Furfural Market Size By Raw Materials, By Application, By End User, By Geographic Scope And Forecast

Furfural Market Size And Forecast

Furfural Market is growing at a fast pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2020 to 2027.

The Global Furfural Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Furfural Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.

What is Furfural?

Furfural is an organic compound produced from agricultural byproducts like sugarcane bagasse, corncob, rice husk and wood residues. It is one of the top value added chemicals that can be produced from biomass. It is a non-petroleum based chemical feedstock that is produced by dehydrating five- carbon sugars (pentoses). With a range of catalytic reactions, furfural can be converted into a variety of fuels, solvents, polymers and other useful chemicals. Furfural can be converted into furfuryl alcohol by hydrogenation and this can be used to produce furan resins because of its resistance to corrosion. Other furfural derivatives can also be used as fungicides, nematicides, transportation fuels, insecticides and book preservation. Furfural can also be used to refine lubricating oils, as a decolorizing agent to refine crude wood rosin. It can also be used to purify C4 and C5 hydrocarbons by extractive distillation. Furfural is also a reactive solvent and a wetting agent. The dominant use of furfural is to convert it to furfuryl alcohol which makes up for most of its market value.

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Global Furfural Market Outlook

In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.

The production of furfural is extremely flexible and it is one of the most commonly produced chemicals. The driving factors for the furfural market are that it can be a replacement for the conventional petrochemical products because of their high carbon footprints which are a cause for concern so, increased environmental awareness and the need for the use of a renewable source with low production costs is a driving factor especially in China and India. The growing demand for metals is also likely to increase the growth of the furfural market as steel, copper and magnesium require rapid industrialization which is achieved by furfuryl alcohol.

The restraints for the growth of furfural market are that there are even cheaper crude-oil based alternatives. Crude oil is a naturally occurring unrefined petroleum product composed of hydrocarbon deposits and other organic materials. PTMEG (Polytetramethylene Ether Glycol) is used to make spandex. PTMEG can be made with THF (tetrahydrofuran) or BDO (butanediol). THF is a derivative of furfural, whereas BDO is derived from downstream crude oil. Owing to its low prices, BDO is preferred in the Textile Industry.

With an increase in demand for appliances, automotive interiors, thermal insulation there will also be an increase in the growth of the furfural market. PU (polyurethane) is produced from PTMEG which can be produced from furfural. PU is an extremely flexible foam and can is used in appliances, automotive interiors, thermal insulation (as it does not melt while heating) and home furniture as it is extremely durable. With such opportunities, the Furfural Market can be utilized in the coming years in these industries increasing its growth.

The biggest challenge that is faced by the Furfural Market is that there are no new and improved methods to obtain furfural on a commercial scale. The chemical and engineering aspects of the old methods like the Quaker Oats method need improvement so that they can yield more furfural. New methods have only been able to provide a significant yield in scientific studies, but could not perform the same in fieldwork.

Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The “Global Furfural Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Global Furfural Market Competitive Landscape

The “Global Furfural Market” study report will provide a valuable insight with an emphasis on global market including some of the major players are Central Romana Corporation,ltd, Transfuram Chemicals, Arcoy Industries Pvt. Ltd., Silvateam, Penn A Kem LLC, Tieling North Furfural (Group)Co. Ltd., KRBL Ltd., Hongye Holding Group Corporation, Illovo Group and Tanin Sevnica.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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Furfural Market, By Raw Materials

● Sugarcane
● Rice husk
● Corncob
● Others (wood chips, etc)

Furfural Market, By Application

● Furfuryl Alcohol
● Solvents
● Others

Furfural Market, By End User

● Petroleum Refineries
● Paints and Coatings
● Agricultural Formulations
● Pharmaceuticals
● Others

Furfural Market, By Geographic Scope

● North America
o U.S.
o Canada
o Mexico
● Europe
o Germany
o UK
o France
o Rest of Europe
● Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
● Rest of the World
o Latin America
o Middle East & Africa

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