New Delhi, March 10, 2023 (GLOBE NEWSWIRE) -- The global furfural market is expected to experience substantial growth over the forecast period, with a projected value of US$ 981.23 Mn by 2031, up from US$ 508.4 Mn in 2022, at a CAGR of 8.7% during the forecast period 2023-2031. The market is also expected to grow in terms of volume, with a value of 463.1 kilo tons in 2022 and a projected CAGR of 8.5% over the forecast period.

Get Free sample copy of this report @ https://www.astuteanalytica.com/request-sample/furfural-market

The wide range of applications of furfural makes it an attractive chemical for various industries. In the petrochemical industry, furfural is used as a solvent for extracting hydrocarbons from oil and gas. It is also used as a raw material in the production of furfuryl alcohol, which is a versatile chemical used in the manufacture of resins, adhesives, and coatings. Furfuryl alcohol is also used as a solvent in the petrochemical industry.

The increasing demand for bio-based products has led to the growth of the furfural market. Bio-based solvents such as furfural are becoming more popular as they are derived from renewable sources, are less toxic, and have a lower carbon footprint compared to conventional solvents. The rising demand for petrochemicals and the need to reduce dependence on fossil fuels are also driving the demand for furfural.

In the food industry, furfural is used as a flavoring agent and preservative. It is added to processed foods and beverages to enhance their flavor and extend their shelf life. The increasing demand for processed food and beverages, especially in developing countries, is expected to fuel the growth of the furfural market.

Key Findings of Global Furfural Market

• Production: The global furfural production capacity is estimated to be around 463.1 kilo tons in 2022 and is expected to grow at CAGR of 8.5% over the forecast period tons per year. The largest producers of furfural are China, South Africa, and the United States.
• Consumption: The major end-use industries for furfural are pharmaceuticals, agricultural chemicals, and foundry resins.
• Application breakdown: Approximately 43% of furfural production is used to produce furfuryl alcohol, which is used in the production of foundry resins, adhesives, and coatings. The pharmaceutical industry is also a major consumer of furfural, using it as a starting material for the synthesis of various drugs. The agricultural industry uses furfural as a herbicide and pesticide, as well as a component of fertilizers.
• Demand: The demand for furfural market is expected to continue to grow in the coming years due to its increasing use in various applications such as solvents, resins, and agricultural chemicals.
• Regional breakdown: Asia-Pacific is the largest consumer and producer of furfural, with China being the largest producer and consumer of furfural in the world. Other key regions for furfural production and consumption include North America and Europe.

Astute Analytica's Analysis of Global Furfural Market

The demand for eco-friendly products is on the rise, with consumers becoming increasingly aware of the impact their purchases have on the environment. This trend has led to a surge in demand for furfural, a bio-based chemical derived from agricultural waste that is considered to be an eco-friendly product. Consumers who prioritize sustainability and environmental responsibility are particularly drawn to furfural, making it an attractive option for companies looking to appeal to this growing market.

In addition to this, the global furfural market is subject to various regulations and policies that can impact the industry. The use of furfural in the food industry, for example, is regulated by the US Food and Drug Administration (FDA) and other regulatory bodies, which can influence consumer purchasing decisions.

Price is another crucial factor that can impact consumers' buying decision in the furfural market. Raw material prices, production costs, and supply and demand can all affect the price of furfural, and consumers are likely to opt for more affordable alternatives if the price becomes too high.

Brand reputation and product quality are also important considerations for consumers when making purchasing decisions. Consumers are likely to choose furfural products from reputable brands that offer high-quality products that meet their specific needs and expectations.

Finally, the specific requirements of each application in which furfural is used can also influence consumer behavior. Pharmaceutical companies, for example, are likely to choose furfural products that meet the regulatory requirements for drug synthesis.

Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/furfural-market

More than 37.7% Revenue of the Global Furfural Market is to Come from Petroleum Refineries Applications

According to a recent study by Astute Analytica, the petroleum refineries application segment is expected to contribute more than 37.7% to the global furfural market revenue in the coming years. This significant contribution is due to the growing demand for furfural as a solvent in the petroleum refining process. Furfural is a cost-effective and environmentally friendly alternative to traditional solvents, making it a popular choice for companies seeking to reduce their environmental impact and operating costs.

