Furfural Market Size Worth $1,071.85 Million By 2032 | CAGR: 6.9%

The global furfural market size is expected to reach USD 1,071.85 million by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing use of furfural in the production of phenolic resins have a greater impact on the market. Phenolic resins are used in the production of various products such as adhesives, coatings, and insulation. Furfural is used as an intermediate in the production of phenolic resins which are used in the refineries.

Increasing production of biofuels is also influencing the growth of the market. With the increasing production of biofuels, refineries are expected to consume more furfural. Furfural is a byproduct of the production of biofuels, and as the production of biofuels increases, so will the demand for furfural. Increasing use of furfural in the production of xylene will fuel the growth of the market. Furfural is used in the production of xylene, which is an important component in the petrochemical industry. The increasing demand for xylene in the refineries is expected to drive the growth of the furfural market.

According to analysis released by the OECD & the International Energy Agency, many nations struggling to balance long-standing commitments to phase out inefficient fossil fuel subsidies, and saving consumers from skyrocketing energy prices. As energy prices increased along with the recovery of the global economy, according to new OECD and IEA data, total government assistance for fossil fuels in the 51 nations, globally, doubled to 697.2 USD Bn in 2021 from 362.4 USD Bn, in 2020.

In addition, increased fuel prices and energy demand are expected to cause consumption subsidies to increase even more in 2022. This will further fuel the growth of the furfural market as demand for biofuel will rise in upcoming years.

Furfuryl alcohol is a versatile chemical intermediate and can be converted into a wide range of products, which is driving the growth of the furfural market. The use of furfuryl alcohol as a binder in core and mold making in the foundry industry is contributing to the growth of the furfural market. The growing use of furfuryl alcohol as a solvent and intermediate in the chemical and petrochemical industry is contributing to the growth of the furfural market.

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The Asia Pacific region is a major consumer of xylene, which is an important component in the petrochemical industry. The increasing demand for xylene in the region is expected to drive the growth of the furfural market. The Asia Pacific region is a major producer of biofuels, and as the production of biofuels increases, so will the demand for furfural. The Asia Pacific region is witnessing rapid industrialization and urbanization, which is expected to drive the growth of the petrochemical and chemical industries, leading to an increase in demand for furfural.

Furfural Market Report Highlights

• The Chinese batch process is anticipated to grow due to its advantages such as low cost, high efficiency, and the ability to use a wide range of raw materials.
• The Corn Cob segment accounted for the higher growth rate owing to its benefits such as abundant, renewable, and low-cost feedstock.
• Furfuryl alcohol is projected to experience a significant growth rate as it is a key derivative of furfuryl and is used in a variety of industrial applications.
• Refineries segment is anticipated to grow at a higher rate owing to the increasing demand for fuel additives and growing use of furfural in the production of xylene.
• The global players include Illovo Sugar Africa, Linzi Organic, TransFurans Chemicals, Central Romana, DalinYebo, Hebeichem, KRBL, & LENZING.

Polaris Market Research has segmented the furfural market report based on process, raw material, application, end use and region:

Furfural, Process Outlook (Revenue - USD Million, 2019 - 2032)

• Quaker Batch Process
• Chinese Batch Process
• Rosenlew Continuous Process

Furfural, Raw Material Outlook (Revenue - USD Million, 2019 - 2032)

• Corn Cob
• Sugarcane Bagasse
• Sunflower Hull
• Rice Husk

Furfural, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Furfuryl Alcohol
• Solvent
• Intermediate

     Furfural, End Use Outlook (Revenue - USD Million, 2019 - 2032)

• Agriculture
• Paints & Coatings
• Pharmaceuticals
• Food & Beverage
• Refineries

     Furfural, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa