Furfural Market Overviews
Furfural Market size was valued at USD 548.56 Million in 2023 and the total Global Furfural Market revenue is expected to grow at a CAGR of 4.66 % from 2024 to 2030, reaching nearly USD 754.73 Million by 2030.
Furfural is a chemical compound derived from agricultural byproducts such as corncobs, oat hulls, and sugarcane bagasse, and is widely available in the global market. It is primarily used in industries such as pharmaceuticals, agriculture, and chemicals. Key producers include Central Romana Corporation, Pennakem, Silvateam, and Illovo Sugar. In 2023, the global furfural market showed robust sales and revenue figures. Technological advancements in furfural production processes, aimed at enhancing efficiency and reducing environmental impact, have bolstered market growth.
Furfural Market Scope and Methodology:
The furfural market is driven by several key factors that contribute to its growth and expansion across various industries globally. The increasing demand for bio-based chemicals and renewable furfural sources. Furfural, derived primarily from agricultural by-products such as corncobs, sugarcane bagasse, and rice husks, serves as a sustainable alternative to petrochemicals in various applications. The expanding applications of furfural derivatives such as Furfuryl alcohol, a major derivative, find extensive use in the production of foundry resins, which are crucial in metal casting processes. This segment alone dominates the market with approximately xx % revenue.
Furfural Market Regional Insights
Asia-Pacific held the largest share of the furfural market in 2023, driven by its growing industrialization and significant agricultural activities. The region accounts for approximately xx % of the global furfural market. China stands out as a major producer and consumer, owing to its extensive use of corncobs and rice husks for furfural production. India and Southeast Asian countries are also emerging as key markets due to increasing applications in chemicals, pharmaceuticals, and agriculture. In China, the furfural industry benefits from robust agricultural output and government support for renewable chemicals. For instance, corncobs, a major raw material, are plentiful due to large-scale corn cultivation. This abundant supply supports China’s dominance in furfural production and exports to global markets.
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Furfural Market Segmentation
By application, furfuryl alcohol dominates the furfural market segment with approximately xx %. This high market share is attributed to its extensive use in foundry resins, where it serves as a crucial component due to its excellent binding properties and heat resistance. Furfuryl alcohol finds extensive application in the production of various high-performance materials such as castings and abrasives. Its demand is bolstered by industries requiring durable and temperature-resistant materials, driving sustained growth in the furfural market.
Furfural Market Key Players
Central Romana Corporation
China XLX Fertiliser Ltd.
Hongye Holding Group Corporation Limited
Illovo Sugar
KRBL Limited
Pennakem
Puyang Refining Company Limited
Silvateam
Thapar
DalinYebo.
Hebeichem.
Linzi Organic Chemical Inc. Ltd.
Silva team S.p.a.
Trans Furans Chemicals bvba.
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Key questions answered in the Furfural Market are:
- What is Furfural ?
- What was the Furfural market size in 2023?
- What is the growth rate of the Furfural Market?
- Which are the factors expected to drive the Furfural market growth?
- What are the different segments of the Furfural Market?
- What growth strategies are the players considering to increase their presence in Furfural ?
- What are the upcoming industry applications and trends for the Furfural Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Furfural Market?
- Who are the leading companies and what are their portfolios in Furfural Market?
- What segments are covered in the Furfural Market?
- Who are the key players in the Furfural market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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