According to a new analysis by Pinnacle Market Reports, the furfural market is expected to reach US $1393.9 million by 2025, growing at a CAGR of 11% in terms of revenue.
Table of Contents
Furfural Market Report – Description
Furfural is a colourless oily liquid that is produced from agricultural waste and has applications as solvents, chemical feedstock, renewable building blocks, and pharmaceutical ingredients, among others. Some of the common raw materials for furfural production are corn cobs, sugarcane bagasse, cotton seed hulls, rice husks, saw dust, and biomass.
The market for furfural has been covered under the scope of this report. Furfural is produced from agricultural waste and is a colorless, oily liquid with a benzaldehyde-like odor. Its chemical name is 2-Furaldehyde with the molecular formula C5H4O2. The global furfural market has been segmented on the basis of raw material, application, and region. It also provides a cross-sectional study of the global furfural market across broad regional segments such as North America, Europe, Asia-Pacific (APAC), Middle-East & Africa (MEA), and Latin America under its scope. The market is primarily being driven by the rising demand for furfural for the production of furfuryl alcohol, the growing penetration of solvent application of furfural and the expansion of production capacity by producers, among others.
The scope of the Report
A complete analysis of market dynamics, which includes the market drivers, restraints, and opportunities, is included within the scope of the report. Market dynamics are the distinctive factors that influence the growth of any specific market and, hence, are invaluable in studying the current trends in the global market. The market dynamics for the different segments, namely technology, type, and application, have been covered separately, under the purview of the report. Additionally, the pricing dynamics for each region have also been covered under the scope of the report. The pricing dynamics focuses on the price range of furfural, in each region, and details the reasons for the rise or fall in prices of furfural. Thus, this report provides an exhaustive study of the global furfural market and also provides a forecast of the market for the period from 2017 to 2025.
Analysis Covered in the Report
Within the scope of the report on the global furfural market, several high-level analyses have been covered. This includes product-market trend analysis, product lifecycle analysis, Porter’s five forces analysis, and market attractiveness analysis. The market evolution analysis discusses the product evolution and the current market scenario. Key trends analysis discusses the current and upcoming trends in this market. Product lifecycle analysis analyses the current lifecycle stage of the product in the five wide geographic regions, such as whether the product is approaching maturity in a region or whether it is a new entrant, etc. Porter’s five forces analysis provides insights into the competitive scenario with regards to new entrants, substitutes, buyers, and suppliers. Patent analysis discusses the various patents being filed and granted across the different patent offices. To provide a detailed insight into the global furfural market, a market attractive analysis has been provided in the report. The market attractiveness analysis details the investment attractiveness of each technology, type, application, and geography.
Market Dynamics
The primary driving factors of the global furfural market are the increasing demand for furfuryl alcohol in foundries and the growth in demand for solvent applications. Also, the growing demand for furfural for the refining of lubricating oils and decolorizing agents for crude wood rosin is also driving the growth of the market. Additionally, the rise in the application of furfural as a wetting agent and reactive solvent in the steel industry has significantly boosted the market’s growth prospects. Wide application of furfural as a chemical feedstock for the production of furfuryl alcohol, methylfuran, furan, furoic acid, furfurylamine, etc. is identified as a long-term growth driver for the market. Considering the positive impacts of the aforementioned factors, the demand for furfural is expected to rise during the forecast period from 2017 to 2025.
The Competitive Profiling
The competitive profiling of the key players in the global furfural market and their capabilities as well as major customers have been exhaustively covered under the purview of the study. Moreover, the distinct business strategies that have been adopted by the major players in the market have also been included in the report.
Some major players in the Furfural Market
Some major players in the market are: Hongye Holding Group Corp., Ltd. (China), Central Romana Corporation (Dominican Republic), Tieling North Furfural (Group) Co. Ltd. (China), Illovo Sugar Ltd. (South Africa), Xingtai Chunlei Furfuryl Alcohol Co., Ltd. (China), Arcoy Biorefinery Pvt. Ltd. (India), Silvateam S.P.A. (Italy), Lenzing AG (Austria), Penn A Kem LLC (The U.S.) and Tanin Sevnica D.D among others.
Segmentation Overview
Based on Raw Material
Based on raw material, the global market has been segmented into corn cobs, rice husk, bagasse and others. As of 2016, corn cobs held the largest share both in terms of revenue and volume. Corn cobs are preferred for production of furfural due to its capability to produce high yield of furfural content, convenience in terms of sourcing and greater awareness among producers regarding benefits of using this raw material.
- Corn Cobs
- Rice Husk
- Bagasse
- Others
Based on Application
On the basis of application, the market has been divided into furfuryl alcohol, solvents, pharmaceutical agents and others. By both revenue and volume, furfuryl alcohol was the market leader in 2016. The growing application of furfuryl alcohol in furan resin production, rocket fuel production and synthesis of cross-linked polymer products, which were instrumental in gaining the leading position of this segment.
- Furfuryl Alcohol
- Solvents
- Pharmaceutical Agents
- Others
Furfural Market, by Region
- North America
- US
- Canada
- Europe
- Germany
- Italy
- Scandinavia + CIS
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of the Asia Pacific
- Middle-East & Africa (MEA)
- South Africa
- Rest of MEA
- Central and Latin America
- Dominican Republic
- Brazil
- Rest of the Central and Latin America
Regional Outlook
Furfural market has been further segmented into five broad geographic regions, namely North America, Europe, Asia Pacific (APAC), Middle-East & Africa (MEA) and Latin America. Asia Pacific occupied the largest share of the market in 2016. The large market share can be attributed to growing application of furfural as chemical feedstock across this region.
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