Furfural Industry Overview
The global furfural market size was estimated at USD 522.60 million in 2021 and is expected to reach USD 923.89 million by 2030, registering a CAGR of 6.5% over the forecast period.
The rising importance of bio-based solvents as a consequence of increasing environmental concerns is anticipated to boost the product demand in solvent applications over the forecast period. The market observed a dip in 2020 owing to the outbreak of the COVID-19 pandemic. There was a change in production volume due to social distancing norms and lockdowns. Disruption in the supply chain and the logistic facility also impacted the furfural production.
Gather more insights about the market drivers, restrains and growth of the Global Furfural Market
Furfural is broadly used as a solvent or intermediate in several end-use industries, including foundry, agriculture, paints & coatings, pharmaceuticals, refineries, chemicals, automotive, and construction. The growing construction sector is projected to supplement the product demand in several refractory materials including ceramics, bricks, and fiberglass composites over the forecast period. In addition, the rising demand for sustainable products due to the depletion of fossil fuel resources is estimated to drive the demand.
At present, furfural production is characterized by outdated manufacturing technologies, high steam usage, and high acid consumption, which lead to considerably low product yield or output. As a result, many companies are focusing on the development of new processes to decrease the overall energy consumption and increase the product yield during the purification step. Manufacturers are inclined toward using a combination of the most effective biomass to chemical techniques occasioning a significant decline in operational costs.
Furfural Market Segmentation
Based on the Process Insights, the market is segmented into Quacker Batch Process, Chinese Batch Process, Rosenlew Continuous Process, Others.
Based on the Raw Material Insights, the market is segmented into Corncob, Sugarcane Bagasse, Sunflower Hull, Rice Husk, and Others.
Based on the Application Insights, the market is segmented into Furfuryl Alcohol, Solvent, Intermediate, and Others.
Based on the End-use Insights, the market is segmented into Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverage, Refineries, and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Market Share Insights
Key Companies Profile:
The market is moderately fragmented with the presence of a large number of small- and medium-scale manufacturers, which account for a majority of the global share.
Some of the prominent players in the furfural market include,
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