Furfural Solvent Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Market is Segmented by End-user Industry (Petroleum Refining, Agrochemicals, Paints and Coatings, Pharmaceuticals, and Other End-user Industries) and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Furfural Solvent Market Size

furfural solvent market snapshot
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Study Period 2018 - 2028
Base Year For Estimation 2022
CAGR 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

furfural solvent market key players

*Disclaimer: Major Players sorted in no particular order


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Furfural Solvent Market Analysis

The furfural solvent market is expected to register a CAGR of about 5% during the forecast period. The major factor driving the market studied is the non-toxicity and low volatile organic compound (VOC) content of the furfural solvent. On the flip side, the limited availability of raw material and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.

  • The development of various new furfural derivatives is expected to offer various opportunities for the growth of the market.
  • The agrochemicals sector is expected to dominate the furfural solvent market over the forecast period.
  • Asia-Pacific represents the largest market, and it is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from China, India, and Japan.

Furfural Solvent Market Trends

This section covers the major market trends shaping the Furfural Solvent Market according to our research experts:

Increasing Demand from Agrochemicals Segment

  • Furfural solvent is used in formulating various agrochemicals, like pesticides, fungicides, and herbicides. Furfural solvent has replaced harmful components present in the above-mentioned agrochemicals.
  • As of 2019, there was approximately 2.7 billion ha of land with potential for crop production in the world, concentrated in Asia-Pacific, South and Central American, and Sub-Saharan Africa.
  • In order to meet the growing food demand for the ever-increasing global population, demand for agrochemicals is also increasing, with the market anticipated to register a CAGR of approximately 4% during the forecast period.
  • Therefore, the growing demand from the agrochemicals segment is expected to boost the demand for the furfural solvent market during the forecast period.
furfural solvent market trends

Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to be the largest market for furfural solvent, during the forecast period, as the region dominates the market for the end-user industries, such as petroleum refining, agrochemicals, paints and coatings, and pharmaceuticals.
  • The Asian chemical processing market is anticipated to reach USD 1,300 billion in 2020, with China, Japan, and India dominating the market, globally. Furfural as a chemical intermediate is used to produce many important industrial chemicals.
  • The paints and coatings industry in Asia-Pacific is expected to register a healthy CAGR of approximately 6%. This is because, in Asia-Pacific, China is expected to witness the highest growth in construction activities, followed by India. In China, government spending on constructing affordable housing facilities has been increased to cater to the housing demand. In addition, the public-private partnership (PPP) projects have been increasing in the domestic construction sector. Furfural is used as a solvent in paints and coatings.
  • Some of the major companies operating in the Asia-Pacific region are Shandong Crownchem Industries Co. Ltd and Xing Tai Chunlei Furfural Alcohol Ltd.
furfural solvent market share

Furfural Solvent Industry Overview

The furfural solvent market is fragmented with the presence of both international and domestic players. The major companies include Pennakem LLC, Xing Tai Chunlei Furfural Alcohol Ltd, Silvateam SpA, ILLOVO SUGAR AFRICA (PTY) LTD, and Shandong Crownchem Industries Co. Ltd.

Furfural Solvent Market Leaders

  1. Pennakem LLC

  2. Xing Tai Chunlei Furfural Alcohol Ltd

  3. Silvateam SpA


  5. Shandong Crownchem Industries Co. Ltd

*Disclaimer: Major Players sorted in no particular order

Pennakem LLC Xing Tai Chunlei Furfural Alcohol Ltd Silvateam SpA ILLOVO SUGAR AFRICA (PTY) LTD Shandong Crownchem Industries Co. Ltd

Furfural Solvent Market Report - Table of Contents

  1. 1. Introduction

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. Research Methodology

  3. 3. Executive Summary

  4. 4. Market Dynamics

    1. 4.1 Drivers

      1. 4.1.1 Non Toxicity and Low Volatile Organic Compound Content of Furfural Solvent

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Limited Availability of Raw Material

      2. 4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Regulatory Policies

  5. 5. Market Segmentation

    1. 5.1 End-user Industry

      1. 5.1.1 Petroleum Refining

      2. 5.1.2 Agrochemicals

      3. 5.1.3 Paints and Coatings

      4. 5.1.4 Pharmaceuticals

      5. 5.1.5 Other End-user Industries

    2. 5.2 Geography

      1. 5.2.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.2.2 North America

        1. United States

        2. Mexico

        3. Canada

      3. 5.2.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.2.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa

  6. 6. Competitive Landscape

    1. 6.1 Merger and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Alchem Chemical Co.

      2. 6.4.2 Furfural Espanol SA

      3. 6.4.3 Goodrich Sugar & Chemical

      4. 6.4.4 Harborchem


      6. 6.4.6 Linzi Organic Chemical

      7. 6.4.7 Pennakem LLC

      8. 6.4.8 Shandong Crownchem Industries Co. Ltd

      9. 6.4.9 Silvateam SpA

      10. 6.4.10 Teijing North Furfural Co.

      11. 6.4.11 The Good Scents

      12. 6.4.12 Transfurans Chemicals

      13. 6.4.13 Xing Tai Chunlei Furfural Alcohol Ltd

    5. *List Not Exhaustive
  7. 7. Market Opportunities and Future Trends

    1. 7.1 Development of Various New Furfural Derivatives

    2. 7.2 Other Opportunities

**Subject to Availability

Furfural Solvent Industry Segmentation

The scope of the furfural solvent market report includes:

End-user Industry
Petroleum Refining
Paints and Coatings
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Furfural Solvent Market Research FAQs

The Furfural Solvent Market is projected to register a CAGR of 5% during the forecast period (2023-2028).

Pennakem LLC, Xing Tai Chunlei Furfural Alcohol Ltd, Silvateam SpA, ILLOVO SUGAR AFRICA (PTY) LTD and Shandong Crownchem Industries Co. Ltd are the major companies operating in the Furfural Solvent Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the Asia Pacific accounts for the largest market share in the Furfural Solvent Market.

Furfural Solvent Industry Report

Statistics for the 2023 Furfural Solvent market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Furfural Solvent analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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