Furfural Market Overview:
According to IMARC Group latest report titled “Furfural Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, offers a comprehensive analysis of the industry, which comprises insights on furfural market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The market exhibited moderate growth during 2015-2020. The global furfural market to grow at a CAGR of around 6% during 2021-2026.
Furfural represents a naturally occurring compound that is formed by dehydrating carbon sugar. It is obtained from the hemicellulose fraction of lignocellulosic biomass. Furfural is a versatile chemical that is extensively utilized as a raw material to produce phenol-furfural-resins. In line with this, it can be converted into tetrahydrofurfuryl alcohol (THFA), furfuryl alcohol, tetrahydrofuran, furan, diols, etc. Among these, furfuryl alcohol finds wide-ranging applications as a flavoring agent and filler in the production of paints, textiles, plastics, etc., across the globe.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The growing product utilization to manufacture adhesives, nematicides, inks, antacids, fungicides, fertilizers, flavoring compounds, etc., is primarily driving the furfural market. Additionally, the escalating demand for packaged food items, on account of the expanding working population with hectic work schedules, is further catalyzing the market growth. Besides this, the inflating popularity of furfural as a potential source to produce biofuels, owing to the rising consumer environmental concerns and the increasing need for minimizing dependence on petrochemicals, is acting as another significant growth-inducing factor. Moreover, the elevating focus on personal health and hygiene is also augmenting the adoption of furfural for making perfumes and fragrances, which is positively influencing the global market. Apart from this, the introduction of product variants that can be used in the manufacturing of fiberglass and automobile as well as aircraft components is anticipated to fuel the furfural market over the forecasted period.
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Behran Oil Company
- Central Romana Corporation Ltd.
- Hongye Holding Group Corporation Limited
- Illovo Sugar Ltd.
- KRBL Limited
- Lenzing Aktiengesellschaft
- Linzi Organic Chemical Inc. Ltd.
- Pennakem LLC
- Shandong Crownchem Industries Co. Ltd
- Silvateam S.p.a.
- Tanin d.d.
- TransFurans Chemicals bvba
- Xian Welldon Trading Co. Ltd
Furfural Market Segmentation:
Our report has categorized the market based on region, process, raw material, application and end use industry.
- Quaker Batch Process
- Chinese Batch Process
- Rosenlew Continuous Process
- Corn Cobs
- Rice Husk
- Sugarcane Bagasse
- Furfuryl Alcohol
- Petroleum Refineries
- Paints and Coatings
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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