Furfural Market– Statistics And Analysis & Forecast To 2027

Posted by Mrudula Anil Karmarkar on January 14th, 2021

The global furfural market size is anticipated to reach USD 1201.9 million by 2027 registering a CAGR of 5.0%, according to a new report by Grand View Research, Inc. Growth can be attributed to the developments of novel derivatives, such as THF by key manufacturers, resulting in the expansion of the application segment. In addition, favorable regulations concerning the inclusion of bio-based products in several end-use industries are penetrating the demand for organic chemicals across several industries, thus triggering the market growth.

The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.

Technological advancements in the manufacturing process of furfural are estimated to considerably surge the production yield from key raw materials, thus achieving economies of scale. Key manufacturers in the marketare using novel cost-effective processes to increase product yield along with more efficient utilization of key resources.

Fluctuating prices of raw materials, such as corncob, along with lack of penetration of furfural in the developed countries of Europe and North America have hampered the growth. However, the usage of furfural as a raw material for biofuel can be viewed as a growth opportunity for the market. In addition, rising demand from the manufacturers of industrial chemicals and metal casting is projected to fuel market growth.

Furfural Market Report Highlights

• The global market is fragmented as the number of companies within furfural business operating in China is relatively high
• A surge in solvent consumption from several end-use industries, including refining, agriculture, chemical manufacturing, and pharmaceuticals, is driving the market toward high yield production and the expansion of this application segment
• Increasing demand for furfuryl alcohol from the foundry industries of the Europe and North America markets has increased the focus of the companies on producing furfuryl alcohol using furfural manufactured in their facilities, thus integrating forward and lowering operational costs
• In 2020, refineries emerged as the dominant end-use segment due to high product demand as a solvent in petroleum refining, specialist adhesives, and lubricants

Furfural is broadly used as a solvent or intermediate in several end-use industries, including foundry, agriculture, paints & coatings, pharmaceuticals, refineries, chemicals, automotive, and construction. The growing construction sector is projected to supplement the demand for the product in several refractory materials including ceramics, bricks, and fiberglass composites over the forecast period.

In addition, surging demand for sustainable products due to the depletion of fossil fuel resources is estimated to drive the demand. At present, furfural production is characterized by outdated manufacturing technologies, high steam usage, and high acid consumption, which lead to considerably low product yield or output.

As a result, many companies are focusing on the development of new processes to decrease the overall energy consumption and upsurge the product yield during the purification step. Manufacturers are inclined toward using a combination of the most effectual biomass to chemical techniques occasioning in a significant decline in operational costs.

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Furfural market is moderately fragmented with a large number of small- and medium-sized manufacturers, which account for a majority of the global share. Manufacturers involved in the market are integrated across the value chain. The leading companies are well-equipped with large manufacturing facilities and are engaged in several research & development activities. Illovo Sugar Africa (Pty) Ltd. is integrated across the value chain. The company uses its sugarcane bagasse for production and also manufactures furfuryl alcohol. Some of the prominent players in the furfural market include:

• Illovo Sugar Africa (Pty.) Ltd.
• Central Romana Corporation
• TransFurans Chemicals bvba
• Pennakem, LLC
• Hebeichem
• Silvateam S.p.a
• Lenzing Ag
• Linzi Organic Chemical Inc. Ltd.

Grand View Research has segmented the global furfural market on the basis of process, raw material, application, end-use:

Furfural Process Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)

• Quacker Batch Process
• Chinese Batch Process
• Rosenlew Continuous Process
• Others

Furfural Raw Material Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)

• Corncob
• Sugarcane Bagasse
• Sunflower Hull
• Rice Husk
• Others

Furfural Application Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)

• Furfuryl Alcohol
• Solvent
• Intermediate
• Others

Furfural End-use Outlook (Volume, Tons; Revenue, USD Thousands, 2016 - 2027)

• Agriculture
• Paints & Coatings
• Pharmaceuticals
• Food & Beverage
• Refineries
• Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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