The global furfural market was valued at US$ 416.97 Mn in 2017 and isanticipated to expand at a CAGR of 5.5% from 2018 to 2026, according to a newreport titled ‘FurfuralMarket: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,2018–2026’ published by Transparency Market Research (TMR). Risein demand for furfuryl alcohol is driving the global furfural market. AsiaPacific accounts for major share of the global furfural market, led by theincrease in usage of furfural in the manufacture of furfuryl alcohol in theregion.
Substitutionof Fossil Fuel Resources with Renewable Alternatives
Increasein concerns about the adverse effects of fossil resources has led to the needfor replacement of these fuels with renewable alternatives. Of late, furfuralhas gained renewed attention as a potential platform for the production ofbiofuels and biochemicals. U.S. Department of Energy selected furfural as oneof the top 30 platform chemicals that can be derived from biomass. Furfuralpossesses attractive thermosetting properties such as physical strength andcorrosion resistance. Furfural is mainly manufactured from biomass. Furfural isless costly and abundantly available. The yield and production of furfural andits derivatives need to improve significantly for the chemical to compete withpetroleum-based products. Companies have developed a new technology to producefurfural. This has led to better yield and lower steam consumption vis-à-visthe traditional process. The technology is anticipated to gain wide acceptancein the market in the near future. This is estimated to lower the cost offurfural in the next few years.
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Risein Demand for Furfuryl Alcohol
Furfurylalcohol is a commonly derived chemical from furfural. It accounts for almost80% of the total consumption of furfural. Furfuryl alcohol is the majoringredient in furan foundry binders. This reactive alcohol plays a vital rolein the production of foundry sand binders. It has been extensively used toproduce cores and molds for metal casting since more than 40 years. Largeportion of furfuryl alcohol is purchased by foundry binder suppliers. The chemicalpossesses properties such as low viscosity, high reactivity, and excellentsolvent characteristics. This has boosted its usage in other fields. Furfurylalcohol is employed in the production of abrasive wheels and adhesives based onurea–formaldehyde resins due to its wetting-dispersant property. It is alsoused in the production of tetrahydrofurfuryl alcohol (THFA), which is employedas a solvent in the pharmaceutical industry. Furfuryl alcohol is primarilyemployed in the production of furan resins employed for foundry sand binders inthe metal casting industry. Currently, furfuryl alcohol is used widely inbinders for traditional furan no-bake systems. In smaller quantities, it isemployed in furan hot-box, warm-box, and gas-hardened processes. In its keyapplication, i.e. the foundry sector, furfuryl alcohol competes primarily withphenol, the feedstock for phenolic resins. Thus, increase in demand forfurfuryl alcohol in foundry applications is boosting the furfural market.
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InefficientProduction Leading to Low Yield and High Product Price
Currently,furfural is commercially produced by any of the following major manufacturingprocesses: Quaker batch process, Chinese batch process, and Rosenlew continuousprocess. Modern commercial production processes are inefficient (25–35 t steamt−1 furfural) and also give low yield (<50 mol% of theoretical). The cost ofrunning plants is high, as the yield from production processes is less than50%. This results in high product price. The price of furfural needs to be lowfor it to achieve higher penetration in various end-user industries.
Productionprocesses generate significant quantities of wastewater. This wastewater, whichis contaminated with acetic acid and other organic compounds, is expensive totreat. Several China-based furfural plants are compelled to either treat theireffluents or cease production.
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AsiaPacific Dominates Global Furfural Market
Interms of demand, Asia Pacific is expected to hold dominant share of thefurfural market during the forecast period. The furfural market in the regionis anticipated to expand at a faster pace than that in other regions during theforecast period owing to the rise in consumption of furfural in foundry andchemical industries in the region. The furfural market in Middle East &Africa is anticipated to expand due to the rise in demand for furfural in themetal casting industry in the region. Latin America, especially Brazil, isprojected to be an emerging region of the global furfural market during theforecast period. The market in Europe and North America is estimated to expandat a substantial pace during the forecast period due to the presence ofwell-established fertilizer and chemical manufacturing industries in theseregions.
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HighDegree of Competition among Established Players
Keyplayers profiled in the report on the global furfural market include Pennakem,LLC, Central Romana Corporation, Silvateam S.P.A., Lenzing Group, Behran OilCo., ILLOVO SUGAR (PTY) LTD, Aurus Specialty Company, Henan Huilong ChemicalCo., Ltd., Shandong Crownchem Industries Co., Ltd., and Hebei FuranInternational Co., Ltd.
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