally, furfural possesses a unique aromatic profile with a sweet, almond-like scent, making it suitable for use as a flavoring and fragrance agent. Its distinctive aroma adds depth, complexity, and richness to various food products, beverages, perfumes, cosmetics, and household products. Hence, increasing use in the flavor and fragrance industry is driving the market’s growth.
However, Furfural production relies on specific raw materials, primarily agricultural residues and biomass, which may have volatile prices and limited availability. Variations in the cost of these raw materials can immediately impact furfural production costs. In conclusion, the high production costs of furfural are impeding the growth of the market.
By Raw Material Analysis
Based on raw material, the market is divided into corn cobs, rice husk, sugarcane bagasse, and others. In 2022, the corn cobs segment garnered a 19% revenue share in the market. Corn cobs are a renewable and sustainable source of biomass. The abundant supply of corn cobs makes them an attractive feedstock for furfural production, especially in regions where corn cultivation is prevalent.
By End User Analysis
Based on end user, the market is categorized into petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others. The pharmaceuticals segment procured a remarkable 21% revenue share in the market in 2022. To fill gaps in the medical field, enhance patient outcomes, and develop novel drug combinations, pharmaceutical companies are continuously innovating.
By Application Analysis
On the basis of application, the market is segmented into furfuryl alcohol, solvent, and others. The furfuryl alcohol segment recorded 81% revenue share in the market in 2022. Furfuryl alcohol is a versatile chemical with various applications across various industries. The diverse applications of furfuryl alcohol contribute to its increasing demand in the market.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed a 12% revenue share in the market in 2022. In North America, strict environmental laws push industries to use more sustainable and clean production methods. As a result, industries in North America are increasingly turning to furfural as an environmentally friendly option.
List of Key Companies Profiled
- TANIN d.d. Sevnica.
- KRBL Ltd.
- Silvateam S.p.a.
- Merck KGaA
- Central Romana Corporation, Ltd.
- Arcoy Industries Pvt. Ltd.
- Lenzing AG (B & C Industrieholding GmbH)
- Hongye Holding Group Co., Ltd.
- Illovo Sugar Africa Proprietary Limited (Associated British Foods plc)
- Pennakem, LLC (Minafin Group)
By Raw Material (Volume, Hundred Tonnes, USD Million, 2019-2030)
- Rice Husk
- Corn Cobs
- Sugarcane Bagasse
- Others
- Agricultural Formulations
- Petroleum Refineries
- Paints & Coatings
- Pharmaceuticals
- Others
- Furfuryl Alcohol
- Solvent
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Furfural Market, by Raw Material
- 1.4.2 Global Furfural Market, by End User
- 1.4.3 Global Furfural Market, by Application
- 1.4.4 Global Furfural Market, by Geography
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- 3.3 Porter’s Five Forces Analysis
- Chapter 4. Global Furfural Market, by Raw Material
- 4.1 Global Rice Husk Market, by Region
- 4.2 Global Corn Cobs Market, by Region
- 4.3 Global Sugarcane Bagasse Market, by Region
