Furfural Market Share, Size, Trends, Industry Analysis Report, By Process (Quaker Batch Process, Chinese Batch Process, Rosenlew Continuous Process); By Raw Material; By Application; By End Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM3160
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global furfural market was valued at USD 591.43 million in 2023 and is expected to grow at a CAGR of 6.9% during the forecast period. According to the International Energy Agency In the main-case prediction, the total worldwide demand for biofuel increases by 35 000 MLPY or 20% over 2022–2027. Almost all growth in the usage of renewable diesel and biojet fuel occurs in developed economies. Because these fuels may be generated with minimal GHG emissions, mixed at high levels, and created from wastes and residues, policies intended to reduce GHG emissions are boosting demand in this situation. In 2021, wastes and residues provided over 70% of the sustainable diesel and biojet fuel. This will further propel the growth of the furfural industry throughout the forecast period.
Know more about this report: Request for sample pages
Eighty percent of the world's growth in the use of biofuels comes from the United States, Canada, Brazil, Indonesia, and India, all of which have extensive growth-supporting legislative frameworks. While reducing gasoline and diesel consumption in the United States and Canada slows the growth of biofuels and even reduces the usage of some fuels, it also increases demand for biofuels in Brazil, Indonesia, and India. This will further fuel the growth of the market in upcoming years.
Industry Dynamics
Growth Drivers
Rising demand for biofuels will create a wide range of opportunities for the furfural market As Furfural is used as a feedstock to produce biofuels, particularly bioethanol. As governments around the world increase their focus on reducing their dependence on fossil fuels, the demand for biofuels is expected to increase, which in turn will drive the growth of the furfural market.
Increasing use in the chemical industry will create huge demand for the furfural products. As Furfural is used as a raw material in the production of a wide range of chemicals, such as solvents, adhesives, and resins. The increasing use of furfural in these applications is expected to drive the growth of the market.
Growing use of furfural in agriculture also fueling the growth of the industry. As Furfural is used as a growth promoter and an insecticide in agriculture. The increasing use of furfural in agriculture is expected to drive the growth of the market.
Technological advancements in the market place are providing plenty of opportunities for the growth of the market. The research and development of new technologies, such as the development of new processes to produce furfural, is expected to drive the growth of the market. Government support for biofuels and other sustainable energy sources will create demand for furfural as a raw material for biofuels and other chemicals. The increasing environmental concerns and the need to reduce carbon emissions are expected to drive the demand for furfural in the market.
Report Segmentation
The market is primarily segmented based on process, raw material, application, end use and region.
|
By Process |
By Raw Material |
By Application |
By End Use |
By Region |
|
|
|
|
|
Know more about this report: Request for sample pages
Chinese Batch Process is expected to hold the significant revenue share
The Chinese batch process is a method of producing furfural using agricultural waste such as corn cob, rice straw, and wheat straw as raw materials. This process is widely used in China, which is the largest producer and consumer of furfural. The Chinese batch process has several advantages, such as low cost, high efficiency, and the ability to use a wide range of raw materials. This has influenced the growth of the market in several ways.
Low production cost is fueling growth of the market As the Chinese batch process is relatively low cost compared to other methods of producing furfural. This makes it more attractive for manufacturers and helps to keep the price of furfural competitive. High efficiency further fuels the furfural industry. The Chinese batch process is highly efficient and produces a high yield of furfural. This helps to meet the increasing demand for furfural in various applications.
Corn Cob segment is expected to witness fastest growth during the forecast period
The corn cob segment is one of the major raw materials used in the production of furfural. It is a waste product generated from the corn milling industry and is an abundant, renewable and low-cost feedstock. Corn cob is a low-cost feedstock for the production of furfural, which helps to keep the price of furfural competitive and makes it more attractive for manufacturers. Corn cob is a renewable resource, which helps to reduce the environmental impact of furfural production. Corn cob is known to provide high yield of furfural, this makes it an efficient feedstock for the production of furfural.
