Furfural market Size To Worth Around USD 494.1 million in 2020 | Hongye Holding Group Corporation Ltd., Arcoy Biorefinery Pvt. Ltd.

Furfural is an organic compound derived from plant materials such as corncobs, oat, wheat bran, rice husk, bagasse, and saw dust. It is usually produced from agricultural wastes rich in pentosans that are hydroysed to produce furfural and its byproducts. Furfural is a colorless oil that readily dissolves in various organic solvents and is slightly soluble in water. It exhibits chemically similar properties as that of other aldehydes and aromatic compounds. It can be readily hydrogenated to tetrahydrofurans derivatives, which when are heated with acids results into solidified polymer or thermosetting polymer. Hence, it is commercially considered as a renewable, non-petroleum based chemical feedstock. Due to these properties, it is widely used in application industries such as petroleum, agriculture, paints & coatings, and pharmaceuticals. Increasing environmental concerns of fossil resources has led to rise in production of renewable alternatives as suitable biomass-based platform chemicals.

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Global Furfural Taxonomy

The global furfural market is classified on the basis of the following segments:

By application
Furfural alcohol
Solvents
Others

By raw materials
Corn cob
Rice husk
Bagasse
Others

Increasing inclination of the populace towards renewable energy to replace fossil resources is a major factor driving growth of the furfural market. Due to its key attributes of thermosetting properties, physical strength, and corrosion resistance, furfural has emerged as an immediate alternative to furan-based chemicals. Also, it is derived from abundantly available biomass, which makes it a highly preferred biomass-based chemical. Furfural is mainly used to produce furfuryl alcohol, which is widely used in manufacturing polymers, textiles, and construction materials. The raw materials for furfural production are the agricultural wastes which are widely available in the Asia-Pacific region, especially in China, India, Indonesia, and Malaysia.

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The government of Alberta has taken initiatives to link the consumer facing brands with biochemicals and conventional petrochemical industries, which has resulted in increase in investments in the biochemical sector in Alberta. Various research studies are being conducted for low costs production of furfural, though they are not commercially operational processes. Moreover, changing prices of raw materials pose threat to the growth of the market. Asia-Pacific region dominates the furfural market due to abundantly availability of raw materials and rapidly growing infrastructure industry. Europe records for fastest growth rate due to increasing incorporation of bio-based chemicals in petroleum refineries and pharmaceutical industries in the region.

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