Selbyville, Delaware, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Furfural Market was valued at USD 592.3 million in 2023 and is projected to be worth USD 998.5 million by the end of 2032, as per a recent study by Global Market Insights Inc.
Furfural, a versatile compound, is produced from agricultural by-products such as corncobs, oat hulls, and sugarcane bagasse. This chemical serves as an essential precursor in manufacturing a wide range of products and finds significant applications in sectors including pharmaceuticals, agrochemicals, and refining. Its bio-based origin highlights its relevance, particularly as the demand for sustainable and eco-friendly materials rise.
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One of the main drivers behind furfural market growth is the global shift toward bio-based chemicals, as industries seek greener alternatives to traditional synthetic options. The biodegradable nature of furfural, coupled with its minimal environmental impact, makes it an attractive raw material for various applications across multiple sectors.
In terms of raw materials, the market is categorized into several sources, including corncobs, oat hulls, cottonseed hulls, rice hulls, bagasse, and others such as peanut shells and sunflower hulls. Corncobs dominate this segment due to their high pentosan content, which makes them ideal for furfural production. Regions abundant in corn cultivation ensure a steady supply of this key raw material, supported by established processing techniques.
When examining applications, the furfural market is classified into furfuryl alcohol, solvents, flavoring agents, and other uses such as antacids and fertilizers. Furfuryl alcohol holds a commanding share, largely due to its critical function in the production of resins, especially for applications requiring durability and heat resistance. The growing demand for furfuryl alcohol in industries such as automotive and construction, particularly for high-performance materials, reinforces its significance in the market.
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The Asia Pacific region leads the furfural market, generating substantial revenue attributed to its abundance of agricultural by-products, particularly corncobs and bagasse. The robust agrochemical and refining sectors in this region further enhance the demand for furfural, contributing to market growth. In addition, the Asia Pacific market benefits from cost-effective production processes and favorable government policies that promote bio-based chemicals. As industrialization progresses and environmental regulations become stricter, the market in this region is well-positioned for sustained expansion.
Furfural Market Players
Companies including Central Romana Corporation, Hongye Holding Group Corporation Limited, Illovo Sugar Africa, International Furan Chemicals, KRBL Limited, Lenzing AG, Merck KGaA, Pennakem, Sappi Global, Silvateam are some firms working in furfural industry.
The furfural market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2021 to 2032, for the following segments:
Market, By Raw Material
- Corncobs
- Oat hulls
- Cottonseed hull
- Rice hulls
- Bagasse
- Others (peanut shells, sunflower hulls, etc.)
Market, By Application
- Furfuryl alcohol
- Solvents
- Flavoring agent
- Others (antacids, fertilizers, etc.)
Market, By End Use Industry
- Pharmaceuticals
- Agrochemicals
- Food & beverage
- Chemical
- Automotive
- Refineries
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
