Press release
Furfural Market Prospects for Long-Term Value & Growth 2024 - 2031 | Arcoy Biorefinery Pvt. Ltd., Corporation
Furfural Market
The global furfural market is expected to grow at a compound annual growth rate of 7.0% from 2023 to 2030 to reach USD 954 million by 2030.
Market Dynamics:
The growing demand for furfural-derived chemicals from various end-use industries such as petroleum refining, agricultural formulations, paints and coatings is expected to drive the growth of the global furfural market during the forecast period. Furfural finds application in refining petroleum where it is used as a solvent in the production of gasoline and diesel. It also helps to maximize the yield of gasoline. Moreover, the increasing use of THFA as a solvent in coatings industry owing to its low toxicity is further expected to augment the market growth between 2024 and 2031.
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Major Market Driver: Growing Demand for Furfural as Solvent and Extractant
Furfural is finding increasing applications as a solvent and extractant in industries like petrochemical, pharmaceutical and agrochemical. It is an excellent solvent for oils, waxes, fats and resins and is used as an extractant in industries which produce biofuels like ethanol. The growing biofuel industry worldwide due to stringent emission norms and focus on developing renewable fuels is driving up the demand for furfural. The agrochemical industry is another major end-use sector where furfural is employed as an extractant for insecticides, fungicides and herbicides. With rising agricultural production to meet the food requirements of growing population, agrochemical consumption is set to surge in the coming years, augmenting the demand for furfural.
Major Market Opportunity: Production of Furfural from Lignocellulosic Biomass
Currently, most furfural is produced from agricultural residues like corncobs. However, the future lies in deriving furfural from lignocellulosic biomass sources through advanced thermo-chemical and biochemical conversion processes. Lignocellulosic biomass including agricultural waste, wood residues and energy crops is widely and sustainably available. Technology advancements are making it economically viable to produce many valuable chemicals including furfural from lignocellulose. This opens up a massive opportunity for furfural producers to tap abundant, low-cost and renewable feedstock. It will also aid in reducing dependence on food-based feedstocks and make furfural production more environmentally sustainable.
Major Market Trend: Rising Demand in Developing Nations Due to Infrastructure Growth
Developing economies in Asia Pacific and Latin America are witnessing immense infrastructural growth with large-scale investments in housing, transportation and industrial sector development. This drives the demand for materials like cement, resins, adhesives, paints and polymers where furfural derivatives are used. In addition, these nations are striving to expand domestic agricultural and biofuel industries. All these socio-economic factors contribute strongly to the rising furfural consumption. However, the current demand is still low compared to developed regions. As developing countries progress economically and try to meet the needs of their booming populations and industries, the furfural market is projected to experience exponential growth driven majorly by Asia Pacific and Latin America over the next decade.
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Top Companies Featured in This Report:
โ Arcoy Biorefinery Pvt. Ltd.
โ Corporation Ltd.
โ Central Romana
โ KRBL Ltd.
โ Illovo Sugar Ltd.
โ Lenzing AG
โ Penn A Kem LLC
โ Tanin Sevnica d.d.
โ Linzi Organic Chemicals Inc. Ltd.
โ Tieling North Furfural (Group) Co., Ltd.,
โ Silvateam S.p.A.
โ Xingtai Chunlei Furfuryl Alcohol Co., Ltd.,
Market Segmentation:
By Product Type:
โ By raw materials
โ Corn cob
โ Rice husk
โ Bagasse
โ Others
โ By end-use industry
โ Petroleum
โ Agriculture
โ Paints & coatings
โ Pharmaceutical
โ Others
By Applications:
โ By application
โ Furfural alcohol
โ Solvents
โ Others
Key Regions/Countries Classified as Follows:
ยป North America (U.S., Canada, Mexico)
ยป Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
ยป Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
ยป South America (Brazil, Argentina, Rest of SA)
ยป Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Furfural Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Furfural market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Furfural market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Furfural market.
Segment Analysis: Examining the market value and sales volume of Furfural by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Furfural market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Furfural sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
๐ Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/321
Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: linkedin.com/in/alice-mutum-3b247b137 )
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