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Furfural Market - Global Industry Analysis By 2023
Furfural Market
The pharmaceutical industry is also presenting lucrative opportunities for the application of this organic compound. As furfural acts as a natural precursor to a varied range of furan-based chemicals and solvents, its application in the production of pharmaceutical intermediaries and mixtures is likely to increase considerably in the years to come.
On the other hand, inefficient production processes and the lack of technical advancement may restrict the market from growing over the forthcoming years. However, the capability of this compound to renew itself is predicted to result in its increased adoption across a number of end-use industries in the near future. The global opportunity in furfural was worth US$450 mn in 2014. Expanding at a steady CAGR of 13.10% between 2015 and 2023, this opportunity is predicted to reach to US$1.35 bn by the end of the forecast period.
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Increasing Application of Furfuryl Alcohol to Drive Demand for Furfural
Furfuryl alcohol, pharmaceuticals, solvents, and chemical intermediates are the prime application areas for furfural. Apart from this, this compound also finds widespread application in herbicides, pesticides, and flavors and fragrance.
Currently, furfuryl alcohol is the key contributor to the overall consumption of furfural across the world. In 2014, the opportunity for furfural in furfuryl alcohol was worth US$394 mn. Increasing at a CAGR of 13.20% from 2015 to 2023, it is likely to increase to US$1.2 bn by the end of the forecast period. The increasing application of furfuryl alcohol as binders in resins and as solvents in pharmaceuticals is anticipated to drive the demand for furfural significantly over the next few years.
Consumption of Furfural Projected to Remain High in Asia Pacific
North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the key regional markets for furfural. Among these, Asia Pacific has emerged as the leading consumer of furfural. In 2014, the region accounted for a share of 78% in the overall demand for this compound. By 2023, this demand share is likely to witness a rise of 4.5%, owing to the growing demand for furfural-based agrochemicals as well as herbicides and pesticides. Asia Pacific is likely to present an opportunity of US$1.08 bn in the furfural market by 2023, increasing at a CAGR of 13.80% during the period of 2015-2023.
China has emerged as the key contributor to the consumption of furfural in Asia Pacific. The demand for furfural is expected to rise at a CAGR of 11.50% in China during the forecast period. The leading players in the global furfural market are Xingtai Chunlei Furfuryl Alcohol Co. Ltd., Tieling North Furfural (Group) Co. Ltd., Tanin Sevnica d.d., Silvateam S.p.A., Penn A Kem LLC, Nutrafur S.A., Linzi Organic Chemicals Inc. Ltd., Lenzing AG, KRBL Ltd., Illovo Sugar Ltd., Hongye Holding Group Corp. Ltd., Central Romana Corp. Ltd., and Arcoy Biorefinery Pvt. Ltd.
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