The global furfural market size is expected to be worth US$ 506.40 Million in 2022. The market is projected to witness a robust CAGR of 5.5% over the forecast period of 2022 to 2032, to arrive at a market valuation of US$ 865 Million by 2032. The rapid growth of the market over the forthcoming years can be credited to the extensive application of furfuryl alcohol.
The global furfural market is being propelled by the growing adoption of furfural for the synthesis of a broad spectrum of industrial chemicals, including solvents, plastics, resins, and furan derivatives. Further, the versatility of furfural as a prime material for chemical processes is giving rise to the extensive application of furfuryl alcohol, which is a chemical derived from furfural, in the chemical industry.
Furfuryl alcohol is majorly used in the production of resins, which are employed for the development of metal casting in the foundry industry, and also as a chemical enabling the synthesis of THFA, i.e., tetrahydrofurfuryl alcohol. Additionally, the rising investments by key market players in the R&D activities to enhance the furfural yield and increase their revenue streams are projected to accelerate furfural market growth over the forecast period.
Other applications of furfuryl alcohol include combining corrosion-resistant bricks or tiles in the production of storage tanks, reactors, floors, and fume stacks. Apart from this, furfuryl alcohol is deployed in the synthesis of pharmaceutical drugs, particularly Ranitidine, which is a medication that is used to mitigate the production of stomach acid. Furfuryl is utilized as a solvent in lubricating oil refining, paint stripper and cleaning compound formulation, petrochemical refining, and as a weed killer and fungicide.
The global furfural market size is anticipated to expand over the forthcoming years as a result of rising production units facilitating improved levels of furfural production. For instance, Assam-based Numaligarh Refinery Limited (NRL), in September 2022, revealed its plans to establish a biorefinery unit worth US$ 212 Mn for the production of bioethanol from 5 megatons of bamboo annually. It has recognized 25 local-level entrepreneurs who are willing to set up bamboo chipping units and would supply bone-dry or chipped bamboo so that the refinery can produce 19 MT furfural, 49 MT ethanol, and 11 MT acetic acid, apart from other related products.
Earlier in June 2020, a material development firm located in North America called Origin Materials declared its commitment to manufacturing sustainable and multipurpose chemical 5-chloromethyl furfural (CMF) commercially.
Furfural comes from the Latin word furfur which mean bran. Furfural (C5H4O2) is a clear, colourless or a little yellowish liquid. It is a natural precursor to furan-based chemicals. Furfural has potential to become a major renewable chemical for the production of biochemical and biofuels.
Few properties of furfural include corrosive resistance, thermosetting properties and physical resistance, which have led to its around 70% contribution to production of resin. Primarily, furfural is composed of agricultural byproducts such as oat, bran, husks, sawdust and corncobs.
Furfural manufacturing activity is based on pentosan containing residues, obtained from the processing of various agricultural or forest products, since no commercial synthetic process is discovered. Furfural market deals in B2B trade where furfural is widely used in industries as a base material for synthesizing a family of derived solvents such as tetrahydrofuran, furfuryl alcohol and in the production of resins for metal coatings and moulded plastic.
In addition, it is used in the manufacture of insecticides and in the food industry for flavouring purpose. Different raw materials such as, corn cobs, rice husk, bagasse, cotton husk, oat husk, almond husk, almond husk, and olive press cake are used to manufacture furfural.
| Attributes | Details |
|---|---|
| Furfural Market Value (2022) | US$ 506.40 Million |
| Furfural Market Forecast Value (2032) | US$ 865 Million |
| Furfural Market CAGR (2022 to 2032) | 5.5% |
APAC region is forecast to maintain its dominant position over the stipulated time-frame of 2022-2032. The prime element catering to market development in the region is the increasing production facilities being established in the region, particularly in China. Additionally, expanding numerous end-use industries, such as food and beverage, pharmaceutical, agriculture, and refinery. Furthermore, rising demand for furfural from the foundry and chemical industries is also predicted to add to the momentum of regional market growth.
Globally, demand for furfural is anticipated to grow significantly owing to increasing demand for green chemical. Other factors driving the demand for furfural includes environmental awareness to renewable alternatives in order to replace fossil resources and increasing production in developing countries.
Raw materials such as agro products and wastes are widely available in developing countries such as India, China, Indonesia and Malaysia with a low production cost. This is in turn expected to lead towards efficient raw material procurement from these countries leading to increasing availability of furfural across the globe.
Demand for furfural in pharmaceutical industry is expected to witness significant increase in the near future. However, inefficient technological advancement and lack of production process framework, restrain the furfural market globally.
Furfural being renewable in nature is anticipated to witness increased adoption among various end use industries. Also, development of efficient and new technologies is a key factor leading to create furfural product possibilities in chemical industry.
Some of the key players in the furfural market are Hongye Holding Group Corporation Ltd., Arcoy Biorefinery Pvt. Ltd., Corporation, Ltd., Central Romana, KRBL Ltd., Illovo Sugar Ltd., Lenzing AG, Penn A Kem LLC, Tanin Sevnica d.d., Linzi Organic Chemicals Inc. Ltd., Tieling North Furfural (Group) Co., Ltd., Silvateam S.p.A., and Xingtai Chunlei Furfuryl Alcohol Co., Ltd.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Furfural Market
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