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Global Furfural Market - Industry Trends and Forecast to 2031

Chemical and Materials

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Global Furfural Market - Industry Trends and Forecast to 2031

  • Chemical and Materials
  • Upcoming Report
  • May 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Furfural Market - Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 591.26 USD Million
Diagram Market Size (Forecast Year) USD 956.69 USD Million
Diagram CAGR %

Major Markets Players

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  • Dummy2
  • Dummy3
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Global Furfural Market, By Raw Material (Corncobs, Rice Hulls, Cotton Hulls, Sugar Cane Bagasse, Others), Process (Quaker Batch, Chinese Batch, Rosenlew Continuous, Others) Catalyst (Solid Acid Type, Liquid Acid Type), Application (Solvents, Flavour Enhancers, Fungicides, Gasoline Additives, Decolorizing Agents, Intermediates in Adhesives and Sealants), End User  (Chemical, Agrochemical, Pharmaceutical and Medical, Oil and Gas, Automotive and Transportation, Manufacturing, Furfurals and Polymer, Food and beverages, Fertilizer, Others) - Industry Trends and Forecast to 2031.

Furfural Market

Furfural Market Analysis and Size

In the chemical industry, furfural serves as a crucial solvent in various processes, facilitating the extraction and purification of desired compounds. Additionally, it is a key precursor in the synthesis of essential chemicals such as furan resins, which find applications in adhesives, coatings, and foundry applications. Furfural derivatives such as tetrahydrofuran (THF) and methyltetrahydrofuran (MeTHF) are utilized as solvents and intermediates in the production of polymers, pharmaceuticals, and agrochemicals.

Global furfural market size was valued at USD 591.26 million in 2023 and is projected to reach USD 956.69 million by 2031, with a CAGR of 6.2% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Raw Material (Corncobs, Rice Hulls, Cotton Hulls, Sugar Cane Bagasse, Others), Process (Quaker Batch, Chinese Batch, Rosenlew Continuous, Others) Catalyst (Solid Acid Type, Liquid Acid Type), Application (Solvents, Flavour Enhancers, Fungicides, Gasoline Additives, Decolorizing Agents, Intermediates in Adhesives and Sealants), End User  (Chemical, Agrochemical, Pharmaceutical and Medical, Oil and Gas, Automotive and Transportation, Manufacturing, Furfurals and Polymer, Food and beverages, Fertilizer, Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

ILLOVO SUGAR AFRICA (South Africa), TransFurans Chemicals bvba (Belgium), hebeichem (China), KRBL (India), Silvateam S.p.a. (China), LENZING AG (Austria), Hongye Holding Group Corporation Limited (China), Tanin d.d. (U.S.), Pennakem, LLC (U.S.), Hefei Tnj Chemical Industry Co., Ltd. (China), TCI Chemicals (India) Pvt. Ltd. (India), BEIJING LYS CHEMICALS CO., LTD. (China), Laxmi Furals Pvt Ltd (India)

Market Opportunities

  • High Technological Advancements Enhances Production Processes
  • Growing Regulatory Environment Promotes the Adoption of Furfural

Market Definition

Furfural is a chemical compound derived from agricultural byproducts such as corncobs, oat hulls, and sugarcane bagasse. It is commonly used as a solvent, in the production of various chemicals, and as a precursor for renewable fuels and materials due to its versatile properties.

Furfural Market Dynamics

Drivers

  • Increasing focus on Renewable Solutions Expands the Demand for Furfural

Furfural, derived from agricultural biomass such as corncobs and sugarcane bagasse, offers a renewable alternative to petrochemical-based solvents and chemicals. Its biodegradable nature and lower environmental impact appeal to industries striving to reduce their carbon footprint and adhere to sustainability goals. The versatility of furfural in various applications, coupled with its renewable sourcing, positions it favorably in a market driven by eco-conscious consumer demands and regulatory pressures for greener alternatives.

  • High Demand for Furfural due to Enhanced Biofuel Production

Furfural serves as a key feedstock in the production of biofuels, offering a renewable alternative to traditional fossil fuels. As governments and industries increasingly prioritize reducing carbon emissions and mitigating environmental impact, the demand for furfural as a biofuel precursor rises. This demand creates opportunities for furfural producers to expand their production capacities and capitalize on the growing biofuel market.

Opportunities

  • High Technological Advancements Enhances Production Processes

Innovations in extraction methods, catalytic processes, and refining techniques enable manufacturers to increase yields, reduce costs, and minimize environmental impact. Advancements in biotechnology and biorefinery processes offer opportunities to optimize furfural production from renewable biomass sources, further bolstering its appeal as a sustainable alternative to petrochemicals. These technological developments expand the potential applications of furfural and contribute to its competitiveness in the market, driving growth and adoption across various industries.

For instance, in 2022, Sappi's expansion of its furfural pilot plant signifies a significant technological advancement in furfural production. This initiative aims to enhance production efficiency and potentially lead to the construction of a commercial furfural plant, reflecting the industry's drive towards optimizing processes and meeting growing demand sustainably.

  • Growing Regulatory Environment Promotes the Adoption of Furfural

Regulations promoting sustainability and reducing reliance on petrochemicals incentivize industries to adopt renewable alternatives such as furfural. Additionally, rules governing the use of chemicals in agriculture and consumer products impact the demand for furfural-based pesticides, herbicides, and additives. Compliance with environmental standards and mandates also encourages industries to invest in furfural-based processes and products. Furthermore, emerging regulations focused on carbon emissions and climate change mitigation may further boost the demand for furfural as a renewable feedstock for biofuels and chemicals, driving market growth.

