Austin, Jan. 29, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The Furfural Market Size was valued at USD 595.7 million in 2023, and is expected to reach USD 1095.2 million by 2032, and grow at a CAGR of 7.0% over the forecast period 2024-2032.”
Furfural Market Growth Accelerates with Rising Demand for Bio-Based Chemicals and Sustainable Innovations
The furfural market is experiencing robust growth, driven by the rising demand for bio-based chemicals from renewable sources like corn cobs, sugarcane bagasse, and wood chips. With a global shift towards sustainability and green chemistry, furfural has emerged as a key intermediate in replacing petroleum-based products. Recent advancements, such as improved conversion techniques and the strategic enhancement of hydrogen bond interactions, have significantly boosted furfural yields, making production more cost-effective and appealing to manufacturers. Additionally, the growing use of furfural derivatives, particularly in furfuryl alcohol production for applications like resins in construction and foundries, is driving investment in production capacities. Collaboration between producers and research institutes is intensifying, fostering innovations in extraction, purification, and novel applications of furfural. As industries pursue sustainable alternatives, furfural’s role in achieving global sustainability goals becomes increasingly vital, with its market growth supported by renewable resources and efficient processing technologies.
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Key Companies:
- Cayman Chemical Company (furfural, furfuryl alcohol)
- Furfural Company (furfural, furfural derivatives)
- Hongye Holding Group Corporation (furfural, furfuryl alcohol)
- Kraton Corporation (furfural, furfuryl alcohol)
- Mitsubishi Chemical Corporation (furfural, furfuryl alcohol)
- Penn A Kem LLC (furfural, furfural derivatives)
- Segetis Inc. (furfural, furfural-based solvents)
- Shandong Fuyuan Chemical Co., Ltd. (furfural, furfuryl alcohol)
- Sundow Polymers Co., Ltd. (furfural, furfuryl alcohol)
- Zhangjiagang Huasheng Chemical Co., Ltd. (furfural, furfuryl alcohol)
- Anhui Aokai Chemical Co., Ltd. (furfural, furfuryl alcohol)
- BASF SE (furfural, furfuryl alcohol)
- Dharmaji Chemicals (furfural, furfuryl alcohol)
- Gujarat Bikas Industries Ltd. (furfural, furfuryl alcohol)
- Harshil Chemicals (furfural, furfuryl alcohol)
- Lenzing AG (furfural, furfuryl alcohol)
- Lignin and Furfural Company (furfural, furfuryl alcohol)
- Royal Dutch Shell (furfural, furfuryl alcohol)
- The DOW Chemical Company (furfural, furfuryl alcohol)
- Zibo Guangtong Chemical Co., Ltd. (furfural, furfuryl alcohol)
Furfural Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 595.7 Million |
| Market Size by 2032 | USD 1095.2 Million |
| CAGR | CAGR of 7.0% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | •By Process (Quaker Batch Process, Chinese Batch Process, Rosenlew Continuous Process, Others) •By Raw Material (Corn cob, Sugarcane bagasse, Sunflower hull, Rice husk, Others) •By Application (Furfuryl alcohol, Solvent, Intermediate, Others) •By End-use Industry (Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverage, Refineries, Others) |
| Key Drivers | • Increasing demand for bio-based chemicals driving market growth • Advancements in production technologies fueling market expansion |
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Chinese Batch Process: Dominating the Furfural Market with Economic Feasibility and Higher Yield (65% Share, 2023)
The Chinese Batch Process dominated the furfural market in 2023, accounting for 65% of the market share due to its cost-effectiveness and high yield from agricultural residues. Chinese manufacturers like Shandong Fuyuan Chemical Co., Ltd. leverage this process to enhance production efficiency. China's established infrastructure and raw material availability solidify its leadership in furfural production globally.
Corn Cobs: A Key Feedstock Driving 45% Share in Furfural Production (2023)
Corn cobs held a 45% market share in 2023, driven by their abundance as a byproduct in major corn-producing regions like the U.S. and China. Their high cellulose content makes them a cost-efficient, yield-rich raw material for furfural production. Companies like Penn A Kem LLC have optimized processes using corn cobs, further advancing efficiency and sustainability in the industry.
Furfuryl Alcohol: Leading Application with 55% Market Share in 2023
Furfuryl alcohol dominated the furfural market in 2023, capturing a 55% share due to its critical role in resins, adhesives, and coatings. Its eco-friendly attributes drive demand in industries like construction and automotive. Companies like Kraton Corporation innovate with bio-based products, fueling the growth of this sustainable application segment.
Agriculture: Leading End-Use Industry with 40% Share in 2023
Agriculture accounted for 40% of the furfural market in 2023, driven by its use in bio-based solvents for pesticides and herbicides. Companies like Segetis Inc. have pioneered sustainable furfural-based formulations, supporting the global trend towards eco-friendly agricultural practices and green chemistry.
Regional Analysis
Asia-Pacific: Dominating the Furfural Market with 55% Share in 2023
Asia-Pacific dominated the furfural market with a 55% share in 2023, driven by China's high agricultural output and strong infrastructure. Government support for bio-based chemicals and companies like Shandong Fuyuan Chemical Co., Ltd. capitalizing on agricultural residues further bolstered the region's dominance. Increasing awareness of sustainability and widespread industrial use of furfural also contributed to its market leadership.
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North America: Fastest Growing Furfural Market with 6.5% CAGR in 2023
North America emerged as the fastest-growing furfural market with a 6.5% CAGR in 2023. Rising demand for bio-based chemicals, strong R&D investment, and development in agricultural and construction applications propelled growth. U.S. and Canadian manufacturers focus on converting residues into sustainable, value-added products, aligning with consumer preference for eco-friendly alternatives. The region is poised for continued robust growth.
The furfural market is growing rapidly due to the increasing demand for bio-based chemicals and sustainable alternatives to petroleum products. Derived from agricultural residues like corn cobs and sugarcane bagasse, furfural is vital in resins, adhesives, and coatings. Technological advancements in production processes are enhancing yields and reducing costs. Rising consumer and industrial demand for eco-friendly solutions is further driving the market, with key players investing in R&D to explore new applications and improve sustainability.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Furfural Market Segmentation, by Process
8. Furfural Market Segmentation, by Raw Material
9. Furfural Market Segmentation, by Application
10. Furfural Market Segmentation, by End-use Industry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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