Furfural Market to be sustained by technological advancements during 2022-2031

Furfural Market Outlook 2031
The global furfural market was valued at US$ 512.3 Mn in 2021
It is estimated to grow at a CAGR of 5.5% from 2022 to 2031
The global furfural market is expected to reach US$ 829.5 Mn by the end of 2031
Analysts' Viewpoint on Furfural Market Scenario

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Companies in the furfural market are focusing on key applications, such as furfuryl alcohol, solvents, chemical intermediates, and pharmaceuticals, to maintain their business growth. Furfural is an ideal material for the production of resins due to its properties such as corrosion resistance, physical resistance, and thermosetting. It can be used in decoloring, refining, purification, and manufacturing processes. Furfural is gaining traction as a potential source of biofuels due to the rise in environmental concerns and need to reduce reliance on petrochemicals. Applications of furfural in manufacture of plastics, adhesives, nematicides, inks, antacids, fungicides, fertilizers, and flavoring compounds are increasing across the globe. Thus, companies are investing significantly in R&D activities to introduce new and innovative products in the furfural market.

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Global Furfural Market Introduction
Furfural, also called 2-furaldehyde, is the best-known member of the furan family and a source of other technically important furans. It is a colorless liquid, which is prone to darkening on exposure to air. Furfural is the sole source for the industrial production of furfuryl alcohol, tetrahydrofurfuryl alcohol, furoic acid, furfurylamine, methylfuran, and furan. It can be classified as 5 methyl furfural, hydroxymethyl furfural, methyl furfural, and chloromethyl furfural. 5 methyl furfural is a natural product found in Campsis grandiflora, Castanopsis cuspidata, and other organisms. It can be used as a food additive. It is also commonly used as a synthetic intermediate. Hydroxymethyl furfural is a key intermediate used in the production of biomass-derived fuels and polymers.

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In terms of volume, North America and Europe are also vital markets for furfural. These regions accounted for 6.9% and 12.7% value share, respectively, of the global furfural market in 2021. Middle East & Africa is the larger market for furfural than Latin America; however, the market in Latin America is likely to expand at a higher growth rate during the forecast period.

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The key market players operating in the global furfural market are Tieling North Furfural (Group) Co., Ltd. Henan Huilong Chemical Co., Ltd., Shandong Crownchem Industries Co., Lenzing AG, Penn A Kem LLC, Tanin Senvica d.d., Aurus Specialty Company, and many others.

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