Global Furfural MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $1,739 Million by 2024 from $757 Million in 2016; growing at a CAGR of 11% from 2016 to 2024. Furfural is an organic compound made from various agricultural byproducts including saw dust, wheat bran, corncobs, and others. Rising awareness regarding the renewable substitutes have obliged companies to increase production of biomass based chemicals including furfural to produce resins, additives, and fuels to replace non-renewable resources such as petrochemicals.
“Furfural Market (By Raw Material: Corn Cobs, Rice Husk, Bagasse, and Other Raw Materials; By Application: Furfuryl Alcohol, Solvents, Pharmaceutical Agents, and Other Applications: By Geography: North America, Europe, Asia-Pacific, and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
Growing environmental awareness to renewable substitutes in order to replace fossil resources, drives the global furfural market
The growth of global furfural market is mainly driven by growing environmental awareness to renewable substitutes in order to replace fossil resources and increasing demand for green chemicals. Conversely, increase in cost production and outdated technologies affecting the yield are the factors limiting the market growth. Besides, development of efficient and advance technologies is expected to open up several growth aspects for the market in the forecast timeframe.
Raw material, application, and geography are the major segments considered in the global furfural market. The raw material segment is sub-segmented into corn cobs, rice husk, bagasse, and other raw materials. The application segment is categorized into furfuryl alcohol, solvents, pharmaceutical agents, and other applications. Geographically, the market has been bifurcated into North America, Europe, Asia-Pacific, and RoW.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, Italy, Scandinavia & CIS Region, and Rest of Europe are analyzed under the European market. China, Japan, India, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Corn Cobs held for the largest market share in the raw material segment in 2016
Global Furfural Market by Raw Material
Corn cobs occupied the largest share in the raw material segment accounting for about half of the total market share in the year 2016. While, rice husk is likely to attain the fastest CAGR during the forecast period 2016 – 2024, owing to its large availability in rice producing countries like India, China, Brazil, South East Asia, Vietnam, and others. Also, they have started using rice husk for the energy production for mill operations as well as household lighting in rural regions.
Furfuryl alcohol dominated the application segment with leading share in 2016
Global Furfural Market by Application
Furfuryl alcohol accounted for the major share in 2016, in the application segment as it is a monomer for the synthesis of furan resins. Besides, these are used in cements thermoset polymer matrix composites, adhesives, coatings, and casting/foundry resins.
Asia-Pacific lead the global market with largest share in 2016
Global Furfural Market Share by Geography 2016
Asia-Pacific generated the highest revenue in the global furfural market accounting for 60.5% of the total market share and is expected to continue its dominance during the forecast period 2016 – 2024. The high growth is credited to ongoing expansion of the pharmaceutical industry in the emerging economies, such as India and China. And abundant availability of raw materials and low-cost labor available in these countries is another factor driving the furfural market in Asia Pacific.
Key players profiled in the report include Central Romana Corporation, Hongye Holding Group Corporation Ltd., TransFuran Chemicals bvba, KRBL Ltd., Tieling North Furfural (Group) Co., Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Nutrafur S.A., Silvateam S.P.A., Arcoy Biorefinery Pvt. Ltd., and Illovo Sugar (Pty) Ltd, among others.