Furfural is a liquid chemical produced from biomass.Furfural is extensively utilized as a solvent during the manufacture of refractory materials, resin-bonded grinding wheels, and butadiene extraction due to its superior physical properties.
This, in turn, is boosting the demand for furfural in solvents.Furfural acts as a platform for the production of biofuels and biochemicals.
It is a source of natural precursor to a wide range of furan-based chemicals and solvents such as methylfuran, furfuryl alcohol, tetrahydrofurfuryl alcohol, tetrahydrofuran, methyltetrahydrofuran, dihydropyran, and furoic acid.Furfural is primarily used in the production of furfuryl alcohol.
Furfural is also used as a solvent in lubricating oils and butadiene extraction, and as an intermediate in other applications. Demand for furfuryl alcohol is high in the metal casting industry. It is utilized to manufacture various automobile parts and industrial machineries. Furfuryl alcohol is primarily employed in resins, which are used as binders in the foundry industry. Furfuryl alcohol provides superior binding properties and mechanical strength, which is required in sand molds and cores in foundries. Rising demand for metal-casting products in the automotive industry and industrial equipment is driving the global furfuryl alcohol market.
Furfural is also used as a solvent in various industries including pharmaceuticals, lubrication oils, and in extraction processes.In terms of volume and revenue, the solvents segment accounted for a large share of the furfural market.
Increasing concerns regarding the limited availability of fossil fuels has increased the demand for renewable resources.Furfural is derived from biomass, which is a renewable resource.
Hence, demand for furfural is expected to rise significantly in the near future.Globally, furfural is manufactured through three commercial methods; however, neither of these methods are efficient as they yield less than 50%.
These inefficient and low-yield production methods have led to high product cost. This inhibits the global furfural market. Innovative production methods with improved yields are likely to provide large opportunities in the furfural market in the near future.
In terms of volume, Asia Pacific dominated the global furfural market, accounting for a share of more than 60% in 2017.The furfural market in Asia Pacific is driven by the rapid growth in application industries such as furfuryl alcohol, solvents, and pharmaceuticals.
Developing economies such as India, China, and those in ASEAN are estimated to be major markets for furfural during the forecast period.Europe held a large share of the furfural market in 2017.
However, demand for furfural in Europe is expected to be sluggish due to high cost and slow economic growth.Demand for furfural in North America, Latin America, and Middle East & Africa was moderate in 2017.
The trend is likely to continue during the forecast period primarily due to high cost and limited commercial application.
The report analyzes and forecasts the furfural market at the global and regional levels.The market has been projected in terms of volume (tons) and value (US$ Thousand) for the period from 2018 to 2026.
The study includes drivers and restraints of the global furfural market.It also encompasses the anticipated impact of these drivers and restraints on the demand for furfural during the forecast period.
The report highlights opportunities in the market at global and regional levels.
The report comprises detailed value chain analysis, which provides a comprehensive view of the global furfural market.The Porter’s Five Forces model for the furfural market has also been included to help understand the competition landscape of the market.
The study encompasses market attractiveness analysis, wherein application segments have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global furfural market by segmenting it in terms of application and region.These segments have been analyzed based on the present and future trends.
Regional segmentation includes the current and forecast demand for furfural in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers individual application segments of the market in every region.
The study includes profiles of major companies operating in the global furfural market. Key players profiled in the report on the global furfural market include Central Romana Corporation, Ltd., Hongye Holding Corporation Ltd., Illovo Sugar Ltd., Lenzing AG, Penn A Kem LLC, Silvateam S.p.A., Tanin Senvica d.d., Aurus Specialty Company, Henan Huilong Chemical Co., Ltd., Shandong Crownchem Industries Co., Ltd., and Tieling North Furfural (Group) Co., Ltd. Market leaders engage in strategic pricing and product improvement to increase their profit margins.
The report provides size (in terms of volume and value) of the global furfural market for the base year 2017 and the forecast period between 2018 and 2026.Market numbers have been estimated based on application and region.
Market size and forecast for each application segment have been provided for the global and regional markets.
Global Furfural Market, by Application Furfuryl Alcohol Solvents Chemical Intermediates Pharmaceuticals Others (including Pesticides and Herbicides)
Global Furfural Market, by Region North America U.S. Canada Europe Germany France U.K. Italy Spain Rest of Europe Asia Pacific China Japan India ASEAN Rest of Asia Pacific Latin America Brazil Mexico Rest of Latin America Middle East & Africa GCC South Africa Rest of Middle East & Africa
Key Takeaways The report provides extensive analysis of market trends from 2018 to 2026 to identify growth opportunities and market developments It provides comparative analysis of various applications, wherein furfural is utilized It identifies key factors that create opportunities in the furfural market at global, regional, and country levels The report offers comprehensive analysis with respect to investments and regulatory scenario that are likely to impact the outlook and forecast of the global furfural market between 2018 and 2026 It provides a detailed competition landscape of key players operating in the market to help understand the competition level The report covers the import-export analysis for 2017 The report provides a detailed pricing analysis based on regional and application segments The report offers Porter’s Five Forces Analysis to highlight the power of buyers and suppliers
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