[PDF] What Are The Key Driving Factors For The Growth Of Furfural Market?
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Furfural Market Growth Driven by Growing Application of Furfural in Various End-Use Industries
Furfural is an organic, renewable, nonpetroleum-based compound derived from agricultural by-products. Agricultural residue such as olive press cake, almond husk, oat husk, cotton husk, rice husk, corn cobs, and sugarcane bagasse are widely used in the production of furfural. It exhibits similar properties as that of other aromatic and aldehydes compounds. Due to these properties, furfural is widely used in various end-use industries, such as pharmaceuticals, paints and coatings, agriculture, and agriculture, among others. Increase in production of renewable alternatives as suitable biomass-based platform chemicals due to the increasing environmental concerns of fossil resources has led to increase in demand for furfural.
The major factor driving the growth of the furfural market is the increasing inclination towards renewable energy to replace fossil resources. Renewables can effectively replace fossil fuels, creating crucial environmental, social and economic benefits. Renewable energy, on the other hand, typically emits less CO2 than fossil fuels. Moreover, in most places in the world power from new renewables is now cheaper than power from new fossil fuels. For example, In May 2018, Chempolis, Fortum, and Numaligarh Refinery (Assam, India) formed a joint venture to construct a bio-refinery in the state of Assam, India to convert bamboo into furfural, biocoal, ethanol, and acetic acid for use as a fuel in combined heat and power plant.
This in turn is expected to augment the growth of the furfural market. Furfural can be converted into a number of other compounds through a variety of catalytic reactions. It can be converted into a variety of polymers, solvents, oils, and other valuable chemicals by catalytic reactions. Furfural can also be used to create furfuryl alcohol. The primary use of furfuryl alcohol is as a monomer for the synthesis of furan resins. These polymers are used in thermoset polymer matrix composites, coatings, adhesives, cements, and casting/foundry resins. Around 85% of the global furfural produced is converted to furfuryl alcohol. It is also widely used in the pharmaceutical, food, and polymer industries.
Thus, increasing demand for furfuryl alcohol is driving the furfural market growth. Moreover, furfural and its derivatives have been widely applied as bio-plastics, insecticides, drugs, jet fuel blend stocks, decolorizing agents, resins, lubricants, gasoline additives, transportation fuels, fungicides and nematicides, and flavor enhancers for food and drinks, amongst others. Thus, there is an increasing demand for furfural across various end-used industries. For example, in July 2018, Sappi announced further progress in the development of its bio-refinery capacity with the confirmation that it will construct a demonstration plant to further scale up its novel Xylex technology for the production of Furfural and Xylitol. Moreover, the company planned to construct commercial furfural plants in the United States and South Africa.
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Table of Contents
Research Objectives and Assumptions
Market Dynamics, Regulations, and Trends Analysis
Global Furfural Market – Impact of Coronavirus (Covid-19) Pandemic
Global Furfural Market, By Price Range, 2017 - 2027 (US$ Million)
Global Furfural Market, By Operating System, 2017 - 2027 (US$ Million)
Global Furfural Market, By Region, 2017- 2027 (US$ Million)
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2016-2027) of the following regions are covered:
North America (Canada, Mexico)
Europe (UK, France, Italy)
Asia-Pacific (China, Japan)
South America (Brazil, Argentina)
Middle East and Africa
Key questions answered in this report:
Which players hold the significant Furfural market share and why?
What strategies are the Furfural market players forming to gain a competitive edge?
Why region is expected to lead the global Furfural market?
What factors are negatively affecting the Furfural market growth?
What will be the value of the global Furfural market by the end of 2027?
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Primary Research (Trade Surveys and Experts Interviews)
Proprietor Data Analytics Model
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