The global furfural solvent market was worth USD 59.9 millions in 2014. This industry is characterised by a rising preference for biodegradable solutions in petroleum refining and butadiene extraction.
Technological advances have opened the door to innovative solvents made from agricultural by-products like furfural. This has led to a higher demand for low-VOC (volatile organic compound), non-toxic products in many end-use industries.
Introduced furfural solvents to agricultural formulations has revolutionized pesticides and fungicides as well as other synthetic chemical compounds. It has also replaced environmentally harmful products, which in turn has benefited consumer safety and health.
They are also used in paints, coatings, pharmaceuticals and textiles. Furfural by itself is used as a solvent, along with several of its derivatives such as tetrahydrofuran (THF), methyltetrahydrofuran (MeTHF), tetrahydrofurfuryl alcohol (THFA) and furfuryl alcohol as well.
U.S. furfural market revenue by application, 2012-2022 (USD Million).
Furfural is made mainly from agricultural waste, such as corn cobs and sugarcane bagasse, which are rich sources of pentosan sugars. These products are often the result of grain processing and milling. They are then hydrolyzed with strong mineral acids like sulfuric acid or phosphoric acid.
However, conventional processing technologies like the Quaker Oats process yield a very low yield of below 50%. This results in high market prices, despite the low cost of raw materials. Agency regulations such as REACH, ECHA, European Commission and REACH regulate furfural's use in lubricant refining, pharmaceuticals and agriculture.
The availability of corn and other agricultural commodities is another important factor that influences the production landscape. Biofuel production is increasingly dependent on these commodities. Pricing trends will also be affected by future obstacles in raw material procurement.
Due to its enormous capacity and expanding end-use markets, China will likely remain the largest producer and consumer of solvent applications. Due to regulatory pressures encouraging the use of bio-based or renewable chemicals in many industries, advanced regions like Europe and North America will also be in high demand.
Petroleum refining, pharmaceuticals, agricultural formulations and paints & coats are the main applications for furfural solvent. Petroleum refining was the most popular application globally. Petroleum refining is a major user of it in the extraction of butadiene and lubricating oils in petroleum refineries. It accounted for more than 57% overall volume in 2014.
This sector will see a rise in demand for bio-based solutions in many drug formulations and medicinal intermediates. With a CAGR of 17.2%, pharmaceuticals will be another rapidly-growing sector.
Furfural solvents are also being used in niche markets due to their low toxicity, heat resistance and biodegradability. Product demand will increase in many applications due to the growing importance of end-use industries in emerging countries like Brazil, China, India, and India.
The report breaks down the global industry by region into North America and Western Europe, Central & Eastern Europe (China), Rest of Asia Pacific (Rem of the World) and Central & Eastern Europe (Central & Eastern Europe). China was the largest market, accounting for almost 65% of total volume in 2014. China's growth will be driven by a positive outlook on the petrochemical, paints & coats and pharmaceutical sectors.
Together, North America and Western Europe accounted for more than 16% of the total volume in 2014. These regions are highly populated with demand for pharmaceuticals, agricultural formulas and petroleum refining. These regions will also benefit from standardized environmental norms that restrict the use of hazardous chemicals.
Due to the rapid growth of pharmaceutical, chemicals and related industries, India and Southeast Asia markets will also experience higher than average growth rates. China is excluded from the Rest of Asia Pacific market share, which currently represents approximately 10% of the total market. It is expected to grow at a CAGR of 17.6% during the forecast period.
Technology innovations are driving the global industry to increase yield. For example, the University of Pennsylvania has developed cellulosic-ethanol production technology. Other important factors that influence competitiveness are strategic alliances, process improvisation and pricing.
Transfurans Chemicals (Illovo Sugar Ltd.), Harborchem (Teijing North Furfural Co.), Teijing Sugar & Chemical Ltd. and Alchem Chemical Co., Linzi Organic Chemical Inc. Xing Tai Chunlei Furfural Alcohol Ltd.., Penn Specialty Chemicals., BASF. Furfural Espanol S.A.
Up Market Research published a new report titled “Furfural Solvent Market research report which is segmented by Application (Agricultural Formulations, Petroleum Refining, Paints & Coatings, Pharmaceuticals), By Players/Companies Alchem Chemical Co, The Good Scents Co and Furfural Espanol SA, Linzi Organic Chemical Inc, Xing Tai Chunlei Furfural Alcohol Ltd, Penn Specialty Chemicals, Goodrich Sugar & Chemical Ltd, Teijing North Furfural Co, BASF, Transfurans Chemicals, Harborchem (Illovo Sugar Ltd)”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Furfural Solvent Market Research Report |
By Application | Agricultural Formulations, Petroleum Refining, Paints & Coatings, Pharmaceuticals |
By Companies | Alchem Chemical Co, The Good Scents Co and Furfural Espanol SA, Linzi Organic Chemical Inc, Xing Tai Chunlei Furfural Alcohol Ltd, Penn Specialty Chemicals, Goodrich Sugar & Chemical Ltd, Teijing North Furfural Co, BASF, Transfurans Chemicals, Harborchem (Illovo Sugar Ltd) |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 238 |
Number of Tables & Figures | 167 |
Customization Available | Yes, the report can be customized as per your need. |
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.
The market is segmented by Application (Agricultural Formulations, Petroleum Refining, Paints & Coatings, Pharmaceuticals).
Furfural Solvent 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:
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.
We have studied the Furfural Solvent 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.
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