As per this study the Global Furfural Market was valued USD 557.5 MN (by revenue) in 2022 and is anticipated to reach USD 1031.5 MN by 2030 with a CAGR of 8%. Regarding volume, the market was calculated XX Tons in 2022 and forecast to touch XX Tons by 2030 with a CAGR of XX% during 2023-2030.
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 Process
- Quaker Batch Process
- Chinese Batch Process
- Rosenlew Continuous Process
- Others
By Raw Material
- Corn cob
- Sugarcane Bagasse
- Sunflower Hull
- Rice Husk
- Others
By Application
- Furfuryl Alcohol
- Solvent
- Intermediate
- Others
By End-use
- Agriculture
- Paints & Coatings
- Pharmaceuticals
- Food & Beverage
- Refineries
- 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 Illovo Sugar Africa (Pty.) Ltd, Linzi Organic Chemical Inc. Ltd., Trans Furans Chemicals bvba, Central Romana Corporation, DalinYebo, Hebeichem, KRBL Ltd., Silva team S.p.a., LENZING AG. 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.
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