According to the Market Statsville Group (MSG), the global furfural market size is expected to grow from USD 570.1 million in 2022 to USD 1,368.3 million by 2033, at a CAGR of 8.9% from 2023 to 2033. In terms of volume, the furfural market is expected to reach 927.6 Kilo Tons by 2033.

The global furfural market has been growing steadily in recent years, driven by increasing demand for bio-based chemicals and materials as well as the growing use of furfural in various industrial applications. The growing use of furfural in the production of agricultural chemicals such as herbicides and insecticides is also expected to contribute to market growth. Technological advancements in the production of furfural, including the use of new feedstocks and more efficient production processes will significantly drive the market’s growth.

Definition of the Global Furfural Market

Furfural is an organic compound that is commonly derived from various agricultural byproducts such as corn cobs, oat hulls, and rice husks. Furfural is a highly versatile compound that is widely used in the production of a variety of chemicals and materials, including solvents, resins, and plastics. It is also used in the production of agricultural chemicals such as herbicides and insecticides. Furfural is an important bio-based chemical that is valued for its eco-friendly and renewable properties, as it is derived from agricultural waste that would otherwise be discarded. The growing demand for sustainable and environmentally-friendly products has increased the popularity of furfural in recent years, making it an important chemical in the bioeconomy.

COVID-19 Impact on the Global Furfural Market

The pandemic has disrupted global supply chains, causing shortages of key raw materials and chemicals, and reduced demand for furfural-based products. The pandemic led to the shutdown of many manufacturing facilities and supply chains around the world, including those in the furfural market. The disruption of supply chains resulted in shortages of key raw materials used in the production of furfural, which in turn led to a decrease in the production and supply of furfural-based products. At the same time, the pandemic also led to increased demand for bio-based chemicals, including furfural. The growing demand for eco-friendly and renewable products, coupled with the rise of sustainability initiatives and regulations, has boosted the demand for furfural in recent years. The growing demand for sustainable and bio-based chemicals, coupled with advancements in production technology, is expected to drive growth in the furfural market over the coming years.

Global Furfural Market Dynamics

Drivers: Growing Furfuryl Alcohol Demand from the Various Industries

Furfuryl alcohol is a key derivative of furfural and is widely used in the production of resins, solvents, lubricants, and other materials. The growing demand for furfuryl alcohol from various industries is a key driver of the furfural market. The construction industry is one of the largest consumers of furfuryl alcohol, where it is used in the production of foundry resins and other materials. The growing construction activities, particularly in emerging economies, have contributed to the rising demand for furfuryl alcohol and, in turn, furfural. Furfuryl alcohol is also used in the production of lubricants, coatings, and adhesives, which are used in various industries such as automotive, aerospace, and marine. The growing demand for these products, particularly in emerging economies, is driving the demand for furfuryl alcohol and furfural. The food and beverage industry is another major consumer of furfuryl alcohol, where it is used as a flavor enhancer and preservative. The increasing demand for processed foods and beverages has led to a rise in the demand for furfuryl alcohol and, in turn, furfural. The growing demand for bio-based chemicals and materials is also driving the demand for furfural and furfuryl alcohol. As consumers and industries increasingly seek to reduce their environmental impact, there is a growing demand for sustainable and renewable materials, including those derived from agricultural waste, such as furfural.

Restraints: Outdated Manufacturing Technologies for Furfural Production

Furfural production is now characterized by obsolete manufacturing technology, high steam consumption, and high acid consumption, all of which result in a low product yield or output. As a result, many companies are concentrating their efforts on developing new processes that will reduce overall energy usage while increasing product yield throughout the purifying process. Furfural is a chemical that is made from biomass and processed into a variety of chemical compounds and fuels utilizing the Quaker Oats technology, which is the most well-known. To make furfural, many processes have been developed to valorize agricultural feedstocks or wood wastes. One of these is the Supra Yield technology, which in pilot-scale experiments produced a yield of roughly 70.0 %. However, the commercial application of this technology did not produce the same results as the pilot tests. In addition, various research investigations have been conducted to better understand the chemical mechanisms involved in the production of furfural from agricultural/wood residues. Thus, the outdated technologies which was developed in the 90’s is the factor that is hindering the market growth as advancing technologies is required in recent times.

