The global Furfural market size is expected to be worth around US$ 1201.8 million by 2027, according to a new report by Vision Research Reports.
The global Furfural market size was valued at US$ 814.5 million in 2019 and is anticipated to grow at a CAGR of 5.0% during forecast period 2020 to 2027.
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Furfural Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 – 2027 – Breakdown Data by Regions, Type, Manufacturers and Applications
The rising importance of bio-based solvents as a consequence of increasing environmental concerns is anticipated to boost the product demand in solvent applications over the forecast period.
Growth can be attributed to the developments of novel derivatives, such as THF by key manufacturers, resulting in the expansion of the application segment. In addition, favorable regulations concerning the inclusion of bio-based products in several end-use industries are penetrating the demand for organic chemicals across several industries, thus triggering the market growth.
Technological advancements in the manufacturing process of furfural are estimated to considerably surge the production yield from key raw materials, thus achieving economies of scale. Key manufacturers in the marketare using novel cost-effective processes to increase product yield along with more efficient utilization of key resources.
- The global market is fragmented as the number of companies within furfural business operating in China is relatively high
- A surge in solvent consumption from several end-use industries, including refining, agriculture, chemical manufacturing, and pharmaceuticals, is driving the market toward high yield production and the expansion of this application segment
- Increasing demand for furfuryl alcohol from the foundry industries of the Europe and North America markets has increased the focus of the companies on producing furfuryl alcohol using furfural manufactured in their facilities, thus integrating forward and lowering operational costs
- In 2019, refineries emerged as the dominant end-use segment due to high product demand as a solvent in petroleum refining, specialist adhesives, and lubricants
- Illovo Sugar Africa (Pty.) Ltd.
- Central Romana Corporation
- TransFurans Chemicals bvba
- Pennakem, LLC
- Silvateam S.p.a
- Lenzing Ag
- Linzi Organic Chemical Inc. Ltd.
Furfural Process Outlook
- Quacker Batch Process
- Chinese Batch Process
- Rosenlew Continuous Process
Furfural Raw Material Outlook
- Sugarcane Bagasse
- Sunflower Hull
- Rice Husk
Furfural Application Outlook
- Furfuryl Alcohol
Furfural End-use Outlook
- Paints & Coatings
- Food & Beverage
Furfural Market Regional Outlook
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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