USD 556.74 million
Furfural Market Size, Share, Growth Analysis, By Process(Chinese Batch Process and Quaker Batch Process), By End-User(Pharmaceuticals, Flavors and Fragrances, Agriculture, and Plastics and Resins), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2132 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
62
|Figures:
79
Furfural Market Insights
Global Furfural Market size was valued at USD 556.74 million in 2022 and is poised to grow from USD 595.71 million in 2023 to USD 1023.54 million by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).
Furfural is used primarily as a solvent and as a precursor to various chemicals and materials, including furan resins, plastics, and pharmaceuticals. Furfural is also used as a flavoring agent in the food industry, particularly in baked goods and coffee. It is produced commercially by the acid-catalyzed dehydration of pentose sugars, such as xylose, which can be obtained from agricultural waste, such as corn cobs and bagasse. The Asia-Pacific region is expected to dominate the global market due to the increasing demand for furfural from countries such as China and India. The report notes that the growth of the furfural market in this region is driven by the presence of a large number of end-use industries and the availability of raw materials. North America and Europe are also expected to experience significant growth in the furfural market. The report notes that the growth of the furfural market in this region is driven by the increasing demand from the pharmaceutical industry. The report attributes this growth to the increasing demand for furfural from the food and beverage industry in the region.
The pharmaceutical industry is expected to be a major end-use industry for furfural. The report attributes this to the increasing use of furfural in the production of various pharmaceuticals, including antibiotics, antimalarials, and anticancer drugs. The food and beverage industry is also expected to be a significant end-use industry for furfural. The report notes that the growth of the furfural market in this segment is driven by the increasing demand for natural and organic food additives. The World Health Organization (WHO) and the Food and Drug Administration (FDA) have set limits for furfural exposure, and they have classified it as a possible human carcinogen. In recent years, the furfural market has experienced steady growth due to its increasing use in the production of biofuels and as a flavoring agent. However, the demand for furfural is expected to decline due to the availability of alternative solvents and stricter regulatory measures by global authorities. Top of Form
US Furfural Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Chinese Batch Process
Fastest Growth
Chinese Batch Process
Growth Rate
7% CAGR
Global Furfural Market 2021-2030 ($ Bn)
Country Share for APAC Region- 2021 (%)
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Furfural Market Segmental Analysis
The Global Furfural market is segmented by process, and end-user. Based on process, the Furfural Markett can be segmented into Chinese Batch Process and Quaker Batch Process. Based on end-user, the market can be segmented into Pharmaceuticals, Flavors and Fragrances, Agriculture, and Plastics and Resins. Based on region, the Furfural Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Furfural Market Analysis by Process
By process, the market can be segmented into Chinese Batch Process and Quaker Batch Process. The Chinese batch process is still widely used in China, and it is expected to continue to dominate the furfural market in the country. The Chinese batch process is the traditional method of producing furfural, and it involves the use of corncobs, rice husks, or bagasse as raw materials. The process involves soaking the raw material in dilute acid, followed by distillation to obtain furfural. The Chinese batch process is a time-consuming process, and the quality of the furfural produced can vary based on the raw materials used.
The Quaker batch process is comparatively smaller that chinese batch process, which gaining popularity in other regions, particularly in North America and Europe, where the demand for high-quality furfural is increases. The Quaker batch process is a modern method of producing furfural, and it involves the use of sawdust or other wood wastes as raw materials. The process involves soaking the raw material in a solvent, followed by distillation to obtain furfural. The Quaker batch process is a more efficient process compared to the Chinese batch process, and it produces higher quality furfural.
Furfural Market Analysis by End-User
By distribution channel, the market can be segmented into Pharmaceuticals, Flavors and Fragrances, Agriculture, and Plastics and Resins. The pharmaceuticals segment dominated the global market. Furfural is used in the production of various pharmaceuticals, including antibiotics, antimalarials, and anticancer drugs. The demand for furfural from the pharmaceutical industry is expected to grow significantly in the coming years, driven by the increasing prevalence of diseases and the growing demand for effective treatments. In addition, the growing demand for natural and organic ingredients in pharmaceuticals is expected to boost the growth of the market.
