Furfural Market Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report 2023-2030 | Hongye Holding Group Corporation Ltd.

The Furfural Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Furfural is an organic compound derived as a by-product of corncobs, rice hulls, and sugarcane bagasse. It is used as a raw material in petroleum refining, solvent extraction of tea and coffee, foundry resins, and other applications.

Market Dynamics:

The furfural market is expected to witness significant growth over the forecast period owing to rising demand from the petroleum refining industry. Furfural is used in the production of gasoline through etherification of light alcohols to high-octane gasoline blending components. Additionally, the increasing consumption of eco-friendly furan resins as a substitute for phenol-formaldehyde resins inFoundry, refractory, and binder applications is also expected to support the market growth during the forecast period.

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Top Companies Covered In This Report:

★ Hongye Holding Group Corporation Ltd.
★ Arcoy Biorefinery Pvt. Ltd.
★ Corporation Ltd.
★ Central Romana
★ KRBL Ltd.
★ Illovo Sugar Ltd.
★ Lenzing AG
★ Penn A Kem LLC
★ Tanin Sevnica d.d.
★ Linzi Organic Chemicals Inc. Ltd.
★ Tieling North Furfural (Group) Co., Ltd.,
★ Silvateam S.p.A.
★ Xingtai Chunlei Furfuryl Alcohol Co.
★ Ltd

Detailed Segmentation:

By Raw Materials:

★ Corn cob
★ Rice husk
★ Bagasse
★ Others

By end-use industry:

★ Petroleum
★ Agriculture
★ Paints & coatings
★ Pharmaceutical
★ Others

By Applications:

★ Furfural alcohol
★ Solvents
★ Others

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Rising Use of Furfural as a Biofuel and Alternative to Petroleum-based Products:

Furfural is increasingly being used as a biofuel and replacement for petroleum-based products. With growing concerns over climate change and dependence on fossil fuels, biofuels produced from renewable plant sources are in high demand. Furfural can be produced through the pretreatment of lignocellulosic biomass like agricultural residues and waste. It has properties similar to gasoline and can be used directly in engines or blended with gasoline. Furfural is also serving as a raw material to produce biodiesel, jet fuel and other renewable fuels. As policies promote the usage of biofuels and restrictions are placed on fossil fuels, the demand for furfural as a green fuel alternative is expected to surge significantly in the coming years.

Increasing Utilization of Furfural in Solvents, Resins and Other Chemicals:

Apart from biofuels, furfural is widely utilized in industrial chemicals and consumer products as a substitute for petrochemicals. It is used in solvents for dyes, pharmaceuticals, perfumes and other applications. Furfural based resins are gaining popularity as they are renewable and biodegradable. The chemical is also employed in producing medicines, food additives, plasticizers, fragrances and agricultural chemicals. With growing "eco-friendly" trends, companies are actively pursuing bio-based and sustainable alternatives to traditional petrochemicals. The rise in production of furfural-derived chemicals and resins is hence fueling increased demand. Strict environmental regulations further promote the use of plant-based chemicals like furfural over fossil fuel-derived ones.

Stringent Environmental Regulations Hampering Production:

While environmental rules boost furfural demand in end products, some regulations constrain its manufacturing process. The production of furfural releases pollutants like chemicals, wastewater and solid waste that require proper treatment before disposal. Not all plants have fully upgraded their effluent treatment systems to meet increasingly stricter emission norms. This has led authorities in some jurisdictions to periodically shut down defaulting units, thereby disrupting supply. Concerns over worker safety during production are another area of concern. Furfural producers need to make ongoing capital investments and adopt advanced processing technologies to achieve full regulatory compliance. Stringent compliance comes at a cost, putting pressure on profit margins.

Opportunities in Untapped Feedstock Sources:

Most commercial furfural manufacturing currently depends on rice and corn straw. However, abundant alternative lignocellulosic feedstocks remain unutilized. Agricultural residues from wheat, sugarcane, cotton and other crops have potential but require investments in collection infrastructure and pre-treatment technology. Waste wood from forestry, construction and demolition is another sizeable feedstock, though tougher to break down. Utilizing such diverse, non-edible biomass would significantly raise furfural yields without competing with food. Several research institutes are working on innovative techniques to realize furfural's potential from novel feedstocks in an economically viable way. Successful commercialization of new feedstock sources could drive major capacity additions.

Growing Preference for Bio-based Materials:

There is a rapidly growing consumer trend toward choosing plant-based, eco-friendly products over petrochemical ones. Both individual customers and corporate buyers are increasingly demanding items made from renewable resources. Major brands in sectors like fashion, home goods, furniture and packaging have announced commitments to boost usage of bio-materials. Furfural is well-suited to manufacture resins, plastics, fibers and other biodegradable substitutes. With sustainability emerging as a mega trend influencing purchasing decisions, the market for furfural-derived, bio-based polymers and materials is set for exponential growth. Emerging economies developing rapidly also contribute new demand, driven by the construction and furniture sectors in particular.

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Key Questions Answered in This Report on Furfural Market

• How much revenue will the global Furfural Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall global market?

• What are the indicators expected to drive the global Furfural Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Market to expand their geographical presence?

• What are the major advancements witnessed in the global Furfural Market?

• This report answers these questions and more about the global Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakeholders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Furfural Market, 2018 - 2022 (US$ Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID-19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle-East and Africa

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This release was published on openPR.