Global Furfural Market is estimated to reach $1,739 million by 2024; growing at a CAGR of 11% from 2016 to 2024. Furfural is an organic compound derived from a variety of agricultural byproducts such as oat, corncobs, rice husk, wheat bran, and saw dust. Furfural is a colorless oil that quickly dissolves in various organic solvents and is slightly soluble in water. Its unique property is that it dissolve aromatics and other unsaturated olefins, which makes it suitable for refining lubricating oils. It is mainly used to produce adhesives, foundry resins, and wetting agents due to its low viscosity & high reactivity, and excellent mechanical, chemical, and thermal properties.
Global Furfural Market Size and Forecast, 2015–2024
Increasing demand for green chemical, growing environmental awareness to renewable substitutes in order to replace fossil resources, and increasing production in underdeveloped countries are the major factors to drive the growth of global furfural market. However, increase in overall cost of production and obsolete manufacturing technologies affecting the yield are the major challenges for the market growth. Moreover, demand for furfural in pharmaceutical industry and development of efficient and advance technologies is likely to create several growth opportunities in the future years.
The global furfural market is mainly classified on the basis of raw material, application, and geography. The raw material segment is bifurcated into corn cobs, rice husk, bagasse, and other raw materials. On the basis of application, the segment comprises furfuryl alcohol, solvents, pharmaceutical agents, and other applications.
Global Furfural Market, by Raw Material
On the basis of geographical analysis, the global furfural market is segmented in North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of Germany, Italy, Scandinavia & CIS Region, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Global Furfural Market Regional Revenue % (2016 Vs 2024)
The major companies operating in the global furfural market include Hongye Holding Group Corporation Ltd., Arcoy Biorefinery Pvt. Ltd., Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Central Romana Corporation, TransFuran Chemicals bvba, Illovo Sugar (Pty) Ltd, Nutrafur S.A., Silvateam S.P.A., KRBL Ltd., and Tieling North Furfural (Group) Co., among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Furfural Market with respect to major segments such as raw material, application, and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Furfural Market has been included in the report
- Profile of the key players in the Global Furfural Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Furfural Market
Raw Materials Segments
- Corn Cobs
- Rice Husk
- Other Raw Materials
- Furfurly Alcohol
- Pharmaceutical Agents
- Other Applications
- North America
- Scandinavia & CIS Region
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Middle East
Global Furfural Market Primary Interviews by Geography