The flavors and fragrances segment is one of the larger end-use industry for furfural. Furfural is used as a flavoring agent in the food industry, particularly in baked goods and coffee. It is also used in the production of fragrances and perfumes. The demand for furfural from the flavors and fragrances industry is expected to grow steadily in the coming years, driven by the increasing demand for natural and organic ingredients in food and personal care products. However, the volatility in the prices of raw materials and the stringent regulations governing the use of furfural in food and personal care products may pose challenges to the growth of the furfural market in this segment.
Global Furfural Market By Process, 2021 (%)
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Furfural Market Regional Insights
The Asia-Pacific (APAC) region dominated the global market, accounting for the largest market share in terms of both volume and value. The region is expected to witness the fastest growth during the forecast period, owing to the increasing demand for furfural in various end-use industries, such as pharmaceuticals, agrochemicals, and food & beverage. China is the largest consumer and producer of furfural in the Asia-Pacific region, owing to the abundant availability of agricultural waste, such as corn cobs, rice husks, and wheat straw. The country is expected to witness significant growth during the forecast period, owing to the increasing demand for furfural-based products in the pharmaceutical and agrochemical industries. India is also a significant market for furfural, owing to the growing demand for renewable chemicals and bio-based products. The country is expected to witness significant growth during the forecast period, owing to the increasing demand for furfural-based products in various end-use industries, such as pharmaceuticals, food & beverage, and agrochemicals. Japan is another significant market for furfural in the Asia-Pacific region, owing to the increasing demand for furfural-based products in various end-use industries, such as pharmaceuticals and chemicals. The country is expected to witness steady growth during the forecast period. South Korea is also a significant market for furfural in the Asia-Pacific region, owing to the increasing demand for furfural-based products in various end-use industries, such as pharmaceuticals, agrochemicals, and chemicals. The country is expected to witness moderate growth during the forecast period.
The North American furfural market is expected to grow at the fastest CAGR. The market is expected to grow significantly in the coming years, driven by the increasing demand for furfural-based products in various end-use industries such as pharmaceuticals, agrochemicals, and flavors & fragrances. The United States is the largest consumer of furfural in North America. The country has a well-established pharmaceutical industry, which is expected to drive the demand for furfural-based products. Furfural is used as a key ingredient in the production of furfuryl alcohol, which is used in the manufacturing of resins, adhesives, and coatings. The increasing demand for these products is expected to drive the demand for furfural in the region. Canada is another major market for furfural in North America. The country has a well-developed agricultural industry, which is expected to drive the demand for furfural-based products in the region.
Global Furfural Market By Geography, 2021-2030
- Largest
- Fastest
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Furfural Market Dynamics
Furfural Market Drivers
Use as a renewable and environmentally friendly chemical
- One major driver for the furfural market is its use as a renewable and environmentally friendly chemical. Furfural is derived from agricultural waste, such as corn cobs, sugarcane bagasse, and oat husks, which are abundant and widely available. Compared to traditional petrochemical-based solvents, furfural has a lower carbon footprint and produces fewer harmful emissions. This has led to an increased demand for furfural in various industries, including food and beverage, pharmaceuticals, and chemicals. Additionally, the development of new applications for furfural, such as in the production of biofuels and bioplastics, is expected to further drive market growth in the coming years.
Furfural Market Restraints
Growth of Green Chemicals Creating Wide Range of Opportunities in the Global Furfural Market
- Chemical companies are adopting sustainable methods to produce bio-based/green chemicals that align with the 12 principles of green chemistry. The utilization of biotechnological procedures such as fermentation, biocatalysis, and enzymatic processes have made this possible. This shift towards green chemicals has led to a surge in the market for these products. To meet the increasing demand, green chemical manufacturers are expanding their production capacity and constructing new factories. They are also streamlining their production and distribution channels to ensure easy access to the market. Strategic partnerships, mergers, and acquisitions are pivotal in this market and enable companies to enhance their market position. The financial and operational activities of end-users have a significant impact on the manufacturers and raw material suppliers. The rise of the furfural market can be attributed to the growth of the green chemistry market, sustainability initiatives by businesses, and the emergence of new bio-based value chains.
