Furfural Global Market to Reach $954.36 Million by 2030: Increasing Demand For Furfuryl Alcohol Drives Growth - ResearchAndMarkets.com

The "Furfural Market Size, Share & Trends Analysis Report By Process (Quaker Batch Process), By Raw Material (Corn Cob), By Application (Furfuryl Alcohol), By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global furfural market size is expected to reach USD 954.36 million by 2030, registering a CAGR of 7.0% from 2023 to 2030.

Companies Mentioned

• ILLOVO SUGAR AFRICA (PTY) LTD
• Linzi Organic Chemical Inc. Ltd.
• TransFurans Chemicals bvba
• Central Romana Corporation
• DalinYebo
• Hebeichem
• KRBL Ltd.
• Silvateam S.p.a.
• LENZING AG
• Behran Oil Co.
• Shandong Crownchem Industries Co., Ltd.
• Hongye Holding Group Co., Ltd.
• Tanin d.d.
• Xian Welldon Trading Co., Ltd
• Furnova Polymers Ltd
• NC Nature Chemicals
• Pennakem, LLC

Increased environmental concerns and the growing significance of bio-based solvents are expected to raise the demand for furfural throughout the forecast period.

Numerous end-use industries, such as foundry, agriculture, refineries, paints & coatings, automotive, construction, pharmaceuticals, and chemicals, use furfural widely as a solvent or intermediary.

During the forecast period, it is anticipated that the expanding construction industry would help to offset the decline in demand for several refractory products, including, bricks and fiberglass composites. In addition, it is anticipated that the diminishing supply of fossil fuels would increase the need for sustainable products.

Chemical manufacturers are inclined toward the sustainable production of bio-based/green chemicals that focus on the 12 principles of green chemistry.

A paradigm shift in terms of the production of green chemicals has led to the development of various biotechnological routes, such as fermentation, biocatalysts, and enzymatic processes, among others. The aforementioned factors have contributed in a significant way to the growth of the green chemicals market.

Green chemical producers are expanding their production capacities and infrastructure with the intention to cater to the rising product demand. They have integrated their production and distribution channels for improved market accessibility. Mergers & acquisitions and strategic alliances are an integral part of this market and allow companies to strengthen their market position.

Business activities of the end-users significantly influence the financial conditions and businesses of raw material suppliers as well as manufacturers. Innovative bio-based value chains, business sustainability initiatives, and the growth of the green chemistry market are some of the drivers pushing market expansion.

COVID-19 had a negative impact on the furfural market because of the prices, which had fallen in 2020. China accounts for more than 80.0% of the global production of furfural and furfuryl alcohol, making it a noteworthy manufacturer.

Furfural Market Report Highlights

• The Chinese batch process is the fastest-growing process segment with a CAGR of 7.1%. This is because the Chinese batch process is generally used in various small-scale manufacturing facilities, mainly in China, which accounts for a prominent share of the market
• The solvent source is the fastest-growing application segment with a CAGR of 7.2%. This is attributed to the increasing utilization of furfural as a selective solvent for refining rosin and lubricating oils
• The refineries segment is the fastest-growing end-use segment with a CAGR of 5.1%. In response to the growing demand for the product as a solvent in the refining of petroleum, specialty adhesives, and lubricants, refineries have become the leading end-use area
• The sugarcane bagasse raw material segment is expected to advance at the fastest CAGR of 7.2%. High quantities of sugarcane bagasse are easily available at low cost in numerous sugarcane-processing manufacturing facilities such as sugar mills and independent distilleries, boosting the demand for sugarcane bagasse raw material
• Asia Pacific is expected to emerge as the fastest-growing region with a CAGR of 7.3%. The growth is majorly driven by the rising demand for packaged baby nutrition formulas among consumers in the region

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Furfural Market: Market Variables, Trends & Scope

3.1 Market Lineage Outlook

3.2 Penetration & Growth Prospect Mapping

3.3 Industry Value Chain Analysis

3.3.1 Raw Material Trends

3.3.2 Manufacturing Trends

3.4 Price Trend Analysis

3.5 Technology Overview

3.6 List of Key End-Users

3.7 Regulatory Framework

3.8 Market Dynamics

3.8.1 Market Driver Analysis

3.8.1.1 Increasing Demand For Furfuryl Alcohol

3.8.1.2 Growth In Foundry Industry

3.8.1.3 Emergence Of Major End-use Industries

3.8.2 Market Restraint Analysis

3.8.2.1 Fluctuating Raw Material Prices

3.8.3 Industry Challenges

3.9 Impact of COVID-19 Pandemic

3.10 Business Environment Analysis

Chapter 4 Furfural Market: Process Estimates & Trend Analysis

Chapter 5 Furfural Market: Raw Material Estimates & Trend Analysis

Chapter 6 Furfural Market: Application Estimates & Trend Analysis

Chapter 7 Furfural Market: End-use Estimates & Trend Analysis

Chapter 8 Furfural Market: Regional Estimates & Trend Analysis

Chapter 9 Competitive Landscape

Chapter 10 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/hoko98

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.