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Furfural Market Overall Capacity, Production, Revenue, Price and Industry Growth Analysis Forecast to 2023
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On the basis of raw material, the furfural market has been segmented into corn cob, sugarcane bagasse, rice husk, and others. The product is produced through technologies such as and ‘SAVO’ process and ‘Quaker Oats’ process. Corn cob and sugarcane bagasse are two of the most common raw materials for production of this organic compound. However, rice husk raw material offers significantly low-cost advantage as compared to other raw materials used for furfural production.
Technological advancement in the production process may drastically increase the production yield of this renewable chemical. This will also help the producers to achieve economies of scale for production. The organic compound can also be used for producing 5-(hydroxymethyl)furfural, that is a carbon neutral feed stock for fuel production.
On the basis of both value and volume, Asia-Pacific held the largest share of the market in 2017. China is the most dominant market in the Asia-Pacific region. From demand side, China contributes more than 50% share in the Asia-Pacific furfural market backed by growing demand for furfuryl alcohol in the country.
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Some of the major players operating in the global furfural market are Central Romana Corporation, Tieling North Furfural (Group) Co. Ltd., Hongye Holding Group Corp., Ltd., Illovo Sugar Ltd., Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Silvateam S.P.A., Lenzing AG, Tanin Sevnica D.D., Penn A Kem LLC, and Arcoy Biorefinery Pvt. Ltd.
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