The corn cob is an abundant, renewable, and low-cost feedstock which helps to keep the price of furfural competitive. Additionally, it is widely used and provides high yield which helps to meet the increasing demand for furfural in various applications.
Furfuryl alcohol accounted for the largest market share in 2022
Furfuryl alcohol is a derivative of furfural and is produced by the catalytic reduction of furfural. The growth of the furfuryl is closely linked to the growth of the furfuryl alcohol market, as furfuryl alcohol is a key derivative of furfuryl and is used in a variety of industrial applications. The increasing demand for furfuryl alcohol in various applications such as resins, binders, and solvents are driving the growth of the market.
Growing use of furfuryl alcohol in phenolic resins production will create demand for the furfural products in upcoming years. The use of furfuryl alcohol in the production of phenolic resins, which are used in various applications such as adhesives, coatings, and insulation, is driving the growth of the furfural market.
Overall, furfuryl alcohol is a key derivative of furfural and its increasing demand in various industrial applications is driving the growth of the market. The versatility of furfuryl alcohol and its increasing use in various industries such as foundry, chemical and petrochemical, and phenolic resins production is also contributing to the market growth.
Refineries is expected to hold the significant revenue share
The refineries segment is expected to hold largest market share over the projected timeline. Increasing demand for fuel additives will further create a wide range of opportunities for the growth of the industry. With the growing demand for fuel additives, the refineries segment is expected to be a major consumer of furfural. Furfural is used as a fuel additive to improve the octane number of gasoline and diesel fuels, which is expected to drive the growth of the refineries segment.
The increasing demand for fuel additives, growing use of furfural in the production of xylene and phenolic resins and increasing production of biofuels are some of the key factors that are expected to drive the growth of the refineries segment.
The demand in Asia Pacific is expected to witness significant growth
The Asia Pacific region is expected to have a significant impact on the market growth in the coming years. The Asia Pacific region is expected to be a major consumer of furfural as a fuel additive. Furfural is used to improve the octane number of gasoline and diesel fuels, which is expected to drive the market growth in Asia Pacific. Phenolic resins are used in the production of various products such as adhesives, coatings, and insulation. The Asia Pacific region is a major consumer of phenolic resins, and as the demand for these resins increases, so will the demand for furfural.
The growing demand for fuel additives, increasing demand for phenolic resins, growing use of furfural in the production of xylene, growing production of biofuels and rapid industrialization and urbanization in the region are some of the key factors that are expected to drive the regional market growth.
Competitive Insight
Some of the major players operating in the global market include Illovo Sugar Africa, Linzi Organic, TransFurans Chemicals, Central Romana, DalinYebo, Hebeichem, KRBL, & LENZING.
Recent Developments
- In July 2019, Illovo Sugar Africa partnered with Landesa and the UK Department for International Development (DFID) to support the Group in carrying out its land rights commitments and policies.
- In November 2019, Illovo Sugar Africa launched a "Making Sense of Sugar" campaign in the South Africa to spread awareness & educate people role of sugar in human health systems.
Furfural Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 629.93 million |
|
Revenue forecast in 2032 |
USD 1,071.85 million |
|
CAGR |
6.9% from 2024 - 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 - 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments covered |
By Process, By Raw Material, By Application, By End Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
Illovo Sugar Africa, Linzi Organic Chemical, TransFurans Chemicals bvba, Central Romana Corporation, DalinYebo; Hebeichem, KRBL, Silva team S.p.a and LENZING AG. |
FAQ's
The global furfural market size is expected to reach USD 1,071.85 million by 2032.
Key players in the furfural market are process, raw material, application, end use and region.
Asia Pacific contribute notably towards the global furfural market.
The global furfural market expected to grow at a CAGR of 6.8% during the forecast period.
The furfural market report covering key segments are process, raw material, application, end use and region.
