Global Furfural Market Expected To Reach USD 840.65 million by 2027 – Astute Analytica
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Furfural is an organic formula that is the form of a colorless liquid. This organic formula is present in the form of a variety of solvents, polymers, fuels, and other useful chemicals. It is acquired from rice husk, sugarcane bagasse, sunflower hull, corncob, and other agricultural residues and is used as transportation fuel, fungicides, nematicides, furfuryl alcohols, gasoline additives, decolorizing agents, insecticides, solvents, resins, etc.
Factors Influencing the Market
Drivers
Upscaling demand for furfural alcohol from a wide range of end-use industries, such as petroleum refineries, pharmaceuticals, paints and coatings, lubricants, cement, etc., is primarily shaping the scope of the global furfural market. Moreover, alcohol is being used to develop metal cores and castings for decades. The foundry sector of India is estimated to register a growth rate of 13.0-14.0% until 2025, which will make it the world's second-largest foundry industry after China.
The accelerating growth of the construction industry will open doors of opportunities for the global furfural market. Construction is among the major end-use industries of furfural as it is used as a solvent or intermediary. Over the forecast period, the global construction industry is expected to witness unprecedented growth, which will benefit the global furfural market. Countries like India, China, South Africa, and Brazil are expected to have the highest contribution.
Opportunity
The high demand for bio-based solvents will have a strong influence on the furfural market. Heavy production of biofuels will also force the demand for furfural, which will be opportunistic for the global market. Apart from that, the fact that furfural is both naturally occurring and can also be easily manufactured is another factor boosting the market growth. Further, furfural can easily be destroyed in the air and is extremely mobile in the soil, presenting excellent prospects for industry growth.
Trend
The high adoption rate of furfural across various end-use industries will be beneficial for the market. Furfural is trending in plastics, adhesives, inks, nematicides, antacids, flavoring compounds, fungicides, and various other industries. The compound is a good fit because of the flexibility it offers. In the polymer and plastic industries, furfural is gaining significant popularity because of its derivatives, which can be used to develop specialized polymers.
Segmentation Analysis
On the basis of raw materials, the corncob segment leads with the highest market share.
On the basis of raw materials, the corncob segment leads with the highest market share and will also exhibit the highest growth rate over the forecast period. Corncob is in the center of the maize where kernels are grown. Corncob, because of its highest hemicellulose content (30%-35%), is in high demand.
On the basis of application, furfuryl alcohol leads with the highest market share
On the basis of application, furfuryl alcohol is being used in a variety of applications, majorly in the production of furan resin. The rapidly growing foundry industry will eventually upscale the demand for foundry resins. Additionally, the resins application segment is expected to exhibit the highest growth rate over the forecast period.
On the basis of end-users, petroleum refineries lead with the highest revenue share
Based on end-users, the petroleum industry is expected to lead with the highest revenue share because of the fact that a variety of oil companies use furfural for the refining of lubricating oils.
On the basis of region, Asia-Pacific is maintaining its dominance in the global furfural market
Based on region, Asia-Pacific maintains its dominance in the global furfural market with the highest revenue share of 80%, registered in 2021. The Asia-Pacific furfural market will maintain its lead by exhibiting the highest CAGR because of the high production of furfural in China and the rapidly growing end-use industries of furfural in the region.
COVID-19 Impact Analysis
The COVID-19 pandemic forced authorities to impose stringent rules and restrictions, which ultimately resulted in limited operations. Therefore, the demand for furfural from end-users decreased eventually. The market witnessed a long-term negative impact of the COVID-19 pandemic as the lockdown remained for more than expected period. Further, the travel restrictions in the affected economies obstructed the import and export of furfural. Petrochemical, construction, and various other industries recorded a sharp fall in revenue. Additionally, the industry's overdependence on China for raw materials further hampered the growth of the market as the country was the epicenter of the COVID-19 pandemic.
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Competitors in the Market
Some of the key players analyzed in the furfural market include KRBL, Hebeichem, Transfuran Chemicals, Shanghai Huiyingtong International Trading Co., Ltd., Tieling North Furfural (Group) Co. Ltd., Hongye Holding Group Corporation Limited, and others.
Market Segmentation
By Raw Material:
Sugarcane Bagasse
Corncob
Rice Husk
Sunflower Hull
Others
By Application:
Furfuryl Alcohol
Solvent
Resins
Gasoline Additives
Fungicides
Flavor Enhancers
Decolorizing Agents
Agricultural Raw Materials
Others
By End User:
Petroleum Refineries
Agricultural Formulations
Pharmaceuticals
Paints & Coatings
Lubricants Industry
Cement Industry
Energy Sector
Adhesives
Food and Beverages Industry
Others
By Region:
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
South America
Argentina
Brazil
Rest of South America
MEA
South Africa
Rest of MEA
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About Astute Analytica
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