Furfural Market
PUBLISHED: 2024 ID: SMRC25207
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Furfural Market

Furfural Market Forecasts to 2030 - Global Analysis By Type (Synthetic Furfural and Bio-based Furfural), Raw Material (Corncob, Sugarcane Bagasse, Sunflower Hull, Rice Husk, Cotton Hulls and Other Raw Materials), Process, Application, End User and By Geography

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4.9 (58 reviews)
Published: 2024 ID: SMRC25207

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $607.96 MN

Projected Year Value (2030)

US $1,125.72 MN

CAGR (2023 - 2030)

9.2%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Europe


According to Stratistics MRC, the Global Furfural Market is accounted for $607.96 million in 2023 and is expected to reach $1,125.72 million by 2030 growing at a CAGR of 9.2% during the forecast period. Furfural is a natural, organic compound derived from agricultural by-products such as corncobs, sugarcane bagasse, or wood. It is commonly used in the production of various chemicals, resins, and solvents. Furfural serves as a versatile building block in the synthesis of pharmaceuticals, herbicides, and plastics. Its eco-friendly nature, being sourced from renewable biomass, makes it a sustainable alternative to petroleum-based chemicals.

According to the India Brand Equity Foundation (IBEF), India witnessed rising consumption of furfural from agriculture; for instance, approximately 58.0% in 2022.

Market Dynamics: 

Driver: 

Rising government initiatives promoting bio-based chemicals

The development of renewable alternatives to traditional petrochemicals is being encouraged by governments worldwide due to growing concerns about environmental sustainability and reducing carbon footprints. Furfural is a renewable and environmentally friendly chemical that is produced from biomass feedstocks, therefore it fits in nicely with these projects. Supportive policies, subsidies, and mandates encourage investment in furfural production and utilization, driving market growth.

Restraint:

Environmental concerns

Environmental concerns regarding furfural primarily revolve around its production processes and potential impacts on ecosystems. The conversion of biomass feedstocks into furfural often involves the use of acids and solvents, which can lead to emissions of volatile organic compounds (VOCs) and other pollutants. Such environmental impacts raise regulatory scrutiny, potentially leading to stricter regulations, higher compliance costs, and negative perceptions of furfural products, thereby hindering market growth and profitability.

Opportunity:

Expanding pharmaceutical and agrochemical sectors

Furfural serves as a key intermediate in the synthesis of various pharmaceutical compounds and agrochemicals, including herbicides, fungicides, and insecticides. With increasing global population and demand for healthcare and agricultural products, the pharmaceutical and agrochemical industries require a steady supply of furfural for manufacturing processes. This sustained demand from these sectors fuels market growth, stimulating investment in furfural production infrastructure and fostering innovation in applications, thereby propelling the overall furfural market expansion.

Threat:

Volatility in feedstock prices

Furfural production relies heavily on biomass feedstocks such as corn cobs, sugarcane bagasse, and wood chips. Fluctuations in the prices of these feedstocks due to factors like weather conditions, market demand, and geopolitical events can disrupt production costs and profitability for furfural manufacturers. Consequently, volatility in feedstock prices can undermine market stability, impede investment decisions, and deter potential growth opportunities within the furfural industry.

Covid-19 Impact

The covid-19 pandemic significantly impacted the furfural market. Disruptions in global supply chains, labor shortages, and decreased industrial activities led to reduced demand for furfural across various end-use sectors. Additionally, restrictions on international trade and travel disrupted furfural supply and distribution networks. While the pandemic underscored the importance of bio-based chemicals for sustainability, the immediate economic challenges and market uncertainties caused by epidemic had a notable adverse effect on the furfural market, slowing down its growth trajectory.

The bio-based segment is expected to be the largest during the forecast period

The bio-based segment is estimated to have a lucrative growth. Bio-based furfural is a renewable chemical derived from biomass feedstocks such as agricultural residues, wood, and sugarcane bagasse. Its production involves the dehydration of pentose sugars present in these feedstocks. It offers advantages such as biodegradability, reduced carbon footprint, and compatibility with green chemistry principles. With increasing environmental concerns and government initiatives promoting bio-based chemicals, the demand for bio-based furfural is expected to rise, driving innovation.

The furfuryl alcohol production segment is expected to have the highest CAGR during the forecast period

The furfuryl alcohol production segment is anticipated to witness the highest CAGR growth during the forecast period. Furfural is extensively utilized in the production of furfuryl alcohol, a versatile chemical with diverse applications. Furfuryl alcohol serves as a key raw material in the synthesis of foundry resins, which are integral in the production of sand casting moulds used in metal casting industries. These resins offer excellent heat resistance, dimensional stability, and mechanical properties, making them ideal for various casting applications.