In petroleum refining, furfural is primarily used as a solvent for extracting hydrocarbons from crude oil. It is particularly effective at removing aromatic compounds, such as benzene, from crude oil, which can improve the quality and purity of the final petroleum products. Additionally, furfural can be used to remove sulfur compounds from petroleum, which is important for meeting environmental regulations and producing cleaner fuels.

Compared to traditional solvents, such as benzene and toluene, furfural is cost-effective and has a lower environmental impact. Furfural is also less toxic than other solvents, which makes it safer for workers to handle and reduces the risk of environmental contamination. These benefits have made furfural a popular choice for petroleum refineries seeking to reduce their environmental impact and operating costs.

More than 42% revenue of Global Furfural Market to Come from Furfuryl Alcohol

According to a recent study by Astute Analytica, more than 42% of the revenue generated in the global furfural market is expected to come from furfuryl alcohol in the coming years. The foundry industry is the largest consumer of furfuryl alcohol, accounting for around 60% of the global demand. The pharmaceutical industry is also a major consumer, with a projected annual growth rate of 6.3% from 2021 to 2026. In addition, the agricultural chemicals industry is expected to grow at a CAGR of 5.9% during the same period, driving demand for furfuryl alcohol as a precursor for herbicides and insecticides.

Furfuryl alcohol is considered a sustainable and eco-friendly alternative to traditional chemicals, as it is derived from agricultural waste and its production generates lower emissions compared to other chemicals. The growing demand for sustainable and eco-friendly products is expected to drive the adoption of furfuryl alcohol in various industries, contributing to the projected growth in the global furfural market.

Ferocious Shifts: Exploring the Cutting-Edge Trends Transforming the Global Furfural Market

• Increasing demand for eco-friendly products: Consumers are becoming more conscious about their impact on the environment and are seeking out products that have minimal impact on the planet. Furfural, being a bio-based chemical derived from agricultural waste, is considered to be an eco-friendly product. As a result, there is growing demand for furfural among consumers who prioritize sustainability and environmental responsibility.
• Growing demand from the foundry industry: The foundry industry is the largest consumer of furfuryl alcohol, which is derived from furfural. This is due to its superior properties as a binder for sand casting molds. With the growth of the global foundry industry, the demand for furfuryl alcohol is also expected to increase.
• Increasing demand from the pharmaceutical industry: Furfural and furfuryl alcohol are used as intermediates in the production of various pharmaceuticals. The increasing demand for pharmaceuticals, driven by factors such as aging populations and the prevalence of chronic diseases, is expected to drive the growth of the furfural market.
• Advancements in production technology: Advances in technology have led to the development of new production methods for furfural and furfuryl alcohol. These advancements have resulted in more efficient and cost-effective production methods, which are expected to drive the growth of the furfural market.
• Stringent regulations and policies: The global furfural market is subject to various regulations and policies that can influence consumer behavior. For example, the use of furfural in the food industry is regulated by the US Food and Drug Administration (FDA) and other regulatory bodies, and consumers are likely to be influenced by these regulations when making purchasing decisions.

Some of the Top Market Players Are:

• Shandong Zibo Baofeng I&E Co.,Ltd.
• Zhongkang Furfural Co., Ltd.
• Shanghai Huiyingtong International Trading Co.,Ltd.
• Arcoy Industries Pvt. Ltd
• Hongye Holding Group Corporation Limited
• Hebeichem
• International Furan Chemicals B.V.
• KRBL
• Lenzing AG
• NC-Nature Chemicals Dr. Kruppa GmbH
• Pennakem
• Silvateam S.p.a.
• Transfuran Chemicals
• Tieling North Furfural (Group) Co. Ltd.
• Zhucheng Taisheng Chemical Co., Ltd.
• Zibo Xinye Chemical Co., Ltd.
• Other Prominent Players

Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/furfural-market

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com

Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com