Furfural Market worth $700 million by 2024 | Key players Transfuran Chemicals, Pennakem, Silvateam, Illovo Sugar, KRBL.

According to recent market research the "Furfural Market by Raw Material (Sugarcane Bagasse, Corncob, Rice Husk and Others), Application (Derivatives (Furfural Alcohol and Other Derivatives), solvent) and Region (Asia-Pacific, Americas, Europe, Middle East and Africa) - Global Forecast to 2024" The furfural market size is estimated to grow from USD 551 million in 2019 and to USD 700 million by 2024, at a CAGR of 4.9% during the forecast period. The increasing usage of various derivatives of furfural in different industries and shift toward green chemicals are propelling the market.

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Corncob is extensively used as the raw material for furfural. This is mainly due to the high presence of xylose and pentosan, which are converted into furfural during the synthesis.

The derivatives application is estimated to grow at the fastest rate during the forecast period due to the high demand from various end-use industries. Furfuryl Alcohol (FA) is the major derivative, which consumes almost 80-85% of the furfural produced around the world.

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APAC led the overall furfural market in 2018. The main reason for the growth of the market in the region is China, which has 85% and 75% of global production and consumption of furfural, respectively. The demand is attributed to the growing foundry and pharmaceutical industries in China. In addition, Thailand has emerged as the second-largest producer and exporter of furfural in the region.
The leading players in the furfural market are Transfuran Chemicals (Belgium), Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation (China), KRBL(India), Lenzing (Austria), Tanin (Slovenia), and Shandong Crownchem Industries (China).

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The market for furfural is dominated by China. The presence of large manufacturing capacities in the country has resulted in lower prices of furfural, thereby affecting the other players in the market. As a result, anti-dumping duties were levied on Chinese imports by the US. EU also had anti-dumping duties against Chinese imports, but it was later removed in 2012. Thailand is also one of the key exporters of furfural in APAC.

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