Furfural market is expected to grow at a CAGR of 8.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Furfural Market size accounted for USD 800.1 million in 2023, growing at a CAGR of 8.1% from 2023 to 2033. Furfural is a chemical compound derived from various agricultural byproducts, primarily corncobs, oat hulls, and sugarcane bagasse. It is a renewable, non-petroleum-based chemical with applications in various industries. The main factor driving the market for furfural includes its use in the production of various chemicals and materials

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Industries such as pharmaceuticals, agrichemicals, and plastics have seen increased demand, and furfural is used in the production of various chemicals that are essential in these sectors. The environmental benefits of using renewable resources have driven interest in furfural. Its production is generally considered more environmentally friendly compared to certain petroleum-based alternatives. Ongoing research and development activities aimed at discovering new applications for furfural and improving its production processes also contribute to market growth.

Key Players
Some of the major Furfural Market players holding high market shares include Illovo Sugar Africa (Pty.) Ltd; Linzi Organic Chemical Inc. Ltd. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Trans Furans Chemicals, Central Romana Corporation; DalinYebo; Hebeichem; KRBL Ltd.; Silva team S.p.a.; LENZING AG

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Segmental Analysis
Based on process, the Furfural market is segmented into Quaker Batch Process, Chinese Batch Process, Rosenlew Continuous Process, and Others. The Quaker batch process is the most widely used process for furfural production. This process is favored due to its simplicity, scalability, and relatively low capital investment. In the Quaker batch process, raw materials are fed into a reactor with a catalyst and heated to a high temperature. The resulting furfural is then separated from the reaction mixture through distillation.

Based on raw materials, the Furfural market is Corn cob, Sugarcane Bagasse, Sunflower Hull, Rice Husk, and Others. Corn cob is the most commonly used raw material for furfural production. Corn cobs are a renewable agricultural byproduct that is readily available and relatively inexpensive. They also contain a high concentration of pentosans, which are the primary source of furfural.
Based on the Application, the Furfural market is a Furfuryl Alcohol, Solvent, Intermediate, and Others. Furfuryl alcohol is the largest application for furfural. Furfuryl alcohol is a versatile intermediate that is used in the production of a wide range of products, including resins, plastics, pharmaceuticals, and solvents.

Based on End Use, the Furfural market is Agriculture, Paints and coatings, Pharmaceuticals, Food and beverage, Refineries, and Others. The agriculture industry is the largest end-user of furfural. Furfural is used in a variety of agricultural applications, including herbicides, pesticides, and fertilizers. It is also used in the production of animal feed.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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