Furfural Market Report:
According to IMARC Group latest report titled “Furfural Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on furfural market segments. The report also includes competitor and regional analysis, and contemporary advancements in the global market. 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 represents a naturally occurring compound formed obtained from distilling bran. It is prepared using various raw materials, such as corn cobs, rice husk, sugarcane bagasse, etc., and is derived employing the quaker batch process, Chinese batch process, or Rosenlew continuous process. Furfural is a versatile chemical that is extensively employed as a selective solvent to refine lubricating oils and rosin and to enhance the characteristics of catalytic cracker recycle stocks and diesel fuel. It can even be converted into furfuryl alcohol, which acts as a filler and flavoring agent in the manufacturing of paints, plastics, and textiles. As a result, furfural finds widespread applications across several sectors, including agriculture, petroleum, paints and coatings, automotive, pharmaceuticals, etc.
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Market Trends:
The shifting preferences toward environment-friendly products, owing to the rapid depletion of fossil fuels, and the escalating usage of furfuryl alcohol in research activities related to rocketry fuel are among the key factors driving the furfural market. In addition to this, the elevating product adoption to manufacture inks, plastics, adhesives, nematicides, antacids, fungicides, fertilizers, and flavoring compounds across countries is acting as another significant growth-inducing factor. Apart from this, the inflating demand for packaged food products, on account of the hectic schedules and the expanding working population, is also positively influencing the global market. Moreover, the rising need for the product to manufacture pesticides and for making perfumes and fragrances is further stimulating the market growth. Besides this, the growing requirement of the derivatives of furfural in the automobile and aviation segment for producing numerous vehicle and aircraft components is expected to propel the furfural market over the forecasted period.
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 (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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