Furfural Market worth $700 million by 2024 | Key Players include Transfuran Chemicals, Central Romana Corporation, Pennakem, Silvateam, Illovo Sugar, Hongye Holding Group Corporation, KRBL, Lenzing, Tanin and Shandong Crownchem Industries

According to recent market research "Furfural Market by Raw Material (Sugarcane Bagasse, Corncob, Rice Husk and Others), Application (Derivatives (Furfural Alcohol and Other Derivatives), solvent) and Region (Asia-Pacific, Americas, Europe,Middle East and Africa) - Global Forecast to 2024", The furfural market size is estimated to grow from USD 551 million in 2019 and to USD 700 million by 2024, at a CAGR of 4.9% during the forecast period. The increasing usage of various derivatives of furfural in different industries and shift toward green chemicals are propelling the market.

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Furfural is an organic chemical intermediate obtained from renewable sources such as agricultural residues and wood chips. Furfural is considered to be a platform chemical, which is used as a precursor for the manufacturing of various derivatives such as tetrahydrofuran (THF), furfuryl alcohol, and furan resins.

The global furfural market size is expected to grow from USD 551 million in 2019 to USD 700 million by 2024, at a compound annual growth rate (CAGR) of 4.9% during the forecast period. This is attributed to the large scale derivatives manufacturing and growing focus on the use of green chemicals globally.

The corncob raw material segment is projected to register the highest CAGR during the forecast period due to its highest pentosan content. This results in higher economic value as it offers greater yield in comparison to other raw materials.

The derivatives application accounted for the largest share of the furfural market. Among the derivatives, furfuryl alcohol dominated the consumption of furfural in this segment. Furfuryl alcohol is mainly used in the manufacturing of furan resins used in the foundry industry.

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The global furfural market size is projected to grow from USD 551 million in 2019 to USD 700 million by 2024, at a compound annual growth rate (CAGR) of 4.9% between 2019 and 2024. Increasing demand from various end-use industries such as foundry, pharmaceutical, and textile is the primary factor driving the furfural market.

The key players in the furfural market are Transfuran Chemicals (Belgium), Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation (China), KRBL(India), Lenzing (Austria), Tanin (Slovenia), and Shandong Crownchem Industries (China).

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The market for furfural is dominated by China. The presence of large manufacturing capacities in the country has resulted in lower prices of furfural, thereby affecting the other players in the market. As a result, anti-dumping duties were levied on Chinese imports by the US. EU also had anti-dumping duties against Chinese imports, but it was later removed in 2012. Thailand is also one of the key exporters of furfural in APAC.

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