- 4.4 Global Others Market, by Region
- Chapter 5. Global Furfural Market, by End User
- 5.1 Global Agricultural Formulations Market, by Region
- 5.2 Global Petroleum Refineries Market, by Region
- 5.3 Global Paints & Coatings Market, by Region
- 5.4 Global Pharmaceuticals Market, by Region
- 5.5 Global Others Market, by Region
- Chapter 6. Global Furfural Market, by Application
- 6.1 Global Furfuryl Alcohol Market, by Region
- 6.2 Global Solvent Market, by Region
- 6.3 Global Others Market, by Region
- Chapter 7. Global Furfural Market, by Region
- 7.1 North America Furfural Market
- 7.1.1 North America Furfural Market, by Raw Material
- 7.1.1.1 North America Rice Husk Market, by Country
- 7.1.1.2 North America Corn Cobs Market, by Country
- 7.1.1.3 North America Sugarcane Bagasse Market, by Country
- 7.1.1.4 North America Others Market, by Country
- 7.1.2 North America Furfural Market, by End User
- 7.1.2.1 North America Agricultural Formulations Market, by Country
- 7.1.2.2 North America Petroleum Refineries Market, by Country
- 7.1.2.3 North America Paints & Coatings Market, by Country
- 7.1.2.4 North America Pharmaceuticals Market, by Country
- 7.1.2.5 North America Others Market, by Country
- 7.1.3 North America Furfural Market, by Application
- 7.1.3.1 North America Furfuryl Alcohol Market, by Country
- 7.1.3.2 North America Solvent Market, by Country
- 7.1.3.3 North America Others Market, by Country
- 7.1.4 North America Furfural Market, by Country
- 7.1.4.1 US Furfural Market
- 7.1.4.1.1 US Furfural Market, by Raw Material
- 7.1.4.1.2 US Furfural Market, by End User
- 7.1.4.1.3 US Furfural Market, by Application
- 7.1.4.2 Canada Furfural Market
- 7.1.4.2.1 Canada Furfural Market, by Raw Material
- 7.1.4.2.2 Canada Furfural Market, by End User
- 7.1.4.2.3 Canada Furfural Market, by Application
- 7.1.4.3 Mexico Furfural Market
- 7.1.4.3.1 Mexico Furfural Market, by Raw Material
- 7.1.4.3.2 Mexico Furfural Market, by End User
- 7.1.4.3.3 Mexico Furfural Market, by Application
- 7.1.4.4 Rest of North America Furfural Market
- 7.1.4.4.1 Rest of North America Furfural Market, by Raw Material
- 7.1.4.4.2 Rest of North America Furfural Market, by End User
- 7.1.4.4.3 Rest of North America Furfural Market, by Application
- 7.2 Europe Furfural Market
- 7.2.1 Europe Furfural Market, by Raw Material
- 7.2.1.1 Europe Rice Husk Market, by Country
- 7.2.1.2 Europe Corn Cobs Market, by Country
- 7.2.1.3 Europe Sugarcane Bagasse Market, by Country
- 7.2.1.4 Europe Others Market, by Country
- 7.2.2 Europe Furfural Market, by End User
- 7.2.2.1 Europe Agricultural Formulations Market, by Country
- 7.2.2.2 Europe Petroleum Refineries Market, by Country
- 7.2.2.3 Europe Paints & Coatings Market, by Country
- 7.2.2.4 Europe Pharmaceuticals Market, by Country
- 7.2.2.5 Europe Others Market, by Country
- 7.2.3 Europe Furfural Market, by Application
- 7.2.3.1 Europe Furfuryl Alcohol Market, by Country
- 7.2.3.2 Europe Solvent Market, by Country
- 7.2.3.3 Europe Others Market, by Country
- 7.2.4 Europe Furfural Market, by Country
- 7.2.4.1 Germany Furfural Market
- 7.2.4.1.1 Germany Furfural Market, by Raw Material
- 7.2.4.1.2 Germany Furfural Market, by End User
- 7.2.4.1.3 Germany Furfural Market, by Application
- 7.2.4.2 UK Furfural Market
- 7.2.4.2.1 UK Furfural Market, by Raw Material
