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, Dec. 8, 2023 /PRNewswire/ -- The report
" Furfural market
by Raw Material (Sugarcane Bagasse, Corncob, Rice Husk), Application (Derivatives, Solvents), End-Use industry (Agriculture, Paint & Coatings, Pharmaceuticals, Food & Beverages, Refineries), and Region - Global Forecast to 2028" , size is projected to grow from USD 662 million in 2023 to USD 767 million by 2028, at a CAGR of 2.9% from 2023 to 2028.
Furfural is a versatile chemical compound derived from agricultural by-products like corncobs and sugarcane bagasse.
Its multifaceted end-use industries include pharmaceuticals, agriculture, paints & coatings etc. The furfural market, a comprehensive ecosystem from production to end-use, is influenced by various factors. A key driver is the increasing demand for sustainable alternatives, propelling the market forward. However, raw material price fluctuations serve as a market restraint. The challenge lies in overcoming constraints related to low productivity and feedstock concentration. On the brighter side, the market presents an opportunity for technological innovations to enhance productivity and capitalize on the rising demand for eco-friendly solutions. In the broader landscape of bio-based chemicals, the furfural market symbolizes a collective stride towards greener and more sustainable industrial practices.
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The corncob raw material segment dominated the furfural market in 2022.
Corncob emerges as the predominant raw material segment. This prominence is attributed to the extensive use of corncob in furfural production, primarily owing to its rich content of xylose and pentosan. These essential components play a pivotal role in the synthesis process, undergoing conversion into furfural. The high presence of xylose and pentosan in corncob not only makes it a preferred raw material but also underscores its significance in contributing to the overall production and availability of furfural within the market.
The derivatives segment is estimated to be the largest application segment in the furfural market in forecast period.
The derivatives application is poised to experience accelerated growth in the upcoming forecast period, primarily propelled by robust demand from diverse end-use industries. Furfuryl Alcohol (FA) emerges as a key derivative within this application, serving as a major consumer and accounting for a substantial portion of the global furfural production. The high demand from various sectors underscores the increasing significance of derivatives, particularly Furfuryl Alcohol, in driving the overall expansion of the furfural market.
The agriculture segment is estimated to be the largest end-use industry segment in the furfural market in the forecast period.
Agriculture stands as the largest end-use industry in the furfural market, and this dominance can be attributed to the versatile applications of furfural-derived products in the agricultural sector. Furfural serves as a vital component in the synthesis of agrochemicals and pesticides, playing a crucial role in enhancing crop protection and yield. The agricultural industry's reliance on furfural underscores its efficacy in addressing various agricultural challenges, making it an indispensable element for sustainable and efficient agricultural practices.
Asia Pacific is projected to account for the largest share of the furfural market during the forecast period.
In 2022, the Asia-Pacific (APAC) region led the global furfural market, with China playing a pivotal role as the primary driver of growth. China holds the majority share in both the production and consumption of furfural on a global scale. This surge in demand can be primarily attributed to the burgeoning foundry and pharmaceutical industries within the country. The robust growth in these sectors has propelled the need for furfural, given its versatile applications. Notably, Thailand has also emerged as a significant player. The dynamic industrial landscape and increasing demand for furfural-based products in these key nations underscore the region's leadership in the overall furfural market.
Key Players
Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation Limited (China), KRBL Limited (India), Lenzing AG(Austria), and Merck KGaA (Germany), amongst others, are the key players operating in the furfural market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the furfural market.
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