Press release
Global Furfural Market Trends by Key Players: Tanin Sevnica, Silvateam, Penn A Kem, Lenzing, KRBL, Illovo
Global Market Insights, Inc.
Increase in consumption of pesticides and fungicides in agriculture sector in various countries has flourished the furfural market. Rise in demand of the product in pharmaceutical sector is one of the prime indicator in boosting the industry growth. Moreover, furfural market is expected to escalate with changing trend in food & beverages in customers is expected to have a positive impact on the market size.
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Increasing investment done in research & development activities by several market leaders will fuel the furfural market. Corrosive & physical resistance and thermosetting properties are few other key drivers to boost the market size. Basic raw materials used in manufacturing this product are almond husk, oat husk, cotton husk, bagasse, rice husk, bran and corn cobs.
Furfural market is used in various industries which include intermediaries, pharmaceuticals, solvents and furfural alcohol. Some other applications of the product market are herbicides, insecticides, pesticides and flavours & fragrances. Among this, furfuryl alcohol dominates the application segment due to its growing use as a binder in foundry industry as it offers superior binding properties and mechanical strength which are most needed in sand molds and cores of foundries.
The product is used in many end-use industries into pharmaceuticals, paints & coatings, agricultural formulations and petroleum refineries. Amongst, pharmaceutical and agriculture sector is expected to drive the product demand owing to its wide range of furan based solvents and chemicals.
North America furfural market will foresee significant growth owing to increasing pharmaceutical sector in the region will raise the demand of the product market. Moreover, high number of food & beverage industry in the region has accelerated the demand for flavourings. Latin America product market is rapidly changing due to industrialization which has raised the demand for various metals, in turn, flourishing the market size.
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Asia Pacific, dominated by China is the fastest growing region for furfural market due to up surging demand for furan resins and easy availability of raw materials. Surging growth in grinding & abrasive wheels, refinery and pharmaceutical resins in India will enhance the industry size in the region.
Global furfural market is fragmented and highly competitive in nature with presence of numerous regional and international players, worldwide. Several key industry players are Tanin Sevnica, Silvateam, Penn A Kem, Lenzing, KRBL, Illovo, Hongye Holding, Central Romana and Arcoy. Other prominent players are Hebei Furan International, Zhucheng Taisheng, Novel Organic, Furnova Polymers, Shangdong Ruide Chemical, Welldon Trading and Zibo Xinye Chemical.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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