The rising demand for furfuryl alcohol for the production of derivatives is driving the market, globally. The furfural market size is estimated to grow from USD 551 million in 2019 and to USD 700 million by 2024, at a CAGR of 4.9% during the forecast period. The market is driven by the increasing use of various derivatives of furfural in different industries and shift toward green chemicals.
The corncob-based furfural segment is projected to register the highest CAGR during the forecast period. Corncob is estimated to be the fastest-growing raw material for the manufacturing of furfural.This is due to the high pentosan content in corncobs, resulting in a high yield of furfural.
The majority of the furfural manufacturing plants in the world use corncobs.
The derivatives segment is expected to be the largest application of furfural during the forecast period. Furfural is majorly used in the manufacturing of furfural-based chemicals.Among the derivatives, furfuryl alcohol accounts for the largest consumption of furfural.
This, in turn, is used in the manufacturing of furan resins. Apart from furfuryl alcohol, furfural is also used in the manufacturing of other derivatives such as THF, furoic acid, and tetrahydrofuranyl alcohol (THFA).
APAC is estimated to be the fastest-growing market during the forecast period. APAC is estimated to be the fastest-growing furfural market during the forecast period.The region is the largest producer and consumer of furfural.
China led the global market for furfural, and it is projected to continue during the forecast period.China is also the largest manufacturer and exporter of furfural globally.
Besides China, the market for furfural is also propelled by countries such as Thailand and India. Extensive primary interviews were conducted to determine and verify the market size of several segments and sub-segments and information gathered through secondary research.
The breakup of primary interviews is given below: • By Company Type: Tier 1 – 60%, Tier 2 – 30%, and Tier 3 – 10% • By Designation: C level –50%, Director Level – 30%, and Others – 20% • By Region: Europe – 20%, APAC – 60%, Americas – 10%, Middle East & Africa – 10%
The leading players in the furfural market are Transfuran Chemicals (Belgium), Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation (China), KRBL(India), Lenzing (Austria), Tanin (Slovenia), and Shandong Crownchem Industries (China).
Research Coverage: This research report categorizes the furfural market on the basis of raw material, application, and region.The report includes detailed information regarding the major factors such as drivers, restraints, challenges, and opportunities, influencing the growth of the market.
A detailed analysis of the key industry players has been done to provide insights into business overviews, products, and key strategies associated with the market.
Key Benefits of Buying the Report
The report will help leaders/new entrants in this market in the following ways: 1. This report segments the furfural market comprehensively and provides the closest approximations of market sizes for the overall market and sub-segments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business.
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