Furfural Market projected to reach USD 823.7 Million by 2030, growing at a CAGR of 5.8% during the forecast period of 2023-2030 - a comprehensive study by MarketDigits
The Global Furfural Market was valued USD 526.1 Million in 2023 and projected to reach USD 823.7 Million by 2030, growing at a CAGR of 5.8% during the forecast period of 2023-2030
Richmond, Feb. 23, 2024 (GLOBE NEWSWIRE) -- According to a research report *"**Furfural Market*”*, by* *Sources (Corncobs, Cottonseed hulls, Rice hulls others), Application (Derivative, Solvents, Furfuryl Alcohol, Others), End use (Agriculture, Paint and Coatings, Food and Beverages, Others) and Region - Global Forecast to 2030.*
*Global Furfural Market* *Report Scope:*
*Report* *Details*
*Market size value in 2023* *USD 526.1 Million*
*Market size value in 2030* *USD 823.7 Million*
*CAGR (2023-2030)* *5.8%*
*Forecast Period* *2023–2030*
*Historic Data* *2019*
*Forecast Units* *Value (USD Million/USD Billion)*
*Segments Covered* *Sources**, **Application**, End User and Region*
*Geographies Covered* *North America, Europe, Asia Pacific, and RoW*
* * · *Pennakem LLC*
· *Dalin Yebo*
*Sample of Companies Covered * · *Hongye Holding Group Corporation Limited*
· *KRBL Limited*
· *LENZING AG*
*Download the Sample* - *https://www.marketdigits.com/request/sample/4180*
*TOC Covers in Depth & Breath on **Furfural Market*
*170 - Market Data Tables *
*65 - List of Figures*
*225 – Pages*
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits*.*
*Market Overview*
The furfural market has seen steady growth in recent years, attributed to increasing demand from end-use industries and the growing emphasis on sustainable practices. Furfural is employed across diverse industries, with significant usage in various sectors. It serves as a crucial ingredient in the manufacturing of furfuryl alcohol, which acts as a precursor for resins utilized in foundry operations. Furfural is utilized in pharmaceuticals, agriculture, flavor and fragrance, and as a solvent in various chemical processes. The market is poised to encounter specific challenges necessitating innovative solutions and strategic actions from industry players. The furfural market offers promising opportunities for stakeholders, determined by its broad range of applications and increasing adoption in different sectors. Investments in sustainable production methods and ongoing research and development endeavors are anticipated to further initiative market expansion in the conceivable future.
*Major vendors in the global Furfural Market are*
· Dalin Yebo
· Hongye Holding Group Corporation Limited
· KRBL Limited
· LENZING AG
· Pennakem LLC
· Silvateam SpA
· TransFurans Chemicals bvba
· Xingtai Chunlei Furfuryl Alcohol Co. Ltd (hebeichem)
· Zibo Xinye Chemical Co. Ltd
· Other entities
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*Expansion in Furfuryl Alcohol Production*
The growth in furfuryl alcohol production factors contributing to its increasing demand and utilization across multiple industries. Furfuryl alcohol, a significant derivative of furfural, finds extensive application in the manufacturing of foundry resins essential for mold and core formation in metal casting processes. This flow in furfuryl alcohol production primarily results from the rising demand in the foundry sector, which is influenced by the thriving construction, automotive, and manufacturing industries globally. The global shift towards sustainable and environmentally friendly materials has further spurred the demand for furfuryl alcohol, as it originates from renewable agricultural sources. This increase in furfuryl alcohol production underscores the market's response to the growing demand for versatile and environmentally conscious materials across various industrial sectors.
*Market Dynamics*
*Drivers:*
· Growing in Demand for Bio-based Chemicals
· Expansion in Furfuryl Alcohol Production
· Rising Demand in Pharmaceutical industry
· Utilization in the flavor and fragrance sector
*Opportunities:*
· Revolution in Agricultural Sector
· Increase in Renewable Fuels
· Investigation in Automotive Materials
*Revolution in Agricultural Sector*
The revolution in the agricultural sector represents a significant opportunity within the furfural market. As agriculture undergoes a transformation towards more sustainable practices, there is a growing demand for eco-friendly solutions to enhance productivity and environment. By incorporating furfural into soil management practices, farmers can improve soil health, increase nutrient availability, and enhance crop harvests. This creates an attractive market opportunity for furfural-derived soil conditioners and fertilizers, meeting the requirements of environmentally aware farmers who are in search of sustainable options for enhancing crop harvests. Furfural-based formulations that enhance plant resilience and moderate the adverse effects of abiotic stressors represent a promising chance for market growth in the furfural industry. By exploiting furfural's unique properties and expanding its applications in agriculture, companies can capitalize on emerging market trends and position themselves as leaders in the growing market for sustainable agricultural inputs.
*Asia Pacific dominates the market for **Furfural Market.*
Asia Pacific countries such as China and India are major producers of agricultural commodities like corn, rice, and sugarcane, which serve as key raw materials for furfural production. This abundant availability of raw materials gives Asia Pacific a competitive edge in furfural manufacturing. The region's robust industrial infrastructure and manufacturing capabilities contribute to its dominance in the furfural market. Countries like China have well-established chemical industries with advanced production technologies, enabling efficient and cost-effective furfural production on a large scale. The combination of abundant raw materials, robust industrial infrastructure, growing demand from end-use industries, and supportive government policies positions the Asia Pacific region as a dominant player in the global furfural market.
The region's advanced technological capabilities and well-established infrastructure in the chemical industry facilitate efficient furfural production processes. This technological proficiency allows North American manufacturers to produce furfural of high quality at competitive prices, granting them a significant advantage on the global stage. North America benefits from ample access to raw materials for furfural production, notably corn cobs and sugarcane bagasse, which serve as primary feedstocks. These agricultural byproducts ensure a consistent and reliable supply chain within the region. North America's technological prowess, abundant raw material resources, commitment to sustainability, and diverse industrial applications establish the region as a dominant player in the global furfural market.
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*The **Rice hulls **Segments is anticipated to hold the Largest Market Share during the Forecast Period*
In the global Furfural Market, the Sources segment comprises various categories such as Corncobs, Cottonseed hulls, Rice hulls and Others. Rice hulls serve as a significant raw material source for furfural production, offering ample availability and cost-effectiveness. Being a byproduct of rice milling, they represent a renewable and easily accessible resource for furfural manufacturers. Technological advancements have facilitated more efficient extraction of furfural from rice hulls, thereby improving the economic feasibility of this segment. Enhanced processing techniques have resulted in increased crops and higher quality furfural derived from rice hulls, hence enhancing its market appeal. By utilizing this agricultural waste stream, the furfural industry contributes to waste reduction and sustainable resource management, supporting with broader environmental sustainability objectives. The expected dominance of the Rice hulls segment in the furfural market during the forecast period is underpinned by its abundant availability, technological progress, environmental advantages, and versatile application prospects.
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