Furfural Market is expected to witness a CAGR of 7% over the forecast period 2021-2027

The research report " Global Furfural Market: By Raw Materials (Lignocellulosic Feedstock and Agricultural Raw Materials), By Catalyst Type (Solid Acid Type Catalyst and Liquid Acid Type Catalyst), Application (Solvents, Resins, Gasoline Additives, Fungicides, Flavor Enhancers, Decolorizing Agents and Agricultural Raw Materials), By End User (Agrochemical Industry, Pharmaceutical and Medical Industry, Lubricants Industry, Cements Industry, Energy Industry, Adhesives Industry, Coatings Industry, Food and Beverages Industry and Others) and Geography-Global/Region/Country Forecast to 2027", The Global Furfural Market was valued at US$ 514 Mn in the year 2020 and is anticipated to grow at US$ 826 Mn till 2027 witnessing a CAGR of 7% over the forecast period 2021-2027.

Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on " Global Furfural Market: By Raw Materials (Lignocellulosic Feedstock and Agricultural Raw Materials), By Catalyst Type (Solid Acid Type Catalyst and Liquid Acid Type Catalyst), Application (Solvents, Resins, Gasoline Additives, Fungicides, Flavor Enhancers, Decolorizing Agents and Agricultural Raw Materials), By End User (Agrochemical Industry, Pharmaceutical and Medical Industry, Lubricants Industry, Cements Industry, Energy Industry, Adhesives Industry, Coatings Industry, Food and Beverages Industry and Others) and Geography-Global/Region/Country Forecast to 2027",

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Frequent attainments and new product launchings by the market players will drive the furfural market growth:

Global Furfural Market Report is the depiction of comprehensive view on furfural around the globe covering major regions like Europe, North America, Latin America, Africa, Asia Pacific and Middle East. It presents the whole market scenario covering market dynamics to evaluate present market trends and drivers. It further focuses on capturing historical, present and future market sizes based on type, raw materials, region, end user and catalyst. The market is anticipated to experience huge CAGR over 2021-2027 owing to the growing preference of people towards using eco-friendly products, increasing environmental concerns, huge use of fungicides and pesticides in agriculture segment and changing trend in food and beverages. Furthermore, another most important factor that contributes in creating growth opportunities for the key players is growing demand for Furfural from emerging countries.
There is growing demand for furfuryl alcohol due to its superior binding properties as well as mechanical strength. It is produced under high pressure by the catalytic hydrogenation of furfural. The consumption of furfuryl alcohol is hugely increasing because of the increasing research activities in the rocketry fuel field. Developing regions recorded huge share in both consumption and manufacturing of the alcohol with concern for renewable materials as well as growing population. Lacking in technology improvement is the huge challenge in the market. It is hugely required doing constant developments as this is the most fluid market to deliver superior performing products to the verticals so that they are able to content against growing competition and fulfill the huge demand, increasing population and rising raw material costs without increasing their costs hugely.

Impact of COVID-19 on Furfural Market:
In addition, the report discusses the implications of COVID-19, including the industry's initial response and strategies for ensuring business continuity in the coming years.

Asia Pacific Accounts for huge Market Revenue Share in Global Furfural Market:
Asia Pacific accounted for huge revenue share in the market recording significant CAGR owing to the growing disposable earnings, availability of raw materials and low production costs in the region. Furthermore, increase in the market from end-user organizations augments the growth of the market in Asia Pacific.

Competition Assessment:
This market report covers competition analysis along with profiles to evaluate market competition level. Major Key players of the global furfural market are International Furan Chemicals B.V. (The Netherlands), Zibo Xinye Chemical Co., Ltd. (China), Zhucheng Taisheng Chemical Co., Ltd. (China), Transfurans Chemicals bvba (Belgium), NC-Nature Chemicals Dr. Kruppa GmbH (Germany), Lenzing AG (Austria) and Hongye Holding Group Corporation Limited (China).

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