Region with largest share:

In the Asia-Pacific region, the furfural market demonstrates significant potential fueled by the region's robust industrialization, agriculture, and chemical sectors. Rapid economic growth and urbanization drive demand for furfural across various applications, including pharmaceuticals, chemicals, and agriculture. The presence of key agricultural countries like China and India ensures a steady supply of biomass feedstocks for furfural production. Additionally, increasing environmental awareness and government initiatives promoting bio-based chemicals further stimulate market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. In Europe, the furfural market is buoyed by a combination of factors, including stringent environmental regulations, growing demand for renewable chemicals, and advancements in bio-based technology. Furfural's diverse applications in pharmaceuticals, agrochemicals, and flavourings drive market growth. Moreover, Europe's emphasis on sustainability and renewable resources aligns with furfural's eco-friendly profile, fostering market expansion.

Key players in the market

Some of the key players profiled in the Furfural Market include Central Romana Corporation, Hongye Chemical Limited, Archer Daniels Midland Company (ADM), Illovo Sugar Limited, Penn A Kem LLC, Silvateam S.p.A., Lenzing AG, TransFurans Chemicals, Tanin Sevnica, Xingtai Chunlei Furfuryl Alcohol Co. Limited, Hebei Muenle Yongfa Technology Co. Limited, Shandong Crownchem Industries Limited and Linzi Organic Chemicals Inc.

Key Developments:

In December 2020, TransFurans Chemicals offered its distribution rights to International Furan Chemicals to expand its brand reachability on a global note.

In November 2020, Illovo Sugar Africa expanded its operational facilities in six African countries to cater to global sugar needs and acquired the status of the major producer of Furfural. 

Types Covered:
• Synthetic Furfural
• Bio-based Furfural

Raw Materials Covered:
• Corncob
• Sugarcane Bagasse
• Sunflower Hull
• Rice Husk
• Cotton Hulls
• Other Raw Materials

Processes Covered:
• Hydrolysis Process
• Quaker Oats Process
• Steam Distillation Process
• Acid Catalysis
• Other Processes

Applications Covered:
• Solvent
• Furfuryl Alcohol Production
• Chemical Intermediate
• Other Applications

End Users Covered:
• Agriculture
• Paints & Coatings
• Pharmaceuticals
• Food & Beverages
• Refineries
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary         
           
2 Preface          
 2.1 Abstract         
 2.2 Stake Holders        
 2.3 Research Scope        
 2.4 Research Methodology       
  2.4.1 Data Mining       
  2.4.2 Data Analysis       
  2.4.3 Data Validation       
  2.4.4 Research Approach       
 2.5 Research Sources        
  2.5.1 Primary Research Sources      
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions       
           
3 Market Trend Analysis        
 3.1 Introduction        
 3.2 Drivers         
 3.3 Restraints        
 3.4 Opportunities        
 3.5 Threats         
 3.6 Application Analysis       
 3.7 End User Analysis        
 3.8 Emerging Markets        
 3.9 Impact of Covid-19        
           
4 Porters Five Force Analysis        
 4.1 Bargaining power of suppliers       
 4.2 Bargaining power of buyers       
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry        
           
5 Global Furfural Market, By Type       
 5.1 Introduction        
 5.2 Synthetic Furfural        
 5.3 Bio-based Furfural        
           
6 Global Furfural Market, By Raw Material       
 6.1 Introduction        
 6.2 Corncob         
 6.3 Sugarcane Bagasse        
 6.4 Sunflower Hull        
 6.5 Rice Husk         
 6.6 Cotton Hulls        
 6.7 Other Raw Materials       
           
7 Global Furfural Market, By Process       
 7.1 Introduction        
 7.2 Hydrolysis Process        
 7.3 Quaker Oats Process       
 7.4 Steam Distillation Process       
 7.5 Acid Catalysis        
 7.6 Other Processes        
           
8 Global Furfural Market, By Application       
 8.1 Introduction        
 8.2 Solvent         
 8.3 Furfuryl Alcohol Production       
 8.4 Chemical Intermediate       
 8.5 Other Applications        
           
9 Global Furfural Market, By End User       
 9.1 Introduction        
 9.2 Agriculture        
 9.3 Paints & Coatings        
 9.4 Pharmaceuticals        
 9.5 Food & Beverages        
 9.6 Refineries        
 9.7 Other End Users        
           
