The Global Furfural Market size is expected to reach $8,67.7 million by 2030, rising at a market growth of 5.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 2659.68 hundred tonnes, experiencing a growth of 4.8% (2019-2022).
Many countries in the Asia Pacific region have large agricultural sectors producing significant biomass residues such as rice husks, corn cobs, and sugarcane bagasse. Thus, the Asia Pacific region acquired $3,60648.5 thousand revenue in 2022. The growth of India’s pharmaceutical industry may drive investments in chemical plants and infrastructure for furfural production or processing.
Advanced production processes enable furfural manufacturers to achieve higher yields and improve overall efficiency. Higher yields also translate into higher output volumes, meeting the growing demand for furfural in various industries. Thus, the technological advancements in production processes propel the market’s growth.
Additionally, furfural possesses a unique aromatic profile with a sweet, almond-like scent, making it suitable for use as a flavoring and fragrance agent. Its distinctive aroma adds depth, complexity, and richness to various food products, beverages, perfumes, cosmetics, and household products. Hence, increasing use in the flavor and fragrance industry is driving the market’s growth.
However, Furfural production relies on specific raw materials, primarily agricultural residues and biomass, which may have volatile prices and limited availability. Variations in the cost of these raw materials can immediately impact furfural production costs. In conclusion, the high production costs of furfural are impeding the growth of the market.
Many countries in the Asia Pacific region have large agricultural sectors producing significant biomass residues such as rice husks, corn cobs, and sugarcane bagasse. Thus, the Asia Pacific region acquired $3,60648.5 thousand revenue in 2022. The growth of India’s pharmaceutical industry may drive investments in chemical plants and infrastructure for furfural production or processing.
Advanced production processes enable furfural manufacturers to achieve higher yields and improve overall efficiency. Higher yields also translate into higher output volumes, meeting the growing demand for furfural in various industries. Thus, the technological advancements in production processes propel the market’s growth.
Additionally, furfural possesses a unique aromatic profile with a sweet, almond-like scent, making it suitable for use as a flavoring and fragrance agent. Its distinctive aroma adds depth, complexity, and richness to various food products, beverages, perfumes, cosmetics, and household products. Hence, increasing use in the flavor and fragrance industry is driving the market’s growth.
However, Furfural production relies on specific raw materials, primarily agricultural residues and biomass, which may have volatile prices and limited availability. Variations in the cost of these raw materials can immediately impact furfural production costs. In conclusion, the high production costs of furfural are impeding the growth of the market.
By Raw Material Analysis
Based on raw material, the market is divided into corn cobs, rice husk, sugarcane bagasse, and others. In 2022, the corn cobs segment garnered a 19% revenue share in the market. Corn cobs are a renewable and sustainable source of biomass. The abundant supply of corn cobs makes them an attractive feedstock for furfural production, especially in regions where corn cultivation is prevalent.By End User Analysis
Based on end user, the market is categorized into petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others. The pharmaceuticals segment procured a remarkable 21% revenue share in the market in 2022. To fill gaps in the medical field, enhance patient outcomes, and develop novel drug combinations, pharmaceutical companies are continuously innovating.
By Application Analysis
On the basis of application, the market is segmented into furfuryl alcohol, solvent, and others. The furfuryl alcohol segment recorded 81% revenue share in the market in 2022. Furfuryl alcohol is a versatile chemical with various applications across various industries. The diverse applications of furfuryl alcohol contribute to its increasing demand in the market.By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed a 12% revenue share in the market in 2022. In North America, strict environmental laws push industries to use more sustainable and clean production methods. As a result, industries in North America are increasingly turning to furfural as an environmentally friendly option.List of Key Companies Profiled
- TANIN d.d. Sevnica.
- KRBL Ltd.
- Silvateam S.p.a.
- Merck KGaA
- Central Romana Corporation, Ltd.
- Arcoy Industries Pvt. Ltd.
- Lenzing AG (B & C Industrieholding GmbH)
- Hongye Holding Group Co., Ltd.
- Illovo Sugar Africa Proprietary Limited (Associated British Foods plc)
- Pennakem, LLC (Minafin Group)
Market Report Segmentation
By Raw Material (Volume, Hundred Tonnes, USD Million, 2019-2030)- Rice Husk
- Corn Cobs
- Sugarcane Bagasse
- Others
- Agricultural Formulations
- Petroleum Refineries
- Paints & Coatings
- Pharmaceuticals
- Others
- Furfuryl Alcohol
- Solvent
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Furfural Market, by Raw Material
Chapter 5. Global Furfural Market, by End User
Chapter 6. Global Furfural Market, by Application
Chapter 7. Global Furfural Market, by Region
Chapter 8. Company Profiles
Companies Mentioned
- TANIN d.d. Sevnica.
- KRBL Ltd.
- Silvateam S.p.a.
- Merck KGaA
- Central Romana Corporation, Ltd.
- Arcoy Industries Pvt. Ltd.
- Lenzing AG (B & C Industrieholding GmbH)
- Hongye Holding Group Co., Ltd.
- Illovo Sugar Africa Proprietary Limited (Associated British Foods plc)
- Pennakem, LLC (Minafin Group)
Methodology
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