Market Size of Furfural Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 388.55 kilotons |
| Market Volume (2029) | 463.03 kilotons |
| CAGR (2024 - 2029) | 3.57 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Furfural Market Analysis
The Furfural Market size is estimated at 388.55 kilotons in 2024, and is expected to reach 463.03 kilotons by 2029, growing at a CAGR of 3.57% during the forecast period (2024-2029).
The COVID-19 pandemic initially disrupted the furfural market due to supply chain interruptions and reduced industrial activities. However, as global economies gradually recovered, there was an increased demand for furfural, particularly in sectors like pharmaceuticals, agricultural chemicals, and biofuels. The growth was driven by the rising interest in sustainable and bio-based chemicals, with furfural being derived from agricultural residues.
- Over the mid-term, the significant 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 expected to hinder market growth.
- Nevertheless, the increasing adoption of bio-based chemicals represents a significant opportunity for the furfural market, given that their derivation from biomass sources aligns with the growing demand for sustainable alternatives in various industries.
- During the forecast period, Asia-Pacific is expected to capture the largest market share and the highest CAGR.