- 7.2.4.2.2 UK Furfural Market, by End User
- 7.2.4.2.3 UK Furfural Market, by Application
- 7.2.4.3 France Furfural Market
- 7.2.4.3.1 France Furfural Market, by Raw Material
- 7.2.4.3.2 France Furfural Market, by End User
- 7.2.4.3.3 France Furfural Market, by Application
- 7.2.4.4 Russia Furfural Market
- 7.2.4.4.1 Russia Furfural Market, by Raw Material
- 7.2.4.4.2 Russia Furfural Market, by End User
- 7.2.4.4.3 Russia Furfural Market, by Application
- 7.2.4.5 Spain Furfural Market
- 7.2.4.5.1 Spain Furfural Market, by Raw Material
- 7.2.4.5.2 Spain Furfural Market, by End User
- 7.2.4.5.3 Spain Furfural Market, by Application
- 7.2.4.6 Italy Furfural Market
- 7.2.4.6.1 Italy Furfural Market, by Raw Material
- 7.2.4.6.2 Italy Furfural Market, by End User
- 7.2.4.6.3 Italy Furfural Market, by Application
- 7.2.4.7 Rest of Europe Furfural Market
- 7.2.4.7.1 Rest of Europe Furfural Market, by Raw Material
- 7.2.4.7.2 Rest of Europe Furfural Market, by End User
- 7.2.4.7.3 Rest of Europe Furfural Market, by Application
- 7.3 Asia Pacific Furfural Market
- 7.3.1 Asia Pacific Furfural Market, by Raw Material
- 7.3.1.1 Asia Pacific Rice Husk Market, by Country
- 7.3.1.2 Asia Pacific Corn Cobs Market, by Country
- 7.3.1.3 Asia Pacific Sugarcane Bagasse Market, by Country
- 7.3.1.4 Asia Pacific Others Market, by Country
- 7.3.2 Asia Pacific Furfural Market, by End User
- 7.3.2.1 Asia Pacific Agricultural Formulations Market, by Country
- 7.3.2.2 Asia Pacific Petroleum Refineries Market, by Country
- 7.3.2.3 Asia Pacific Paints & Coatings Market, by Country
- 7.3.2.4 Asia Pacific Pharmaceuticals Market, by Country
- 7.3.2.5 Asia Pacific Others Market, by Country
- 7.3.3 Asia Pacific Furfural Market, by Application
- 7.3.3.1 Asia Pacific Furfuryl Alcohol Market, by Country
- 7.3.3.2 Asia Pacific Solvent Market, by Country
- 7.3.3.3 Asia Pacific Others Market, by Country
- 7.3.4 Asia Pacific Furfural Market, by Country
- 7.3.4.1 China Furfural Market
- 7.3.4.1.1 China Furfural Market, by Raw Material
- 7.3.4.1.2 China Furfural Market, by End User
- 7.3.4.1.3 China Furfural Market, by Application
- 7.3.4.2 Japan Furfural Market
- 7.3.4.2.1 Japan Furfural Market, by Raw Material
- 7.3.4.2.2 Japan Furfural Market, by End User
- 7.3.4.2.3 Japan Furfural Market, by Application
- 7.3.4.3 India Furfural Market
- 7.3.4.3.1 India Furfural Market, by Raw Material
- 7.3.4.3.2 India Furfural Market, by End User
- 7.3.4.3.3 India Furfural Market, by Application
- 7.3.4.4 South Korea Furfural Market
- 7.3.4.4.1 South Korea Furfural Market, by Raw Material
- 7.3.4.4.2 South Korea Furfural Market, by End User
- 7.3.4.4.3 South Korea Furfural Market, by Application
- 7.3.4.5 Australia Furfural Market
- 7.3.4.5.1 Australia Furfural Market, by Raw Material
- 7.3.4.5.2 Australia Furfural Market, by End User
- 7.3.4.5.3 Australia Furfural Market, by Application
- 7.3.4.6 Malaysia Furfural Market
- 7.3.4.6.1 Malaysia Furfural Market, by Raw Material
- 7.3.4.6.2 Malaysia Furfural Market, by End User
- 7.3.4.6.3 Malaysia Furfural Market, by Application
- 7.3.4.7 Rest of Asia Pacific Furfural Market
- 7.3.4.7.1 Rest of Asia Pacific Furfural Market, by Raw Material
- 7.3.4.7.2 Rest of Asia Pacific Furfural Market, by End User
- 7.3.4.7.3 Rest of Asia Pacific Furfural Market, by Application
