The Furfural market is a niche market with a wide range of applications, from solvent and chemical intermediate to biofuels and specialty chemicals. The global market for Furfural is projected to grow at a CAGR of around 5.5% during the forecast period 2022 to 2032.
The major drivers of the market are the increasing demand for biofuels and specialty chemicals, and the growing use of Furfural as a solvent and chemical intermediate. Furfural is a versatile chemical that can be used in a wide range of applications, including as a solvent for various industrial processes, as a raw material for the production of specialty chemicals, and as a component in biofuels.
The major restraint of the market is the high cost of production and the limited availability of feedstock. Furfural is primarily produced from corncobs, which are a limited resource and thus make the cost of production relatively high. Additionally, the high cost of feedstock and the limited availability of corncobs can also limit the growth of the market.
The global Furfural market is segmented on the basis of application, end-use industry, and region. On the basis of application, the market is segmented into solvent, chemical intermediate, biofuels, and specialty chemicals. On the basis of end-use industry, the market is segmented into chemicals, biofuels, agriculture, and others.
Request for Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1488
The global furfural market size is anticipated to expand over the forthcoming years as a result of rising production units facilitating improved levels of furfural production. For instance, Assam-based Numaligarh Refinery Limited (NRL), in September 2022, revealed its plans to establish a biorefinery unit worth US$ 212 Mn for the production of bioethanol from 5 megatons of bamboo annually. It has recognized 25 local-level entrepreneurs who are willing to set up bamboo chipping units and would supply bone-dry or chipped bamboo so that the refinery can produce 19 MT furfural, 49 MT ethanol, and 11 MT acetic acid, apart from other related products.
Earlier in June 2020, a material development firm located in North America called Origin Materials declared its commitment to manufacturing sustainable and multipurpose chemical 5-chloromethyl furfural (CMF) commercially.
Furfural comes from the Latin word furfur which mean bran. Furfural (C5H4O2) is a clear, colourless or a little yellowish liquid. It is a natural precursor to furan-based chemicals. Furfural has potential to become a major renewable chemical for the production of biochemical and biofuels.
Few properties of furfural include corrosive resistance, thermosetting properties and physical resistance, which have led to its around 70% contribution to production of resin. Primarily, furfural is composed of agricultural byproducts such as oat, bran, husks, sawdust and corncobs.
Furfural manufacturing activity is based on pentosan containing residues, obtained from the processing of various agricultural or forest products, since no commercial synthetic process is discovered. Furfural market deals in B2B trade where furfural is widely used in industries as a base material for synthesizing a family of derived solvents such as tetrahydrofuran, furfuryl alcohol and in the production of resins for metal coatings and moulded plastic.
In addition, it is used in the manufacture of insecticides and in the food industry for flavouring purpose. Different raw materials such as, corn cobs, rice husk, bagasse, cotton husk, oat husk, almond husk, almond husk, and olive press cake are used to manufacture furfural.
Request for TOC @ https://www.futuremarketinsights.com/toc/rep-gb-1488
Global Furfural Market Key Players
Some of the key players in the furfural market are Hongye Holding Group Corporation Ltd., Arcoy Biorefinery Pvt. Ltd., Corporation, Ltd., Central Romana, KRBL Ltd., Illovo Sugar Ltd., Lenzing AG, Penn A Kem LLC, Tanin Sevnica d.d., Linzi Organic Chemicals Inc. Ltd., Tieling North Furfural (Group) Co., Ltd., Silvateam S.p.A., and Xingtai Chunlei Furfuryl Alcohol Co., Ltd.
Global Furfural Market Segmentation
On the basis of application global furfural market is segmented into :
- furfuryl alcohol
- solvents
- pharmaceuticals
- chemical intermediates
On the basis of region global furfural market is segmented into :
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East and Africa (MEA)
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
LinkedIn| Twitter| Blogs
