The global Furfural market size is expected to be worth around US$ 1301.9 million by 2030, according to a new report by Vision Research Reports.
The global Furfural market size was valued at US$ 504.1 Mn in 2020 and is anticipated to grow at a CAGR of 10.5% during forecast period 2021 to 2030.
Despite unprecedented implications of the COVID-19 outbreak, the market will gain impetus amidst soaring investment towards sophistication of the healthcare sector.
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Growth can be attributed to the developments of novel derivatives, such as THF by key manufacturers, resulting in the expansion of the application segment. In addition, favorable regulations concerning the inclusion of bio-based products in several end-use industries are penetrating the demand for organic chemicals across several industries, thus triggering the market growth.
Technological advancements in the manufacturing process of furfural are estimated to considerably surge the production yield from key raw materials, thus achieving economies of scale. Key manufacturers in the marketare using novel cost-effective processes to increase product yield along with more efficient utilization of key resources.
Chinese batch was the dominant process segment and held a market share of over 90%. This process is majorly used in China, which is the largest manufacturer across the globe. Quaker batch process is one of the oldest manufacturing processes, while others are modified versions of the former processes. The major difference between the Quaker batch and Rosenlew continuous processes is that the former uses sulfuric acid as a catalyst, while the latter does not require a separate catalyst.
Corncobs raw material segment led the global market with a share of over 83% in 2020. It is estimated to retain its dominant position throughout the forecast years due to the extensive use of the raw material in the production of furfural. The yield from corncob is the maximum, thus, marking corncob the most desirable raw material for production. In addition, corncob, when used as a biomass feedstock, delivers promising opportunities for renewable energy creation.
In terms of revenue, refineries dominated the market with a share of 60.6% in 2020. This high share is attributable to its high consumption as a solvent in petroleum refining, specialist adhesives, and lubricants.
Furfural is extensively applied as insecticide, nematicide, and fungicide in the agrochemical industry. It is an active ingredient in various nematicides such as crop protectors or crop guards. The product is also used as a weed killer in horticulture. It is a contact nematicide, mechanically incorporated or moved into the soil during irrigation, and used in reasonably low concentrations. As an agrochemical, it is comparatively harmless and easy to apply.
Furfuryl alcohol emerged as the leading application segment in 2020 accounting for a share of over 95%, as it is predominantly used as a binder in the foundry industry. Furfuryl alcohol is primarily used for the synthesis of furan resin, which is a substantial chemical feedstock used in the production of adhesives, casting resins, thermoset polymer matrix composites, coatings, and cement. Furfuryl alcohol, which is considered as an organic chemical, is also used as a solvent in the petroleum & refining industry.
The Asia Pacific emerged as the dominant region with a market share of over 84% in 2020. This is attributable to the high production of furfural in the region, especially in China, and growth in several end-use industries including agriculture, food & beverage, pharmaceutical, and refinery. Asia Pacific market is also projected to witness the fastest CAGR from 2020 to 2030 on account of the rising product demand from the chemical and foundry industries.
Key PlayersIllovo Sugar Africa (Pty.) Ltd. Central Romana Corporation TransFurans Chemicals bvba Pennakem, LLC Hebeichem Silvateam S.p.a Lenzing Ag Linzi Organic Chemical Inc. Ltd. Report Coverage Details Market Size US$ 1301.9 million by 2030 Growth Rate CAGR of 10.5% From 2021 to 2030 Base Year 2020 Historic Data 2017 to 2020 Forecast Period 2021 to 2030 Segments Covered Process, Raw Material, Application, End Use Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa Companies Mentioned Illovo Sugar Africa (Pty.) Ltd.; Central Romana Corp.; TransFurans Chemicals bvba; Pennakem, LLC; Hebeichem; Silvateam S.p.a; Lenzing Ag; and Linzi Organic Chemical Inc. Ltd.
Market SegmentationProcess Quaker Batch Process Chinese Batch Process Rosenlew Continuous Process Others Raw Material Corn cob Sugarcane bagasse Sunflower hull Rice husk Others Application Furfuryl alcohol Solvent Intermediate Others End-use Agriculture Paints & Coatings Pharmaceuticals Food & Beverage Refineries Others Regional North America U.S Canada Mexico Europe U.K. Germany France Italy Spain Asia Pacific China India Japan South Korea Central & South America Brazil Middle East & Africa Saudi Arabia South Africa Turkey Key Points Covered in Furfural Market Survey Demand will remain high in the U.S., backed by favorable reimbursement policies and presence of some of the leading market players. Europe will continue showcasing high demand. Sales will remain high, especially in the U.K., Germany, France, and other countries. China and India will exhibit high demand for Furfural Market, backed by expanding healthcare sector. Focus on research and development will increase in Brazil, creating opportunities for the expansion of the Furfural market. In terms of (segment type), (segment name) will emerge as the top-choice. Hospitals are expected to showcase higher demand for Furfural on account of greater access to advanced technologies and higher footfall of patients. Driven by the presence of some of the leading pharmaceutical producers, demand in the Japan Furfural market will continue increasing at a high pace.
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