Global Furfural Market by Application (Solvent, Furfuryl Alcohol), by Raw Material (Sugarcane Bagasse, Corncob), by End-use (Pharmaceutical, Refineries) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global furfural market was valued at USD 494.1 millions in 2020. It is projected to grow at a compound annual rate (CAGR of 6.5%) between 2020 and 2028. As a result of growing environmental concerns, the demand for solvent applications is expected to rise.

Furfural is widely used in many industries including construction, agriculture, paints and coatings, pharmaceuticals and refineries. Over the forecast period, the growing construction industry will increase demand for furfural in a variety of refractory materials, including ceramics, bricks and fiberglass composites.

The demand will also be driven by the rising demand for sustainable products, which is expected to increase due to the loss of fossil fuel resources. Furfural production has a low output or yield due to outdated manufacturing techniques, high steam usage and high acid consumption.

Many companies are now focusing their efforts on developing new processes that reduce energy consumption and increase product yields during purification. Manufacturers tend to use a combination of the best biomass and chemical techniques, which can result in significant reductions in operational costs.

Process Insights

Chinese batch held over 80% of the market in 2020 and was the dominant segment. This process is used primarily in China, the world's largest producer. The Quaker batch process, which is the oldest form of manufacturing, is modified from the earlier ones. The main difference between the Rosenlew batch and Quaker batch processes is the use of sulfuric acid as a catalyst. The latter doesn't require a separate catalyst.

The Rosenlew continuous process, which is simple and requires little maintenance, is one of the most reliable. This process is not recommended for small and medium-sized manufacturers. It uses large quantities of steam and has low production yields, which can lead to high production costs. Most manufacturers prefer the Chinese batch process because it is affordable.

Raw Material Insights

Corncob's raw material segment dominated the global market, with a share exceeding 73% in 2020. Because of its extensive use of raw material in furfural production, it is expected to maintain its dominant position for the next few years. Corncob has the highest yield, making it the most desired raw material for production. Corncob can also be used as a biomass feedstock to create renewable energy.

Sugarcane bagasse can be a significant byproduct of the agro-industrial sector. Sugarcane bagasse is easily available at a low price in many sugarcane-processing facilities, such as sugar mills or independent distilleries. The high sugarcane production in Brazil and India, China as well as Thailand, Thailand, Thailand, and Pakistan means that there is a lot of bagasse available in these countries. To increase bagasse production in sugar mills, you can use a gas-fired boiler. Bagasse storage is complicated and expensive. A furfural unit should be placed near a sugar mill.

End-use Insights

Refineries held a dominant share of the market in terms of revenue with a 50.6% share in 2020. Its high use as a solvent in petroleum refinery, specialist adhesives and lubricants is what explains this high share.

Furfural is widely used in the agrochemical sector as an insecticide, nematicide and fungicide. It is an active ingredient of many nematicides, such as crop protectors and crop guards. It is also used in horticulture as a weedkiller. It can be mechanically added to the soil or moved into it during irrigation. The concentrations are low. It is relatively harmless and simple to use as an agrochemical.

Furfural is used in the synthesis and construction of pharmaceutical building blocks. In the Drug Products Database, Furfural is listed as an active ingredient in veterinary medicines. The product is expected to be in demand in several health products due to the expansion of the pharmaceutical industry, particularly in Europe and Japan, as a result of high investment and growing production.

Application Insights

In 2020, furfuryl alcohol was the most popular application segment with a share exceeding 85%. This is because it is primarily used in the foundry industry as a binder. Furfuryl alcohol is used primarily for the synthesis and production of furan resin. This feedstock is used to produce adhesives, casting resins as well as thermoset polymer matrix composites. Coatings, cement, and coatings are all made from it. Furfuryl alcohol is an organic chemical and is used in the petroleum & refinery industry as a solvent.

Solvent was the second most popular application segment. Furfural is expected to see an increase in its use as a selective solvent for refining and lubricating oils. Furfural is also used in the extraction and wetting of mineral oils, as well as in the production of brake linings and abrasive wheel. It also removes dienes in many other hydrocarbons, including nylon and plastic. Segment growth is expected to be triggered by rising demand in solvent applications, including butadiene extractions, lubricating oils and other lubricating oil applications.

Regional Insights

Asia Pacific was the dominant region, with a market share exceeding 74% by 2020. This is due to high furfural production in the region, particularly in China, as well as growth in many end-use industries such as agriculture, food & drink, pharmaceutical, and refinery. The rising demand for chemical and foundry products will also make the Asia Pacific market the fastest growing from 2020-2028.

China was the Asia Pacific's dominant market in 2019. China's high demand for furfuryl alcohol and product consumption are the main drivers of China's growth. China's market is dominated by small-scale producers that together account for most of the market share. Corncobs are used as a primary feedstock by key manufacturers of the country. They also use the Chinese batch process to produce their products. China accounts for over 80% of the global production.

The development of the food and pharmaceutical industries over the past decade has contributed to Europe's market growth. Furfural is mainly produced in Austria, Slovenia and Italy. It is also imported from other countries in the region. The product is used in Europe as a flavoring agent in many food products such as frozen dairy, baked goods and gravies, meat products, beverages and desserts. In the near future, the market will be driven by the increasing use of furfural in meat products and baking, as well as the expanding bakery sector in France and Italy.

Market Share Insights & Key Companies

The market for furfural is somewhat fragmented, with many small and medium-sized companies making up the majority of global share. The market is characterized by integrated manufacturing across the entire value chain. Large manufacturing facilities are a hallmark of the top companies. They also engage in research and development. Illovo Sugar Africa Ltd. is integrated throughout the value chain. It produces furfuryl alcohol and uses sugarcane bagasse as production. The following are some of the most prominent players in furfural markets:

• 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.

Up Market Research published a new report titled “Furfural Market research report which is segmented by Application (Solvent, Furfuryl Alcohol), by Raw Material (Sugarcane Bagasse, Corncob), by End-use (Pharmaceutical, Refineries), By Players/Companies Pennakem LLC, Lenzing Ag, Central Romana Corporation, Silvateam Spa, Linzi Organic Chemical Inc Ltd, TransFurans Chemicals bvba, Illovo Sugar Africa (Pty) Ltd, Hebeichem”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Furfural Market Report Segments:

The market is segmented by Application (Solvent, Furfuryl Alcohol), by Raw Material (Sugarcane Bagasse, Corncob), by End-use (Pharmaceutical, Refineries).

Furfural Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Furfural Market

Overview of the regional outlook of the Furfural Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Furfural Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Furfural Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Solvent

                2. Furfuryl Alcohol

                1. Sugarcane Bagasse

                2. Corncob

                1. Pharmaceutical

                2. Refineries

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Furfural Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Furfural Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.