Furfural Market Expected to Reach $1,434 Million, Globally by 2022

Furfural Market Report, published by Allied Market Research, forecasts that the global market is expected to reach $1,434 million by 2022 from $663 million in 2015, with a CAGR of 11.6%. Furfural based on corn cob and sugarcane bagasse raw materials together accounted for half of the market share in 2015, in terms of revenue.

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The economic development in emerging economies is expected to boost the demand for furfural during the forecast period; whereas, lack of technological advancements and fluctuating prices of raw materials such as corn cob, rice husk, sugarcane bagasse, and others is expected to hamper the market growth during the forecast period.

Furfuryl alcohol was the dominant application segment, which accounted for four-fifths market share in 2015 and is expected to generate highest revenue during the forecast period. Furfuryl alcohol plays a vital role in the manufacturing of various chemical products, such as foundry resins, adhesives, and wetting agents, owing to the low viscosity & high reactivity, outstanding chemical, mechanical, & thermal properties. Furfural gains increased importance across various end-user industries such as petroleum refineries, pharmaceuticals, paints & coatings, agricultural formulations, and others, which include textile, foundry metal castings, flavors & fragrance.

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Key Findings of the Furfural Market Study:

1. The furfuryl alcohol application segment occupied the highest share in 2015, and is expected to grow at a CAGR of 11.8%, in terms of value, during the forecast period.

2. Sugarcane bagasse raw material based furfural is expected to grow at a high CAGR of 12.6% during the forecast period.

3. Petroleum Refineries industry is the leading end-user segment accounted for one-fifth of the share in 2015, followed by agricultural formulations industry in the global furfural market.

4. China dominated the furfural market in Asia-Pacific region in 2015, and is projected to grow at a CAGR of 12.1% during the forecast period.

5. U.S. is the leading market for furfural in the North American region, expected to grow at a CAGR of 11.5%, in terms of value.

The Asia-Pacific market accounted for the largest share in 2015, and is expected to maintain its leading position, owing to the increase in the market for end-user industries such as petroleum refineries, pharmaceuticals, paints & coatings, agricultural formulations, and others.

The key players operating in the global furfural market are Arcoy Industries Pvt. Ltd., Central Romana Corporation, Ltd., Hongye Holding Group Corporation, Illovo Sugar Ltd., KRBL Ltd., Lenzing AG, Penn a Kem LLC, Silvateam, Tanin Sevnica d.d and Tieling North Furfural (Group) Co. Ltd.

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