Furfural Market by Raw Material (Sugarcane Bagasse, Corncob, Rice Husk), Application (Derivatives, Solvents), End-Use Industry (Agriculture, Paint & Coatings, Pharmaceuticals, Food & Beverages, Refineries), and Region - Global Forecast to 2028

Furfural Market by Raw Material (Sugarcane Bagasse, Corncob, Rice Husk), Application (Derivatives, Solvents), End-Use Industry (Agriculture, Paint & Coatings, Pharmaceuticals, Food & Beverages, Refineries), and Region - Global Forecast to 2028

The market size for Global Furfural Market size is projected to grow from USD 662 million in 2023 to USD 767 million by 2028, at a CAGR of 2.9% from 2023 to 2028.

Furfural, an adaptable chemical compound sourced from agricultural by-products like corncobs and sugarcane bagasse etc., plays a pivotal role in the global market. Its diverse applications in pharmaceuticals, agriculture, and various chemical processes underscore its significance. The furfural market, a holistic ecosystem encompassing production to end-use, is shaped by diverse factors. An essential driver is the escalating demand for sustainable alternatives, propelling market progression. Overcoming limitations related to low productivity and feedstock concentration presents a hurdle. In the broader spectrum of bio-based chemicals, the furfural market signifies a collective leap towards greener and more sustainable industrial practices. Moreover, the textile industry emerges as an additional opportunity, showcasing furfural's potential applications in this sector.

By Raw Material, corncob segment dominated the market in 2022.

The corncob stands out as the principal raw material segment within the furfural market, given its widespread utilization in furfural production. This prevalence is primarily attributed to the substantial presence of xylose and pentosan in corncob, essential components that undergo a pivotal conversion process to yield furfural during synthesis. The abundant content of xylose and pentosan not only positions corncob as the preferred raw material but also emphasizes its integral role in shaping the overall production dynamics and availability of furfural in the market.

By Application, derivatives segment to account for the highest CAGR during the forecast period

Anticipated as the fastest-growing segment in the forecast period, the derivatives application within the furfural market is set to undergo substantial expansion. This accelerated growth is attributed to the robust demand emanating from diverse end-use industries. Furfuryl Alcohol (FA) takes center stage as the major derivative, constituting a significant share of the global furfural production. The heightened demand for furfuryl alcohol is indicative of its widespread utilization across various sectors, underlining its importance as a key driver for the overall growth and prominence of the derivatives application within the furfural market.

By End Use Industry, Agriculture segment to account for the highest CAGR during the forecast period

Agriculture has emerged as the fastest-growing end-use industry in the furfural market, driven by its multifaceted applications and the ever-evolving needs of the agricultural sector. Furfural, a versatile chemical compound, finds extensive use in the synthesis of agrochemicals and pesticides, contributing significantly to crop protection and enhanced yield. The growing global emphasis on sustainable and eco-friendly agricultural practices has propelled the demand for furfural-based products, particularly in the development of bio-based pesticides and fertilizers. As the agricultural industry increasingly seeks innovative solutions to address productivity challenges, furfural's diverse applications position it at the forefront of growth, making agriculture the fastest-growing end-use industry within the furfural market.

APAC to be the biggest region in the Furfural market.

In 2022, the Asia-Pacific (APAC) region emerged as the frontrunner in the global furfural market, with China playing a pivotal role as the primary driver of growth. China, boasting the majority share of both global production and consumption of furfural, significantly influenced the market dynamics. The surge in demand within the region was particularly fuelled by the expanding foundry and pharmaceutical industries in China. The robust growth in these sectors, marked by increasing production activities, contributed substantially to the heightened demand for furfural. Notably, beyond China, Thailand has also made significant strides, positioning itself as the major producer and exporter of furfural in the APAC region.

By Company: Tier1: 40%, Tier 2: 25%, Tier3: 4: 35%

By Designation: C-Level: 35%, Director Level: 30%, Others: 35%

By Region: North America: 25%, Europe: 20%, Asia Pacific: 45%, South America: 5%, and Middle East & Africa: 5%.

Companies Covered: Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation Limited (China), KRBL Limited (India), Lenzing AG(Austria), and Merck KGaA (Germany), and others are covered in the furfural market.

Research Coverage

The market study covers the furfural market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on raw material, applications, End-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the furfural market.

Key Benefits of Buying the Report

The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall furfural market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Shift toward renewable chemicals & growing demand for furfuryl alcohol), restraints (Availability of crude oil-based alternatives), opportunities (Emerging demand from textile and fashion industry) and challenges (raw material price fluctuations) influencing the growth of the furfural market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the furfural market

Market Development: Comprehensive information about lucrative markets – the report analyses the furfural market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the furfural market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation Limited (China), KRBL Limited (India), Lenzing AG(Austria), and Merck KGaA (Germany), and among others in the furfural market. The report also helps stakeholders understand the pulse of the furfural market and provides them with information on key market drivers, restraints, challenges, and opportunities.