Furfural Market Expected to Deliver Dynamic Progression until 2026 | Major Players - Arcoy Industries Pvt. Ltd., Central Romana Corporation, Ltd., Hongye Holding Group Corporation, Illovo Group, KRBL Ltd., Lenzing AG, Penn A Kem LLC, Silvateam 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.
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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. It has the unique property to dissolve aromatics and other unsaturated olefins, which makes it suitable for refining lubricating oils. 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 economic development in emerging economies is expected to boost the demand for furfural during the forecast period; whereas, lack of technological advancements and fluctuating prices of raw materials such as corn cob, rice husk, sugarcane bagasse, and others is expected to hamper the market growth during the forecast period.
Furfuryl alcohol was the dominant application segment, which accounted for four-fifths market share in 2015 and is expected to generate highest revenue during the forecast period. Furfuryl alcohol plays a vital role in the manufacturing of various chemical products, such as foundry resins, adhesives, and wetting agents, owing to the low viscosity & high reactivity, outstanding chemical, mechanical, & thermal properties. Furfural gains increased importance across various end-user industries such as petroleum refineries, pharmaceuticals, paints & coatings, agricultural formulations, and others, which include textile, foundry metal castings, flavors & fragrance.
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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.
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,
• Tanin Sevnica d.d and
• Tieling North Furfural (Group) Co. Ltd.
Table Of Content
Chapter: 1 INTRODUCTION
1.1. REPORT DESCRIPTION
1.2 KEY BENEFITS FOR STAKEHOLDERS
1.3 KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY
1.2.1. Secondary Research
1.2.2. Primary Research
1.2.3. Analyst Tools and Models
Chapter: 2 EXECUTIVE SUMMARY
2.1. KEY FINDINGS OF THE STUDY
2.2. CXO PERSPECTIVE
Chapter: 3 MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. PORTER'S FIVE FORCES ANALYSIS
3.2.1. Bargaining Power of Suppliers
3.2.2. Bargaining Power of Buyers
3.2.3. Threat of New Entrants
3.2.4. Threat of Substitutes
3.2.5. Competitive Rivalry
3.3. MARKET DYNAMICS
126.96.36.199. Increase in Awareness Regarding the Benefits of Furfural
188.8.131.52. Easy Availability of Raw Material
184.108.40.206. Fluctuating Prices of Raw Material
220.127.116.11. Increase in Demand in Emerging Economies
18.104.22.168. Technological Advancement
3.4. PATENT ANALYSIS
3.4.1. Patent Analysis by Year
3.4.2. Patent Analysis by Region
3.4.3. Patent Analysis by Company
3.5. REGULATORY SCENARIO
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