Furfural Market Size, Share Report, Analysis, Trends, Growth 2032

Furfural Market Insights

According to Zion Market Research, the global Furfural Market was worth USD 668.24 Million in 2023. The market is forecast to reach USD 873.43 Million by 2032, growing at a compound annual growth rate (CAGR) of 3.02% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Furfural Market industry over the next decade.

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Furfural Market: Overview                    

Furfural is agricultural by-products. It can be in form of residues such as corn cobs, rice husk, sugarcane bagasse, cotton husk, oat husk, almond husk, olive press cake, and others. It is a colorless or a little yellowish chemical compound, which quickly darkens when exposed to air.  Furfural is used as a solvent for refining lubricating oils. It is an essential source of hexamethylenediamine which is required in the manufacture of nylon.        

The partnerships and mergers and acquisitions of players in the Furfural market are also set to propel the market growth. For example, in August 2018, a team of researchers from the New University of Maine published their study & findings in the journal Biomass & Bioenergy. Reportedly, the study revealed that the sale of furfural derivates can make the production of renewable fuels more profitable for manufacturers.    

COVID-19 Impact Analysis:

The lockdowns imposed by various countries to contain the spread of Covid-19 has impacted the global operations and supply chain which had negative consequences on the Furfural market as the global sales declined. As a result of the lockdown, the use of commercial, personal, and public transport vehicles reduced significantly resulting in lesser use of Furfuryl Alcohol. Also, people had to stay indoors which in turn had impacted lesser alcohol consumption. However, in the wake of the pandemic, demand for Furfural from the pharmaceutical industry has seen a growth.

The significant decrease in the global Furfural market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.  

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Furfural Market: Growth Factors

Inflated demand for agrochemicals and aromatic chemicals in myriad sectors along with immense product application across the pharmaceutical sector is projected to bolster the growth of the furfural market in the years ahead. Apart from this, the furfural is used extensively in aromas, flavors, and fragrances and this could contribute substantially to the furfural market revenue over the years to come.

The mounting use of expensive techniques, however, is likely to inhibit the upsurge of the furfural market over the coming years. Nevertheless, massive funding and wide focus on  R&D activities pertaining to furfural are anticipated to generate profitable avenues for the business in the near future, thereby normalizing the impact of hindrances on the furfural market, reports the furfural market study.

Furfural is a substance derived from the combination of different agricultural feedstock such as cotton seeds, corn cobs, oats, rice and wood products. It is extensively used as a solvent for plastic production across the globe. It contains pentosans and easily dissolves in aromatics & unsaturated olefins. Moreover, the majority of the production of furfural is undertaken in China, South Africa, and the Dominican Republic. Furfural has numerous applications in plastics, biomass, pharmaceuticals, biofuels, biochemicals, and agrochemical industries.

The global furfural market is primarily driven by increasing demand for furfural in pharmaceutical industry across the globe. Secondly, the rising demand for agrochemicals and aromatic chemicals is expected to further augment the growth of furfural market in the near future. Moreover, mounting demand for furfural in flavors and fragrances industry is projected to propel the market size of furfural over the next few years. However, the high cost of productivity is viewed as a major restraint for the furfural market. Nonetheless, ongoing development and research activities coupled with surging demand for agrochemicals especially in Asia Pacific region is expected to present new opportunities to the furfural market in the next few years.

Furfural Market: Report Scope

Segment Analysis Preview  

On the basis of Application, the Furfural market has been divided into Solvents, Pharmaceuticals, Furfuryl Alcohol, and others. The Furfuryl alcohol segment held the major share in the market and is expected to continue to do so during the forecast period. Furfuryl alcohol is used in containers, tanks, lines, and valves to avoid potential leakage. Furthermore, it is used in corrosion-resistant fiber-reinforced plastics and corrosion-resistant cement & mortars as a reactive solvent.

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Furfural Market: Regional Preview

Regionally, Asia Pacific has been leading the worldwide furfural market and is anticipated to continue on the dominant position in the years to come, states the market study. Widespread application of herbicides and fungicides in farming activities in the countries such as Thailand, China, and India of the region is the main factor behind the dominance of the Asia Pacific furfural market. The high number of market players being headquartered in APAC is another significant factor that is supporting the growth of this regional furfural market.

Based on region, Asia Pacific was the dominant market for furfurals in 2018 on account of easy availability of raw feedstock, such as agro-wastes in countries such as India, Malaysia, Indonesia and China.This is anticipated to grow the furfural production in the region. China was the major furfural producer in the region in 2016.Asia Pacific was followed by Europe and North America in 2018 in terms of market volume. North America is expected to witness the sluggish growth of furfural market. Furthermore, the Middle East & Africa and Latin America are expected to witness decent and moderate growth respectively in the near future.

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Furfural Market: Key Players & Competitive Landscape

The major players operating Furfural market are-

• Silvateam S.p.A.
• Nutrafur S.A.
• Illovo Sugar Ltd.
• Central Romana Corp.
• Arcoy Biorefinery Pvt. Ltd.
• International Furan Chemicals
• Lenzing AG
• Tieling North Furfural (Group) Co.
• Penn A Kem LLC and KRBL Ltd among others.

The global Furfural market is segmented as follows:  

By Application

• Solvents
• Pharmaceuticals
• Furfuryl Alcohol
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa