Global Furfural Market Size worth USD 1162.5 Million By 2033 | CAGR of 6.92%
Category: Chemicals & MaterialsGlobal Furfural Market Size worth USD 1162.5 Million By 2033
According to a research report published by Spherical Insights & Consulting, the Global Furfural Market Size is Expected to Grow from USD 595.5 Million in 2023 to USD 1162.5 Million by 2033, at a CAGR of 6.92% during the forecast period 2023-2033.
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Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the report on the " Global Furfural Market Size, Share, and COVID-19 Impact Analysis, By Process (Quaker Batch Process, Chinese Batch Process, Rosenlew Continuous Process, and Others), By Raw Material (Corn Cob, Sugarcane Bagasse, Sunflower Hull, Rice Husk, and Others), By Application (Furfuryl Alcohol, Solvent, Intermediate, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/furfural-market
The furfural market refers to the chemical industry that focuses on using renewable resources and sustainability. Furfural is a green bio-based, colorless, oily chemical compound derived from biomass such as corncobs, wheat bran, and sawdust. Phenolic resins are also produced using furfural that offers thermosetting and physical resistance properties. Further, it is used as a food flavoring, fragrance in personal care products, and solvent in petrochemical refining to extract dienes from hydrocarbons. The high demand for furfural in the textile industry is providing a lucrative market opportunity for furfural. The increasing demand for furfuryl alcohol in industries like foundry, resin, and solvents due to its versatile properties is driving the market. The upsurging industrial strive for reducing environmental impact as well as the growing end-user industries such as construction, automotive, and electronics are significantly contributing to driving the market demand. On the contrary, the price volatility and supply chain disruptions of raw materials are restraining the global furfural market.
The Chinese batch process segment dominated the global furfural market with the largest revenue share in 2023.
Based on the process, the furfural market is classified into quaker batch process, Chinese batch process, rosenlew continuous process, and others. Among these, the Chinese batch process segment dominated the global furfural market with the largest revenue share in 2023. Chinese batch process produces furfural on a large scale. The widespread application of the Chinese batch process in numerous small-scale manufacturing establishments is driving the market.
The corn cobs segment accounted for the largest revenue share of the global furfural market in 2023.
Based on the raw material, the furfural market is classified into corn cob, sugarcane bagasse, sunflower hull, rice husk, and others. Among these, the corn cobs segment accounted for the largest revenue share of the global furfural market in 2023. Corn cobs have a high content of pentasone. Furfural is made from corncob via the processes of hydrolysis, pre-treatment, purification, and separation.
The furfuryl alcohol segment held the largest revenue share of 86.0% in 2023.
Based on the application, the furfural market is classified into furfuryl alcohol, solvent, intermediate, and others. Among these, the furfuryl alcohol segment held the largest revenue share of 86.0% in 2023. Furan resin which is used in the production of paints, cement, adhesives, thermoset polymer matrix composites, and casting resins, makes substantial use of furfuryl alcohol. The use of furfuryl alcohol in the refining and petroleum industries is driving the market demand.
Asia Pacific is estimated to hold the largest share of the furfural market over the forecast period.
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Asia Pacific is estimated to hold the largest share of the furfural market over the forecast period. The adoption of furfural offers a competitive substitute for petroleum-based chemicals, lowering dependency on limited fossil fuel supplies and minimizing environmental effects. Further, the ongoing R&D efforts in furfural production technologies and product development contribute to driving the market demand.
North America is predicted to grow at the highest CAGR in the furfural market over the forecast period. The application of furfural for the production of furfuryl alcohol for manufacturing foundry resins, lubricants, plastics, and adhesives is driving the market. Further, the presence of well-established chemical and fertilizer manufacturers in the region is contributing to propel the market.
Major key players in the global 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, Central Romana Corporation, Pennakem, Silvateam, Hongye Holding Group Corporation Ltd., Merck KGaA, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In June 2023, Carbon negative materials company Origin Materials announced that it had commenced the startup of Origin 1, the world’s first commercial CMF plant, located in Sarnia, Ontario.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the furfural market based on the below-mentioned segments:
Global Furfural Market, By Process
- Quaker Batch Process
- Chinese Batch Process
- Rosenlew Continuous Process
- Others
Global Furfural Market, By Raw Material
- Corn Cob
- Sugarcane Bagasse
- Sunflower Hull
- Rice Husk
- Others
Global Furfural Market, By Application
- Furfuryl Alcohol
- Solvent
- Intermediate
- Others
Global Furfural Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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