Furfural Market Is Estimated To Register A CAGR Of 6.5% Over The Forecast Period

Posted by rahul nikade on August 9th, 2022

Furfural Industry Overview

The global furfural market size is expected to reach USD 923.89 million by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 6.5% over the forecast period. Market 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 market growth. 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.

Furfural Market Segmentation

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

Based on the Process Insights, the market is segmented into Quacker Batch Process, Chinese Batch Process, Rosenlew Continuous Process, Others.

• In 2021, the Chinese batch process was the dominant process segment and accounted for the maximum share of 82% of the global revenue. This process is majorly used in China, which is the largest manufacturer across the globe. The Quaker batch process is one of the oldest manufacturing processes, while others are modified versions of the former processes.
• The major difference between the Quaker batch and Rosenlew continuous processes is that the former uses sulfuric acid as a catalyst, while the latter does not require a separate catalyst. Rosenlew continuous process is the simplest of all, has trouble-free operation characteristics, and needs comparatively less maintenance.

Based on the Raw Material Insights, the market is segmented into Corncob, Sugarcane Bagasse, Sunflower Hull, Rice Husk, Others.

• The corncob raw material segment led the global market with a share of over 70% in 2021. It is estimated to retain its dominant position throughout the forecast years due to the extensive use of the raw material in the production of furfural.
• The yield from corncob is the maximum, thus, marking corncob the most desirable raw material for production. In addition, corncob, when used as a biomass feedstock, delivers promising opportunities for renewable energy creation.
• Sugarcane bagasse is a significant agro-industrial byproduct. Large quantities of sugarcane bagasse are easily accessible at low cost in several sugarcane-processing manufacturing facilities, including sugar mills and independent distilleries. 
• Furthermore, a gas-fired boiler in sugar mills can be used to increase the production of bagasse to obtain it as a raw material for production. The storing of bagasse is expensive and complicated, so a furfural unit must be positioned near a sugar mill.

Based on the End-use Insights, the market is segmented into Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverage, Refineries, Others.

• In terms of revenue, refineries dominated the market with a share of more than 50.5% in 2021. 
• This high share is attributed to its high consumption as a solvent in petroleum refining, specialist adhesives, and lubricants. Furfural is extensively applied as insecticide, nematicide, and fungicide in the agrochemical industry. It is an active ingredient in various nematicides, such as crop protectors or crop guards.
• It is a contact nematicide, mechanically incorporated or moved into the soil during irrigation, and used in reasonably low concentrations. As an agrochemical, it is comparatively harmless and easy to apply. Furfural is used as an intermediate in the synthesis of pharmaceuticals and as an essential fragment of pharmaceutical building blocks.

Based on the Application Insights, the market is segmented into Furfuryl Alcohol, Solvent, Intermediate, Others.

• Furfuryl alcohol emerged as the leading application segment in 2021 and accounted for the maximum share of over 86% of the global revenue, as it is predominantly used as a binder in the foundry industry.
• Furfuryl alcohol is primarily used for the synthesis of furan resin, which is a substantial chemical feedstock used in the production of adhesives, casting resins, thermoset polymer matrix composites, coatings, and cement. Furfuryl alcohol, which is considered as an organic chemical, is also used as a solvent in the petroleum & refining industry.
• Solvent emerged as the second-largest application segment. The increasing use of furfural as a selective solvent for refining rosin and lubricating oils is projected to drive the product demand further. It is also used as a solvent in the extraction of mineral oils and as a wetting agent in the production of refractory products, brake linings, and abrasive wheels.

Furfural Regional Outlook 

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is moderately fragmented with the presence of a large number of small- and medium-scale 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.

Some prominent players in the global 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.

Order a free sample PDF of the Furfural Market Intelligence Study, published by Grand View Research. 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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