New York, Jan. 30, 2024 (GLOBE NEWSWIRE) -- According to Market.us, The Furfural Market size is expected to be worth around USD 1012.6 Million by 2033, from USD 576.2 Million in 2023, growing at a CAGR of 5.8% during the forecast period from 2024 to 2033.
The Furfural market refers to the global industry centered around the production, distribution, and utilization of furfural, an organic compound derived primarily from agricultural byproducts like corn cobs, oat hulls, rice husk, bagasse, and sawdust. Furfural (C5H4O2) is a colorless or yellowish liquid with an almond-like odor and is known for its versatility as a chemical building block.
The Furfural market is a niche segment within the global chemical industry, with a specific focus on sustainability and the utilization of renewable resources. This market is subject to fluctuating dynamics based on agricultural yields, technological advancements in production processes, and the shifting demands of end-use industries.
Get a Complete and Professional PDF Sample @ https://market.us/report/furfural-market/request-sample/
Important Revelation:
- The furfural market is projected to reach USD 1012.6 Million by 2033 from USD 576.2 Million in 2023, growing at a 5.8% CAGR.
- The Chinese Batch Process leads furfural production, accounting for 80.3% of global revenue in 2023.
- Corncob is the primary raw material for furfural, holding a 68.5% market share in 2023 due to high yield efficiency.
- Furfuryl Alcohol dominates applications with an 82.1% market share in 2023, utilized in automotive and electronics industries.
- Refineries are the leading end-users of furfural, constituting 48.9% of the market in 2023, for solvent and agrochemical uses.
- Asia Pacific dominates the regional market with over 72.3% share in 2023, while Europe focuses on food flavoring applications.
Factors Affecting the Growth of the Global Furfural Market
- Raw Material Availability: The supply of agricultural byproducts such as corncobs, sugarcane bagasse, and others directly impacts furfural production.
- Technological Advancements: Innovations in production processes can enhance efficiency and yield, significantly affecting market growth.
- Environmental Regulations: Stricter environmental policies can increase the demand for furfural, a bio-based, renewable chemical, over petrochemical alternatives.
- Market Demand for Derivatives: The demand for furfural derivatives, particularly furfuryl alcohol, in various industries like automotive, electronics, and foundries drives market expansion.
- Global Economic Conditions: Economic factors, including fluctuations in global trade, currency exchange rates, and the overall economic health of key markets, influence the market dynamics.
- Consumer Preferences: A shift towards more environmentally friendly and sustainable products can increase the demand for bio-based chemicals like furfural.
Drive Your Growth Strategy! Purchase the Report to Uncover Key Insights: https://market.us/purchase-report/?report_id=14818
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include:
- Central Romana Corporation
- ILLOVO SUGAR AFRICA (PTY) LTD
- KRBL Ltd.
- LENZING AG
- Pennakem, LLC
- Hongye Holding Group Corporation Limited
- Silvateam SpA
- Tanin d.d.
- TransFurans Chemicals bvba
- Xingtai Chunlei Furfuryl Alcohol Co. Ltd (hebeichem)
- Zibo Xinye Chemical Co. Ltd
- Arcoy Industries Pvt. Ltd.
- GoodRich Sugar
- Zibo Huaao Chemical
- Tieling North Furfural (Group) Co. Ltd.
Report Segmentation
Process analysis
The global furfural market is categorized by several production processes, including the Quaker batch, Chinese batch, and Rosenlew continuous methods. Dominating the market, the Chinese batch process contributed to 80.3% of the global revenue in 2023, being integral to China's manufacturing sector.
While the Quaker batch process is older and others are its modified versions, the Rosenlew continuous process stands out for using sulfuric acid as a catalyst, offering simplicity and reliability. However, it's less favored by small and medium manufacturers due to its high steam usage, lower yields, and consequently higher production costs. The Chinese batch process remains popular among manufacturers for its cost-effectiveness.
Raw Material analysis
The global market for raw materials in furfural production is segmented into corncob and sugarcane bagasse. In 2023, corncob dominated with a share exceeding 68.5%, expected to maintain its position due to extensive use and high yield. Corncob is also valued for biomass feedstock in renewable energy production.
Sugarcane bagasse, a byproduct from sugar mills, is abundant in countries like Brazil, India, China, Thailand, and Pakistan. Its availability at a low cost makes it a significant resource, but storage is complex and expensive. Furfural units are recommended to be located near sugar mills for efficient utilization.
By Application
In 2023, Furfuryl Alcohol dominated the market with an 82.1% share, widely utilized in industries such as automotive, construction, and electronics for its versatility in making resins and binders. Solvents, integral for formulations in paints, coatings, and cleaning products, maintain consistent demand across manufacturing and construction sectors.
