Furfural Market: Understanding the Growth Drivers and Technological Advancements during 2020-2027

As per a report published by Allied Market Research, the furfural market accounted for $1.2 billion in 2019 and is predicted to rise at a CAGR of 6.9% during 2020-2027, gathering a revenue of $2.0 billion by 2027. The study classifies the industry into various segments based on raw material, application, and end user. The segmental analysis offered in the report enables companies to understand the changing ground realities and make sound investment decisions in the long run. Each of these segments is covered comprehensively in the report, emphasizing the major factors influencing their growth in recent times.

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A Detailed Analysis of the Changing Dynamics of the Industry

The AMR report on the furfural market highlights the major growth drivers, investment opportunities, and market restraints impacting the industry. Furfural is an organic chemical feedstock and agricultural residue, such as rice husk, olive press cake, corn cobs, sugarcane bagasse, and more. The growing use of this renewable feedstock in manufacturing lubricants, oils, solvents, and other such synthetic materials is expected to create favorable conditions for the growth of the sector. Furthermore, furfural is also being used in the agriculture sector as herbicides, pesticides, and other such chemicals to maximize crop yield. In addition, use of furfural in the consumer goods industry for the production of perfumes, cellulose esters, and rubber tires is expected to boost the revenue of the industry.

The AMR report covers the performance of the furfural industry in various regions across the globe, including North America, LAMEA, Asia-Pacific, and Europe. The leading administrative, demographic, political, sociocultural, legal, and economic factors influencing the growth of the industry are studied in this report. The study highlights that the furfural industry in the Asia-Pacific region is anticipated to witness significant growth in the coming period, owing to rise in awareness regarding environmental sustainability and ecological conservation. Rise in use of green chemicals and agro products in countries such as India, China, Malaysia, and Indonesia is anticipated to create numerous growth opportunities in the industry.

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Latest Developments and Upcoming Trends in the Industry

The AMR report also presents a detailed analysis of the technological advancements in the industry to help investors understand the latest trends in the sector. In the furfural market, innovations in catalysis processes have played an important role in the growth of the industry. The use of heterogeneous catalysts has helped companies to increase the production of furfural from biomass, thus increasing their efficiency and productivity in the long run. Moreover, the advent of continuous flow reactors has enabled companies to scale their operations seamlessly. Recently, several businesses have invested in novel technologies to use furfural as a food enhancer and a preservative in food and beverage products, thus increasing its applicability. In addition, companies have started deploying selective hydrogenation techniques to produce compounds like tetrahydrofurfuryl alcohol, furfuryl alcohol, and 2-methylfuran, which are further used in various industrial processes.

Competitive Industry Scenario

The AMR report offers an in-depth study of the competitive scenario of the market using scientific analytical tools such as Porter's five forces. For this, profiles of leading companies operating in the industry are highlighted to aid new industry participants in formulating effective growth strategies.

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The key players analyzed in the report are:

Tanin Sevnica d.d.

Central Romana Corporation Ltd.

Silvateam

Tieling North Furfural (Group) Co.

KRBL Ltd.

Penn A Kem LLC

ILLOVO SUGAR AFRICA (PTY) LTD.

Arcoy Industries Pvt. Ltd.

Lenzing AG

Hongye Holdings Group Co., Ltd.

In conclusion, the AMR report on the furfural industry provides a comprehensive overview of the market to aid businesses realign their operations as per the evolving sectoral dynamics. Moreover, the segmental and regional analyses presented in the study aid industry players to gain more insights into the complex intricacies of the sector.

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