Restraints/Challenges

  • Growing Price Volatility Hampers the Growth of Furfural

Fluctuations in the prices of raw materials, energy, and competing products can disrupt production processes, affect profit margins, and deter investment in furfural production. Moreover, unpredictable price movements can create uncertainty for buyers and suppliers, leading to hesitancy in long-term commitments and contracts. Managing price volatility becomes crucial for market players to mitigate risks and maintain profitability.

  • Limited Feedstock Availability limits the Growth of Furfural

Furfural is predominantly produced from agricultural residues such as corncobs, sugarcane bagasse, or in the case of the Numaligarh refinery initiative, bamboo. However, the availability and accessibility of these feedstocks can be inconsistent and regionally constrained. These constraints can hinder the scalability and stability of furfural production, impacting market growth and potentially leading to supply chain disruptions and price volatility.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In 2022, Numaligarh Refinery announced plans for a USD 212 million bio-refinery to produce bioethanol from 5 million tonnes of bamboo annually. Additionally, the refinery would supply chipped bamboo to yield 49 metric tonnes of ethanol, 19 MT of furfural, 11 MT of acetic acid, and other associated products. This project highlights efforts towards sustainable energy production and diversification in the refining industry
  • In 2021, Sappi initiated an expansion of their furfural pilot plant, aiming for operational status by 2022. Pending successful results and approvals, they planned to construct a commercial furfural plant at the mill. This expansion underscores Sappi's investment in scaling up furfural production
  • In 2020, Origin Materials, a Canadian and US material development company, committed to commercial production of 5-chloromethyl furfural (CMF), a sustainable chemical. Their process yields CMF with a high carbon-negative cradle-to-gate footprint, demonstrating a commitment to environmentally friendly production practices

Furfural Market Scope

The market is segmented on the basis of raw material, process, catalyst, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Raw Material

  • Corncobs
  • Rice Hulls
  • Cotton Hulls
  • Sugarcane Bagasse
  • Others

Process

  • Quaker Batch
  • Chinese Batch
  • Rosenlew Continuous
  • Other

Catalyst

  • Solid Acid Type
  • Liquid Acid Type

 Application

  • Solvents
  • Flavour Enhancers
  • Fungicides
  • Gasoline Additives
  • Decolorizing Agents
  • Intermediates in Adhesives and Sealants

End User

  • Chemical
  • Agrochemical
  • Pharmaceutical and Medical
  • Oil and Gas
  • Automotive and Transportation
  • Manufacturing
  • Furfurals and Polymer
  • Food and beverages
  • Fertilizer
  • Others

Furfural Market Analysis/Insights

The market is analyzed and market size insights and trends are provided by country raw material, process, catalyst, application and end user as referenced above.

The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific is expected to dominate the market in terms of revenue growth and market share, largely due to significant furfural production, notably in China. This dominance is supported by burgeoning end-use industries such as pharmaceuticals, agriculture, food and beverages, and refineries across China, India, and Japan. The expanding economies of these countries are driving increased demand for furfural, emphasizing the region's pivotal role in shaping the global furfural market landscape.

Europe is expected to witness rapid development, primarily driven by growing demand for furfural. This demand surge is notably attributed to the foundry and chemical industries within the region. Furfural, a versatile chemical derived from various biomass sources, serves as a key ingredient in numerous industrial processes, contributing to its increasing prominence in Europe's industrial landscape. The region's emphasis on sustainability and renewable resources further propels the demand for furfural, aligning with global trends towards eco-friendly alternatives.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Furfural Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

  • ILLOVO SUGAR AFRICA (South Africa)
  • TransFurans Chemicals bvba (Belgium)
  • hebeichem (China)
  • KRBL (India)
  • Silvateam S.p.a. (China)
  • LENZING AG (Austria)
  • Hongye Holding Group Corporation Limited (China)
  • Tanin d.d. (U.S.)
  • Pennakem, LLC (U.S.)
  • Hefei Tnj Chemical Industry Co., Ltd. (China)
  • TCI Chemicals (India) Pvt. Ltd. (India)
  • BEIJING LYS CHEMICALS CO., LTD. (China)
  • Laxmi Furals Pvt Ltd (India)


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FREQUENTLY ASK QUESTIONS

The Furfural Market size will be worth USD 956.69 million by 2031.
The Furfural Market growth rate will be 6.2% by 2031.
Increasing focus on Renewable Solutions Expands the Demand for Furfural and High Demand for Furfural due to Enhanced Biofuel Production are the growth drivers of the Furfural Market.
The raw material, process, catalyst, application and end user are the factors on which the Furfural Market research is based.
The major companies in the Furfural Market are ILLOVO SUGAR AFRICA (South Africa), TransFurans Chemicals bvba (Belgium), hebeichem (China), KRBL (India), Silvateam S.p.a. (China), LENZING AG (Austria), Hongye Holding Group Corporation Limited (China), Tanin d.d. (U.S.), Pennakem, LLC (U.S.), Hefei Tnj Chemical Industry Co., Ltd. (China), TCI Chemicals (India) Pvt. Ltd. (India), BEIJING LYS CHEMICALS CO., LTD. (China), Laxmi Furals Pvt Ltd (India).
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