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Furfural Market Competitive Landscape
The global furfural market is highly competitive and fragmented, with numerous players operating in the industry. The market is characterized by the presence of small to large-scale manufacturers and suppliers, with varying degrees of market penetration. The demand for furfural is driven by its increasing use in the pharmaceutical, agricultural, and chemical industries. The market is also influenced by factors such as the availability of raw materials, government regulations, and the development of new applications. Key growth strategies adopted by market players include mergers and acquisitions, collaborations, and partnerships. Furthermore, companies are focusing on expanding their production capacities and investing in R&D to introduce innovative products and gain a competitive edge.
Furfural Market Top Player’s Company Profiles
- Central Romana Corporation Ltd.
- Arcoy Biorefinery Pvt. Ltd.
- Penn A Kem LLC
- Tieling North Furfural (Group) Co. Ltd.
- Silvateam S.p.A.
- Hongye Holding Group Corporation Ltd.
- TransFurans Chemicals BVBA
- Tanin Sevnica d.d.
- Linzi Organic Chemicals Inc.
- Illovo Sugar Africa (Pty) Ltd.
- KRBL Ltd.
- NCAB Group AB
- Lenzing AG
- Furfural Espanol S.A.
- Silvateam Brasil Ltda.
- Zibo Xinye Chemical Co. Ltd.
- Quimica del Cinca S.L.
- Xingtai Chunlei Furfuryl Alcohol Co. Ltd.
- Xingtai Lantian Fine Chemical Co. Ltd.
- Penta Manufacturing Company
Furfural Market Recent Developments
- Origin Materials announced in June 2023 the opening of Origin 1, the first commercial CMF (chloromethyl furfural) factory in the world.
- In January 2023, The Chinese government announced plans to invest heavily in the furfural industry as part of its efforts to promote the development of renewable energy and reduce carbon emissions.
- In September 2022, Mitsui Chemicals, a Japanese chemical company, announced the development of a new furfural-based thermoplastic resin, which is expected to be used in various applications such as automotive parts and electronic components.
- In July 2022, CFF GmbH & Co. KG, a German-based company specializing in the production of specialty chemicals, announced the development of a new furfural-based resin system for the construction industry.
Furfural Key Market Trends
- Global furfural market is experiencing significant growth, driven by increasing demand for renewable chemicals and bio-based products. Furfural, a derivative of agricultural waste, is being widely used as a solvent, flavoring agent, and precursor to various chemicals. The market is witnessing a surge in demand from end-use industries such as pharmaceuticals, agrochemicals, and food & beverage. Moreover, the growing trend towards sustainable development and eco-friendly products is also driving the demand for furfural-based products. The market is expected to witness significant growth in the coming years, driven by increasing investment in research and development activities and the launch of innovative furfural-based products.
Furfural Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global furfural market analysis, the market is experiencing significant growth due to the increasing demand for renewable chemicals and bio-based products. The market is witnessing a surge in demand from end-use industries such as pharmaceuticals, agrochemicals, and food & beverage. Furfural-based products are eco-friendly and sustainable, which is driving their popularity in the market. The Asia-Pacific region dominates the global furfural market, accounting for the largest market share in terms of both volume and value. The region is expected to witness the fastest growth during the forecast period, owing to the increasing demand for furfural in various end-use industries. North America and Europe are also significant markets for furfural, owing to the growing demand for furfural-based products in various industries such as pharmaceuticals, agrochemicals, and flavors & fragrances.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 556.74 million |
| Market size value in 2031 | USD 1023.54 million |
| Growth Rate | 7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Furfural Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Furfural Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Furfural Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Furfural Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Furfural Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Furfural Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Furfural Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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