Global Furfural Market Report By Raw Material (Corn Cob, Rice Husk, Sugarcane Bagasse And Others), Application (Furfuryl Alcohol And Solvent), End-User Industry (Petroleum Refineries, Agricultural Formulations, Paints & Coating, Pharmaceuticals And Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2028

As per this study the Global Furfural Market was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2028 with a CAGR of XX%. By volume, the market was estimated XX KT in 2021 and is expected to reach XX KT by 2028 with a CAGR of XX%.

Furfural alternatively is known, 2-furanaldehyde is an oily, sweet smelling, colorless to brown shaded heterocyclic compound, extracted from corncobs, oat, wheat bran, and sawdust. It is renewable, non-petroleum based material that acts as base material or intermediate to in various industrial processes. Owing to this, it is extensively used as a selective solvent for refining lubricant oil but has also extended its application as a fungicide, weedicide, and insecticides.
 
Market Dynamics
 
The rising demand of the product as a food additive and intermediate in the synthesis of pharmaceutical, herbicide, insecticide, and other synthetic compounds are fueling the market growth. Also, growing awareness regarding green chemicals coupled with rising environmental concerns is driving the market growth. Ongoing focus towards usage of renewable energy sources to minimize dependency on fossil fuels is favoring the market growth. Growing usage as feedstock or intermediate for the synthesis of furan-based chemicals is further propelling market growth. In spite of this, the high cost of production may act as a roadblock for market growth.
 
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of furfural.
 
Market Segmentation
 
The broad furfural market has been sub-grouped into raw material, application and end-user industry. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
 
By Raw Material

• Corn Cob
• Rice Husk
• Sugarcane Bagasse
• Others

 
By Application

• Furfuryl Alcohol
• Solvent

 
By End-User Industry

• Petroleum Refineries
• Agricultural Formulations
• Paints & Coating
• Pharmaceuticals
• Others

 
Regional Analysis
 
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for furfural in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
 
Global Furfural Market Share by Region (Representative Graph)
 

 
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the furfural market include Arcoy Industries Pvt Ltd., Central Romana Corporation Ltd., Hongye Holdings Group Co., Ltd., Illovo Sugar Ltd., Krbl Ltd., Lenzing Ag, Penn A Kem LLC, Silvateam, Tanin Sevnica D.D. and Tieling North Furfural (Group) Co. among others. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.