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

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.