- 7.4 LAMEA Furfural Market
- 7.4.1 LAMEA Furfural Market, by Raw Material
- 7.4.1.1 LAMEA Rice Husk Market, by Country
- 7.4.1.2 LAMEA Corn Cobs Market, by Country
- 7.4.1.3 LAMEA Sugarcane Bagasse Market, by Country
- 7.4.1.4 LAMEA Others Market, by Country
- 7.4.2 LAMEA Furfural Market, by End User
- 7.4.2.1 LAMEA Agricultural Formulations Market, by Country
- 7.4.2.2 LAMEA Petroleum Refineries Market, by Country
- 7.4.2.3 LAMEA Paints & Coatings Market, by Country
- 7.4.2.4 LAMEA Pharmaceuticals Market, by Country
- 7.4.2.5 LAMEA Others Market, by Country
- 7.4.3 LAMEA Furfural Market, by Application
- 7.4.3.1 LAMEA Furfuryl Alcohol Market, by Country
- 7.4.3.2 LAMEA Solvent Market, by Country
- 7.4.3.3 LAMEA Others Market, by Country
- 7.4.4 LAMEA Furfural Market, by Country
- 7.4.4.1 Brazil Furfural Market
- 7.4.4.1.1 Brazil Furfural Market, by Raw Material
- 7.4.4.1.2 Brazil Furfural Market, by End User
- 7.4.4.1.3 Brazil Furfural Market, by Application
- 7.4.4.2 Argentina Furfural Market
- 7.4.4.2.1 Argentina Furfural Market, by Raw Material
- 7.4.4.2.2 Argentina Furfural Market, by End User
- 7.4.4.2.3 Argentina Furfural Market, by Application
- 7.4.4.3 UAE Furfural Market
- 7.4.4.3.1 UAE Furfural Market, by Raw Material
- 7.4.4.3.2 UAE Furfural Market, by End User
- 7.4.4.3.3 UAE Furfural Market, by Application
- 7.4.4.4 Saudi Arabia Furfural Market
- 7.4.4.4.1 Saudi Arabia Furfural Market, by Raw Material
- 7.4.4.4.2 Saudi Arabia Furfural Market, by End User
- 7.4.4.4.3 Saudi Arabia Furfural Market, by Application
- 7.4.4.5 South Africa Furfural Market
- 7.4.4.5.1 South Africa Furfural Market, by Raw Material
- 7.4.4.5.2 South Africa Furfural Market, by End User
- 7.4.4.5.3 South Africa Furfural Market, by Application
- 7.4.4.6 Nigeria Furfural Market
- 7.4.4.6.1 Nigeria Furfural Market, by Raw Material
- 7.4.4.6.2 Nigeria Furfural Market, by End User
- 7.4.4.6.3 Nigeria Furfural Market, by Application
- 7.4.4.7 Rest of LAMEA Furfural Market
- 7.4.4.7.1 Rest of LAMEA Furfural Market, by Raw Material
- 7.4.4.7.2 Rest of LAMEA Furfural Market, by End User
- 7.4.4.7.3 Rest of LAMEA Furfural Market, by Application
- Chapter 8. Company Profiles
- 8.1 TANIN d.d. Sevnica.
- 8.1.1 Company Overview
- 8.2 KRBL Ltd.
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Segmental and Regional Analysis
- 8.2.4 SWOT Analysis
- 8.3 Silvateam S.p.A.
- 8.3.1 Company Overview
- 8.3.2 SWOT Analysis
- 8.4 Merck KGaA
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 Research & Development Expense
- 8.4.5 SWOT Analysis
- 8.5 Central Romana Corporation Ltd.
- 8.5.1 Company Overview
- 8.6 Arcoy Industries Pvt. Ltd.
- 8.6.1 Company Overview
- 8.7 Lenzing AG (B & C Industrieholding GmbH)
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Segmental and Regional Analysis
- 8.7.4 Research & Development Expenses
- 8.7.5 SWOT Analysis
- 8.8 Hongye Holding Group Co., Ltd.
- 8.8.1 Company Overview
- 8.9 Illovo Sugar Africa Proprietary Limited (Associated British Foods PLC)
- 8.9.1 Company Overview
- 8.9.2 Financial Analysis
- 8.9.3 Segmental and Regional Analysis
- 8.9.4 Research & Development Expenses
- 8.10. Pennakem, LLC (Minafin Group)
- 8.10.1 Company Overview
- 8.10.2 SWOT Analysis
- Chapter 9. Winning imperative of Furfural Market
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