Furfural Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Furfural Market Analysis
During the period of the forecast, the furfural market is expected to register a CAGR of more than 5%.
With the chemical industry badly impacted due to the COVID-19 pandemic, the demand for furfural went down in 2020. Furthermore, the overdependence on China for raw materials adversely affected the industry. However, the industry is expected to recover in the medium to long run.
- Over the mid-term, the major factors driving the growth of the market studied are the increasing demand for furfuryl alcohol and the rising usage of furfural for industrial chemical manufacturing.
- However, fluctuations in raw material prices are likely to hinder market growth.
- During the forecast period, Asia-Pacific is expected to have the largest market share and the highest CAGR.
Furfural Market Trends
Increasing Demand for Furfuryl Alcohol
- Furfural is primarily used in the manufacture of furfuryl alcohol. It is industrially produced by the catalytic hydrogenation of furfural under high pressures.
- Furfural is a hemicellulose-derived platform molecule. Furfuryl alcohol is one of the most well-studied drugs that can be made from furfural. It is manufactured on a large scale in the presence of a CuCr catalyst, but the process has a negative environmental effect.
- Furfuryl alcohol is widely used in plastics and resins. With the growing research activities in the field of rocketry fuel, the consumption of furfuryl alcohol is likely to boost the furfural market in the coming years.
- Furfural is used for various applications, such as making inks, plastics, antacids, adhesives, nematicides, fungicides, fertilizers, flavoring compounds, and others. Furfuryl alcohol is also widely used in adhesive and foundry resin production.
- Plastics are being used in different end-user industries due to their advantages of low cost, less weight, durability, and water resistance. Some of the major end-user industries include automotive and transportation, construction, and electrical and electronics. According to the National Bureau of Statistics of China, the production volume of plastic products in China amounted to 38.21 million metric tons in the first half of 2022.
- Asia-Pacific holds the major share of the market in the consumption and production of furfuryl alcohol, with the increasing population and the concern for renewable materials.
Thus, the market for furfural is likely to grow globally during the forecast period.
Asia-Pacific to Dominate the Market
- During the forecast period, Asia-Pacific is expected to have the largest share of the global furfural market. This is because China, India, and Japan are all growing economies.
- China is a center for making chemicals, and most of the chemicals made in the world are made there.The country contributes more than 35% to global chemical sales. Many major companies in the market have their chemical plants in China. With the growing demand for various bio-based chemicals globally, the demand for furfural from this sector is projected to grow during the forecast period.
- India's chemical industry is expected to grow quickly because there is a growing need for chemicals and agrochemicals.The government predicts the chemical industry will reach USD 304 billion by 2025, with opportunities offered by the anticipated increase in demand of about 9% per annum over the next five years. The chemical industry holds an investment opportunity worth about USD 701.97 million, with about 168 investment prospects and 29 projects under development.
- Asia-Pacific is a fast-growing market for foundry products because more people are moving to cities, industries are growing, and more money is being invested in emerging economies like Japan, China, and India.
- The foundry industry in India was anticipated to grow over 13% to reach 14-15 million metric tons by 2021 and 20 million metric tons by 2025.
- The chemical industry plays an important role in the growth of the furfural market. In August 2022, chemical production reached 907,639 MT, while petrochemical production reached 1,727,019 MT.
- In April 2022, around 229,000 metric tons of chemical pesticides were produced in China. In 2022, worldwide chemical production grew by 2.7%, as compared to a 7% growth witnessed in 2021. China is the largest chemical producer in the world, contributing 43% of global chemical sales, followed by the EU27 chemical industry with 14.7%, and the United States coming in third with 10.9%.
- Because of all of these factors, the market for furfural in the region is expected to grow steadily over the next few years.
Furfural Industry Overview
The furfural market is partially consolidated in nature. Some of the major players in the market include Central Romana Corporation, Illovo Sugar Africa (Pty) Ltd., KRBL Limited, LENZING AG, and Pennakem LLC.
Furfural Market Leaders
Central Romana Corporation
ILLOVO SUGAR AFRICA (PTY) LTD
KRBL Ltd.
LENZING AG
Pennakem, LLC
*Disclaimer: Major Players sorted in no particular order
Furfural Market News
- Recent developments pertaining to market studied will be covered in complete report.
Furfural Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Furfuryl Alcohol
4.1.2 Increasing Demand from Industrial Chemicals Manufacturing
4.2 Restraints
4.2.1 Fluctuations in Raw Material Prices
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Raw Material
5.1.1 Corncobs
5.1.2 Rice Hulls
5.1.3 Cotton Hulls
5.1.4 Sugarcane Bagasse
5.1.5 Other Raw Materials
5.2 Application
5.2.1 Furfuryl Alcohol
5.2.2 Solvent
5.2.3 Intermediate
5.2.4 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Central Romana Corporation
6.4.2 Hongye Holding Group Corporation Limited
6.4.3 Illovo Sugar Africa (Pty) Ltd
6.4.4 KRBL Limited
6.4.5 LENZING AG
6.4.6 Pennakem LLC
6.4.7 Silvateam SpA
6.4.8 Tanin d.d.
6.4.9 TransFurans Chemicals bvba
6.4.10 Xingtai Chunlei Furfuryl Alcohol Co. Ltd (hebeichem)
6.4.11 Zibo Xinye Chemical Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Adoption of Bio-based Chemicals
Furfural Industry Segmentation
Furfuryl alcohol, tetrahydrofurfuryl alcohol, furoic acid, furfurylamine, methylfuran, and furan are produced exclusively from furfural. Aromatics and other unsaturated olefins dissolve in furfural, which is a rare property. This hetero-aromatical aldehyde is a selective solvent for processing lubricating oils due to its exceptional physical properties. The global furfural market is segmented by raw material, application, and geography. By raw material, the market is segmented into corn cobs, rice hulls, cotton hulls, sugarcane bagasse, and other raw materials. By application, the market is segmented into furfuryl alcohol, solvents, intermediates, and other applications. The report also covers the market size and forecasts for the furfural market in 11 countries across major regions. For each segment, market sizing and forecasting are done on the basis of revenue (USD million).
| Raw Material | |
| Corncobs | |
| Rice Hulls | |
| Cotton Hulls | |
| Sugarcane Bagasse | |
| Other Raw Materials |
| Application | |
| Furfuryl Alcohol | |
| Solvent | |
| Intermediate | |
| Other Applications |
| Geography | |||||||
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Furfural Market Research FAQs
What is the current Furfural Market size?
The Furfural Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Furfural Market?
Central Romana Corporation, ILLOVO SUGAR AFRICA (PTY) LTD, KRBL Ltd., LENZING AG and Pennakem, LLC are the major companies operating in the Furfural Market.
Which is the fastest growing region in Furfural Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Furfural Market?
In 2024, the Asia-Pacific accounts for the largest market share in Furfural Market.
What years does this Furfural Market cover?
The report covers the Furfural Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Furfural Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Furfural Industry Report
Statistics for the 2024 Furfural market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Furfural analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