10 Global Furfural Market, By Geography       
 10.1 Introduction        
 10.2 North America        
  10.2.1 US        
  10.2.2 Canada        
  10.2.3 Mexico        
 10.3 Europe         
  10.3.1 Germany        
  10.3.2 UK        
  10.3.3 Italy        
  10.3.4 France        
  10.3.5 Spain        
  10.3.6 Rest of Europe       
 10.4 Asia Pacific        
  10.4.1 Japan        
  10.4.2 China        
  10.4.3 India        
  10.4.4 Australia        
  10.4.5 New Zealand       
  10.4.6 South Korea       
  10.4.7 Rest of Asia Pacific       
 10.5 South America        
  10.5.1 Argentina       
  10.5.2 Brazil        
  10.5.3 Chile        
  10.5.4 Rest of South America      
 10.6 Middle East & Africa       
  10.6.1 Saudi Arabia       
  10.6.2 UAE        
  10.6.3 Qatar        
  10.6.4 South Africa       
  10.6.5 Rest of Middle East & Africa      
           
11 Key Developments         
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures    
 11.2 Acquisitions & Mergers       
 11.3 New Product Launch       
 11.4 Expansions        
 11.5 Other Key Strategies       
           
12 Company Profiling         
 12.1 Central Romana Corporation       
 12.2 Hongye Chemical Limited       
 12.3 Archer Daniels Midland Company (ADM)      
 12.4 Illovo Sugar Limited        
 12.5 Penn A Kem LLC        
 12.6 Silvateam S.p.A.        
 12.7 Lenzing AG        
 12.8 TransFurans Chemicals       
 12.9 Tanin Sevnica        
 12.10 Xingtai Chunlei Furfuryl Alcohol Limited      
 12.11 Hebei Muenle Yongfa Technology Limited     
 12.12 Shandong Crownchem Industries Limited     
 12.13 Linzi Organic Chemicals Inc       
           
List of Tables          
1 Global Furfural Market Outlook, By Region (2021-2030) ($MN)     
2 Global Furfural Market Outlook, By Type (2021-2030) ($MN)     
3 Global Furfural Market Outlook, By Synthetic Furfural (2021-2030) ($MN)    
4 Global Furfural Market Outlook, By Bio-based Furfural (2021-2030) ($MN)   
5 Global Furfural Market Outlook, By Raw Material (2021-2030) ($MN)    
6 Global Furfural Market Outlook, By Corncob (2021-2030) ($MN)    
7 Global Furfural Market Outlook, By Sugarcane Bagasse (2021-2030) ($MN)   
8 Global Furfural Market Outlook, By Sunflower Hull (2021-2030) ($MN)    
9 Global Furfural Market Outlook, By Rice Husk (2021-2030) ($MN)    
10 Global Furfural Market Outlook, By Cotton Hulls (2021-2030) ($MN)    
11 Global Furfural Market Outlook, By Other Raw Materials (2021-2030) ($MN)   
12 Global Furfural Market Outlook, By Process (2021-2030) ($MN)    
13 Global Furfural Market Outlook, By Hydrolysis Process (2021-2030) ($MN)   
14 Global Furfural Market Outlook, By Quaker Oats Process (2021-2030) ($MN)   
15 Global Furfural Market Outlook, By Steam Distillation Process (2021-2030) ($MN)   
16 Global Furfural Market Outlook, By Acid Catalysis (2021-2030) ($MN)    
17 Global Furfural Market Outlook, By Other Processes (2021-2030) ($MN)    
18 Global Furfural Market Outlook, By Application (2021-2030) ($MN)    
19 Global Furfural Market Outlook, By Solvent (2021-2030) ($MN)    
20 Global Furfural Market Outlook, By Furfuryl Alcohol Production (2021-2030) ($MN)   
21 Global Furfural Market Outlook, By Chemical Intermediate (2021-2030) ($MN)   
22 Global Furfural Market Outlook, By Other Applications (2021-2030) ($MN)   
23 Global Furfural Market Outlook, By End User (2021-2030) ($MN)    
24 Global Furfural Market Outlook, By Agriculture (2021-2030) ($MN)    
25 Global Furfural Market Outlook, By Paints & Coatings (2021-2030) ($MN)    
26 Global Furfural Market Outlook, By Pharmaceuticals (2021-2030) ($MN)    
27 Global Furfural Market Outlook, By Food & Beverages (2021-2030) ($MN)   
28 Global Furfural Market Outlook, By Refineries (2021-2030) ($MN)    
29 Global Furfural Market Outlook, By Other End Users (2021-2030) ($MN)    
           
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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