Furfural Market Was Valued at USD 693.5 Million in 2021 Owing to Increased Applications of Furfuryl Alcohol

According to Precision Business Insights (PBI) latest report, the global furfural market worth USD 693.5 million in 2021, growing at a 5.2% CAGR from 2022 to 2028. The global furfural market is segmented into the following types: By Raw Material (Corn Cob, Sugarcane bagasse, Rice husk, and Others), By Application (Solvents, Derivatives, and Others), By End User (Agrochemical Industry, Pharmaceutical and Medical Industry, Paints & Coatings Industry, Energy Industry, and Others) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa) Forecast to 2028. Key player's profiles in the furfural market report are Tannin Corporation., KRBL., ILLOVO SUGAR AFRICA (PTY) LTD, Tüpraş, Central Romana Corporation., Pennakem, LLC., Silvateam S.p.a, Tieling North Furfural (Group) Co., and Hongye Holdings Group Co., Ltd. Furfural is widely used as a solvent or intermediate in various end-use industries such as foundry, agriculture, paints and coatings, pharmaceuticals, refineries, chemicals, automotive, and construction. Over the forecast period, the expanding construction sector is expected to supplement the demand for the product in several refractory materials, including ceramics, bricks, and fiberglass composites. Furfuryl alcohol is a chemical that is derived from furfural. Furfuryl alcohol plays a vital role in producing foundry sand binders due to its high reactivity. This alcohol has been extensively used for making cores and mold for metal for many decades. This is also used in the production of tetrahydrofurfuryl alcohol (THFA), widely used in the pharmaceutical industry. The increasing applications of furfuryl alcohol in various sectors are anticipated to drive the market's growth over the forecast years. Market participants have observed an increase in the use of furfural-based products in the agrochemical industry as insecticides, nematicides, and fungicides. It is a component of several nematicides, including crop protectors and crop guards, which are also used as weed killers in horticulture. As an agrochemical, furfural is comparatively very harmless and easy to apply.

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Corn Cob segment Dominates the Furfural Market:
In 2019, the Corn Cob segment accounted for a larger revenue share and is projected to grow with a CAGR of 5.0 % from 2022 to 2028. Corncob is the most desired product because it has the highest hemicellulose content (30.0-35.0%) of any proven raw material for furfural. It has a higher economic value because it yields more than other products. Growing demand for furfuryl alcohol and substituting fossil fuel resources with renewable alternatives will drive the market. Furfuryl alcohol is popularly used in the production of plastics and resins. With increased research activities in the field of rocketry fuel, consumption of furfuryl alcohol is expected to increase in the coming years, boosting the furfural market. The low yield of furfural from traditional technology availability of crude oil-based alternatives will hinder the market growth.

Asia Pacific Leads Furfural Market:
The Asia Pacific generated the highest revenue share in the global furfural market due to high furfural production in the region, especially in China, and growth in several end-use industries, including agriculture, food & beverage, pharmaceutical, and refinery. Europe's market growth can be attributed due to the development of the food & beverages and the pharmaceutical sectors over the last decade.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
The global furfural market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance,In June 2017, Tannin Corporation finalized an agreement to purchase Marden Wild Corporation. Marden Wild will continue to operate as a stand-alone company.

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Detailed Segmentation
Based on the Raw Material, the market is segmented into the following:
• Corn Cob
• Sugarcane bagasse
• Rice husk
• Others

Based on the Application, the market is segmented into the following:
• Solvents
• Derivatives
• Others

Based on the End User, the market is segmented into the following:
• Agrochemical Industry
• Pharmaceutical and Medical Industry
• Paints & Coatings Industry
• Energy Industry
• Others

Based on the geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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This release was published on openPR.