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Furfural Market To Set Astonishing Growth of $923.89 Million By 2030, Owing To Increasing Importance of Bio-Based Solvents As A Consequence of Rising Environmental Concerns | Grand View Research, Inc.

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Furfural Market To Set Astonishing Growth of $923.89 Million By 2030, Owing To Increasing Importance of Bio-Based Solvents As A Consequence of Rising Environmental Concerns | Grand View Research, Inc.

June 01
06:23 2022
Furfural Market To Set Astonishing Growth of $923.89 Million By 2030, Owing To Increasing Importance of Bio-Based Solvents As A Consequence of Rising Environmental Concerns | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the furfural industry to witness enhanced growth owing to rising demand in construction sector for several refractory materials including ceramics, bricks, and fiberglass composites over the forecast period.

Furfural Industry Overview

The global furfural market size was estimated at USD 522.60 million in 2021 and is expected to reach USD 923.89 million by 2030, registering a CAGR of 6.5% over the forecast period.

The rising importance of bio-based solvents as a consequence of increasing environmental concerns is anticipated to boost the product demand in solvent applications over the forecast period. The market observed a dip in 2020 owing to the outbreak of the COVID-19 pandemic. There was a change in production volume due to social distancing norms and lockdowns. Disruption in the supply chain and the logistic facility also impacted the furfural production.

Gather more insights about the market drivers, restrains and growth of the Global Furfural Market

Furfural is broadly used as a solvent or intermediate in several end-use industries, including foundry, agriculture, paints & coatings, pharmaceuticals, refineries, chemicals, automotive, and construction. The growing construction sector is projected to supplement the product demand in several refractory materials including ceramics, bricks, and fiberglass composites over the forecast period. In addition, the rising demand for sustainable products due to the depletion of fossil fuel resources is estimated to drive the demand.

 

U.S. furfural market size, by process, 2020 - 2030 (USD Million)

 

At present, furfural production is characterized by outdated manufacturing technologies, high steam usage, and high acid consumption, which lead to considerably low product yield or output. As a result, many companies are focusing on the development of new processes to decrease the overall energy consumption and increase the product yield during the purification step. Manufacturers are inclined toward using a combination of the most effective biomass to chemical techniques occasioning a significant decline in operational costs.

 

Furfural Market Segmentation

Based on the Process Insights, the market is segmented into Quacker Batch Process, Chinese Batch Process, Rosenlew Continuous Process, Others.

  • In 2021, the Chinese batch process was the dominant process segment and accounted for the maximum share of 82% of the global revenue.
  • The major difference between the Quaker batch and Rosenlew continuous processes is that the former uses sulfuric acid as a catalyst, while the latter does not require a separate catalyst.

 

Based on the Raw Material Insights, the market is segmented into Corncob, Sugarcane Bagasse, Sunflower Hull, Rice Husk, and Others.

  • The corncob raw material segment led the global market with a share of over 70% in 2021. It is estimated to retain its dominant position throughout the forecast years due to the extensive use of the raw material in the production of furfural.
  • Sugarcane bagasse is a significant agro-industrial byproduct. Large quantities of sugarcane bagasse are easily accessible at low cost in several sugarcane-processing manufacturing facilities, including sugar mills and independent distilleries.

 

Based on the Application Insights, the market is segmented into Furfuryl Alcohol, Solvent, Intermediate, and Others.

  • Solvent emerged as the second-largest application segment. The increasing use of furfural as a selective solvent for refining rosin and lubricating oils is projected to drive the product demand further.
  • Furfuryl alcohol emerged as the leading application segment in 2021 and accounted for the maximum share of over 86% of the global revenue, as it is predominantly used as a binder in the foundry industry.

 

Based on the End-use Insights, the market is segmented into Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverage, Refineries, and Others.

  • In terms of revenue, refineries dominated the market with a share of more than 50.5% in 2021. This high share is attributed to its high consumption as a solvent in petroleum refining, specialist adhesives, and lubricants.
  • Furfural is used as an intermediate in the synthesis of pharmaceuticals and as an essential fragment of pharmaceutical building blocks. The product is recorded as an active ingredient in veterinary products in Drug Products Database.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.

  • The Asia Pacific emerged as the dominant region with a market share of 74.2% in 2021. This is attributed to the high production of furfural in the region, especially in China, and growth in several end-use industries including agriculture, food & beverage, pharmaceutical, and refinery.
  • In Europe, the product is utilized as a flavoring ingredient in various food products, including frozen dairy, baked goods, gravies, candies, meat products, beverages, and puddings.

 

Market Share Insights

  • January 2021: The company took initiative and planted 3,000 hectares of sugarcane on communal land through the ‘Illovo small-scale growers project’.
  • June 2020: A US- and Canada-based material development company i. e. Origin Materials, accomplished to the commercial manufacture of the versatile and sustainable chemical 5-chloromethyl furfural (CMF).

 

Key Companies Profile:

The market is moderately fragmented with the presence of a large number of small- and medium-scale manufacturers, which account for a majority of the global share.

Some of the prominent players in the furfural market include,

  • Illovo Sugar Africa (Pty.) Ltd.
  • Central Romana Corporation
  • TransFurans Chemicals bvba
  • Pennakem, LLC
  • Hebeichem
  • Silvateam S.p.a
  • Lenzing Ag
  • Linzi Organic Chemical Inc. Ltd.

 

Order a free sample PDF of the Furfural Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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