Wilmington, Delaware, United States, July 27, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global furfural market is estimated to register growth at a CAGR of 5.5% during the forecast period from 2022 to 2031, notes a review by Transparency Market Research (TMR).
The global market study on furfural market by TMR offers in-depth analysis of varied factors influencing the growth curve of the market. Hence, readers gain access to detailed study of the growth drivers, challenges, threats, expansion opportunities, and technological advancements in the market for furfural.
5 methyl furfural refers to a natural product generally found in Castanopsis cuspidata, Campsis grandiflora, and other organisms, notes a TMR study on the global furfural market. This type of furfural is being increasingly utilized as a food additive and synthetic intermediate. Moreover, hydroxymethyl furfural is known as a food improvement agent and is being utilized in the production of biomass-derived polymers and fuels. Rise in the use of hydroxymethyl furfural in food industry as a flavoring agent and biomarker in different food products is bolstering the global furfural market.
The furfural market in Asia Pacific is estimated to gain prominent business opportunities during the forecast period. The market growth is ascribed to many factors including a rise in the use of product in China, in which there are many manufacturing companies. Furthermore, the easy accessibility to raw materials in the nation is contributing to the overall growth of the furfural market in Asia Pacific.
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Furfural Market: Key Findings
- Furfural finds wide application as an intermediate or solvent in different end-use industries such as agriculture, foundry, pharmaceuticals, paints & coatings, chemicals, refineries, construction, and automotive. Hence, such wide range of furfural uses and the expansion of above-mentioned industries are fueling the growth in the global furfural market.
- Furfuryl alcohol is being utilized in the foundry industry. It is in high demand among the suppliers of foundry binders owing to its varied properties including high reactivity, superior solvent characteristics, and low viscosity. Moreover, furfuryl alcohol is also used during the manufacturing of furan resins utilized in the metal casting industry for foundry sand binders. This factor is expected to boost the demand of furfural market in the forthcoming years.
- Furfuryl alcohol finds main application in binders for conventional furan no-bake systems. Moreover, it is also being utilized in smaller quantities in furan warm-box, hot-box, and gas-hardened procedures, note analysts of a TMR study on the furfural market. In the foundry sector, furfuryl alcohol competes mainly with phenol. Moreover, furfuryl alcohol is the mostly derived chemical from furfural. Rise in the use of furfuryl alcohol in the manufacturing of foundry sand binders is likely to crate profitable prospects in the furfural market during the forecast period, note researchers at TMR.
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Furfural Market: Growth Boosters
- Surge in the utilization of furfuryl alcohol across varied foundry applications is creating sizable business avenues in the market
- Rising adoption of bio-based products around the world is fueling the sales growth in the global furfural market
Furfural Market: Key Players
Some of the key players profiled in the report are:
- Illovo Sugar Ltd.
- Henan Huilong Chemical Co., Ltd.
- Aurus Specialty Company
- Central Romana Corporation, Ltd.
- Penn A Kem LLC
- Lenzing AG
- Shandong Crownchem Industries Co., Ltd.
- Silvateam S.p.A.
- Hongye Holding Corporation Ltd.
- Tieling North Furfural (Group) Co., Ltd.
- Tanin Senvica d.d.
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Furfural Market Segmentation
Application
- Furfuryl Alcohol
- Solvents
- Chemical Intermediates
- Pharmaceuticals
- Others (including Pesticides and Herbicides)
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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