Opportunities: Rapidly Rising Importance of Bio-Based Solvents as a Consequence of Increasing Environmental Concerns

As the furfural is a chemical product made from biomass with a high proportion of pentoses in the hemicellulose as a raw material, in a reaction catalyzed by strong acids and is being considered as a possible platform for the production of biofuels, is the factor that is creating lucrative opportunity for the market growth during the forecast period. In addition, Furfural has gained a lot of attention in recent years as a potential platform for producing biofuels and biochemical. This product demand is rising as the people are more concern for the environmental factors. Furfural is both a naturally occurring and a manufactured substance. It quickly volatilizes when released into the environment. Furfural is destroyed in the air by a reaction with photolytically generated hydroxy radicals. It is extremely mobile in the soil and has a high potential to leach into groundwater if released. The rate of soil volatilization is projected to be slow. Furfural is projected to biodegrade quickly in the soil under both aerobic and anaerobic conditions, despite the lack of data.

Scope of the Global Furfural Market

The study categorizes the furfural market based on cryoprotectant agents, process, and end-user area at the regional and global levels.

By Raw Material Outlook (Sales, USD Billion, 2019-2033)

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

By Application Outlook (Sales, USD Billion, 2019-2033)

• Furfuryl Alcohol
• Solvent
• Resin
• Gasoline Additives
• Fungicides
• Flavor Enhancers
• Decolorizing Agents
• Agricultural Types
• Others

By End-User Outlook (Sales, USD Billion, 2019-2033)

• Petroleum Refineries
• Agricultural Formulations
• Pharmaceuticals
• Paints & Coatings
• Lubricants Industry
• Cements Industry
• Energy Sector
• Adhesives
• Food and Beverages Industry
• Others

By Region Outlook (Sales, USD Billion, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Corncob segment accounts for the largest market share by raw material

Based on the raw material, the market is divided into sugarcane bagasse, corncob, rice husk, sunflower hull, and others. The corncobs segment dominated the market with 33.4% share in 2022. Corncobs are a rich source of furfural, and the use of corncobs as a raw material for furfural production has several advantages, including high yields, low impurities, and easy availability. The corncob segment is expected to continue to dominate the furfural market due to the increasing demand for sustainable and bio-based chemicals and materials, coupled with the availability of corncobs as a raw material.

Asia Pacific contributes with the largest share in the market

Based on the regions, the global furfural market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Asia Pacific dominated the furfural market with the largest share of 81.2% in 2022. Asia Pacific region is home to some of the largest producers and consumers of furfural in the world, including China, India, Japan, and South Korea. These countries have established supply chains and distribution networks that support the growth of the furfural market in the region. The increasing demand for sustainable and renewable chemicals and materials in the region is driving the growth of the furfural market. The region's focus on sustainability, coupled with the growing concerns over environmental pollution, is creating opportunities for furfural as a renewable and bio-based chemical.

Competitive Landscape - Global Furfural Market

The furfural market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global furfural market are:

• Shandong Zibo Baofeng I&E Co.,Ltd.
• Zhongkang Furfural Co., Ltd.
• Shanghai Huiyingtong International Trading Co.,Ltd.
• Arcoy Industries Pvt. Ltd
• Hongye Holding Group Corporation Limited
• Hebeichem
• International Furan Chemicals B.V.
• KRBL
• Lenzing AG
• NC-Nature Chemicals Dr. Kruppa GmbH
• Pennakem
• Silvateam S.p.a.
• Transfuran Chemicals
• Tieling North Furfural (Group) Co. Ltd.
• Zhucheng Taisheng Chemical Co., Ltd.
• Zibo Xinye Chemical Co., Ltd.

Key Issues Addressed

• What is the market size by various segmentation of the furfural by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the furfural market?
• What are the key opportunities and trends for manufacturers involved in the furfural supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of furfural in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market

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