Intermediates, serving as foundational components for various chemicals, quietly contribute to the production of goods like pharmaceuticals and agricultural chemicals. While applications like flavors, fragrances, and raw materials for chemical compounds may not individually match Furfuryl Alcohol or Solvents, together, they contribute to the diverse landscape of furfural applications.
End-Use analysis
The global furfural market, segmented by end uses such as paints & coatings and pharmaceuticals, witnessed refineries holding a significant revenue share of over 48.9% in 2023. Its extensive use as a solvent in petroleum refineries, specialty adhesives, and lubricants contributes to this dominance. Furfural plays a vital role in the agrochemical sector, serving as an insecticide, nematicide, and fungicide.
Widely employed in horticulture as a weed killer, it acts as a contact insecticide with relatively low concentrations. Furfural is also utilized in the synthesis and construction of pharmaceutical building blocks, listed as an active ingredient in veterinary medicines. The market is expected to grow with increased investment and production in health products.
Want to Access the Statistical Data and Graphs, Request a PDF Sample @ https://market.us/report/furfural-market/request-sample/
Key Market Segments
By Process
- Chinese Batch Process
- Quaker Batch Process
- Rosenlew Continuous Process
- Other Process
By Raw Material
- Sugarcane bagasse
- Corn cob
- Rice husk
- Sunflower hull
- Other Raw Materials
By Application
- Furfuryl Alcohol
- Solvent
- Intermediate
- Others
By End-Use
- Pharmaceuticals
- Agriculture
- Food & Beverage
- Paints & Coatings
- Refineries
- Other End-uses
Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 576.2 Million |
| Forecast Revenue 2033 | USD 1012.6 Million |
| CAGR (2024 to 2033) | 5.8% |
| Asia-Pacific Revenue Share | 72.3% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Regional Analysis
The Asia Pacific region held a dominant market share of over 72.3% in 2023, driven by high furfural production, particularly in China, and growth in end-use industries like agriculture, food & drink, pharmaceuticals, and refineries. Asia Pacific is expected to experience the highest CAGR from 2023 to 2033, attributed to increasing demand from the chemical and foundry sectors. China, the dominant market in the region, exhibits high demand for furfuryl alcohol, primarily sourced from corncobs using the Chinese batch process.
China contributes to over 81.1% of global furfural production. Europe's market growth is influenced by the development of the pharmaceutical and food industries, with Austria, Slovenia, and Italy being key furfural producers. Furfural is utilized in Europe as a flavoring agent in various foods, and the market is anticipated to grow further, driven by increased use in meat products, baking, and the expanding bakery sector in France and Italy.
By Geography
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Explore Extensive Ongoing Coverage on Chemicals and Materials Reports Domain:
- Conductive Ink market size is expected to be worth around USD 5.6 billion by 2033, from USD 3.5 billion in 2023, growing at a CAGR of 6.3% during the forecast period from 2023 to 2033.
- Ammonium nitrate market size is expected to be worth around USD 9.1 billion by 2033, from USD 6.1 billion in 2023, growing at a CAGR of 4.2% during the forecast period from 2023 to 2033.
- 3D printing plastic market was valued at USD 797 million. Between 2023 and 2032, this market is estimated to register the highest CAGR of 24.6%. It is expected to reach USD 6804 million by 2032.
- Permanent Magnets Market was valued at USD 35 Billion. This market is estimated to reach USD 78.9 Billion in 2032 at the highest CAGR of 8.7% between 2023 and 2032
- Biomethane Market was valued at USD 3.4 Billion and is expected to reach around USD 6.1 Billion by 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 6.1%.
- Architectural Coatings market size is expected to be worth around USD 139.8 billion by 2033, from USD 85 billion in 2023, growing at a CAGR of 5.1% during the forecast period from 2023 to 2033.
- Carbon dioxide market size is expected to be worth around USD 18.3 billion by 2033, from USD 10.8 billion in 2023, growing at a CAGR of 5.4% during the forecast period from 2023 to 2033.
- Ferroalloys Market size is expected to be worth around USD 92.7 billion by 2033, from USD 45.8 billion in 2023, growing at a CAGR of 7.3% during the forecast period from 2023 to 2033.
- Thermal paper market size is expected to be worth around USD 6.3 billion by 2033, from USD 4.15 billion in 2023, growing at a CAGR of 4.3% during the forecast period from 2023 to 2033.
- Nitrogenous Fertilizer Market size is expected to be worth around USD 111.2 billion by 2033, from USD 63.9 billion in 2023, growing at a CAGR of 5.7% during the forecast period from 2023 to 2033.
About Us
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us On LinkedIn Facebook Twitter
Our Blog:
