Furfural: A Promising Platform Compound for Sustainable Production of C4 and C5 Chemicals

Furfural is a promising renewable platform compound derived from lignocellulosic biomass that can be further converted to biofuels and biochemicals. The highly functionalized molecular structure of furfural makes it a desired raw material for the sustainable production of value-added chemicals containing oxygen atoms.

The market accounted for $663 million in the year 2015, and is expected to grow at a CAGR of 11.6% to reach $1,434 million by 2022. Increase in awareness regarding the renewable alternatives has compelled manufacturers to increase production of biomass-based chemicals such as furfural to produce additives, resins, and fuels to replace the non-renewable resources such as petrochemicals. Furfural is a chemical compound produced from the hemicellulose fraction of agriculture residue.

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It is also used to produce foundry resins, adhesives, and wetting agents owing to its low viscosity & high reactivity, and excellent chemical, mechanical, and thermal properties. Moreover, supportive regulations concerning the development of bio-based products including furfural from agencies such as Environmental Protection Agency (EPA) of the U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe are also expected to have a positive impact on the global furfural market during the forecast period.

The key raw materials for manufacturing furfural include corn cob, rice husk, sugarcane bagasse, and others (almond husk, cotton husk, and oat husk). The market has witnessed fluctuation in furfural prices due to increase in the prices of raw materials due to the climate changes.

The global furfural market includes raw material (corn cob, rice husk, sugarcane bagasse, and others), application (furfuryl alcohol and solvent), and end user industry (petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others).

The surge in demand for non-toxic, low volatile organic compound (VOC) furfural solvents in petroleum refining, agricultural formulations, paints & coatings, pharmaceuticals, and other industries are expected to drive the global furfural market.

Furfural as a solvent has high selectivity and solvent power, easy recovery, low solubility in oil phase, low surface tension, high density, and adaptability to wide range of oils. This helps in easy separation of furfural from lubricating oil stocks and diesel fuels.

Key Findings of the Furfural Market Study:

The furfuryl alcohol application segment occupied the highest share in 2015, and is expected to grow at a CAGR of 11.8%, in terms of value, during the forecast period.

Sugarcane bagasse raw material based furfural is expected to grow at a high CAGR of 12.6% during the forecast period.

Petroleum Refineries industry is the leading end-user segment accounted for one-fifth of the share in 2015, followed by agricultural formulations industry in the global furfural market.

China dominated the furfural market in Asia-Pacific region in 2015, and is projected to grow at a CAGR of 12.1% during the forecast period.

U.S. is the leading market for furfural in the North American region, expected to grow at a CAGR of 11.5%, in terms of value.

The Asia-Pacific market accounted for the largest share in 2015, and is expected to maintain its leading position, owing to the increase in the market for end-user industries such as petroleum refineries, pharmaceuticals, paints & coatings, agricultural formulations, and others.

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The key players operating in the global furfural market are Arcoy Industries Pvt. Ltd., Central Romana Corporation, Ltd., Hongye Holding Group Corporation, Illovo Sugar Ltd., KRBL Ltd., Lenzing AG, Penn a Kem LLC, Silvateam, Tanin Sevnica d.d and Tieling North Furfural (Group) Co. Ltd.

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