Abstract
Summary
The market size for Global Furfural Market size is projected to grow from USD 662 million in 2023 to USD 767 million by 2028, at a CAGR of 2.9% from 2023 to 2028.
Furfural, an adaptable chemical compound sourced from agricultural by-products like corncobs and sugarcane bagasse etc., plays a pivotal role in the global market. Its diverse applications in pharmaceuticals, agriculture, and various chemical processes underscore its significance. The furfural market, a holistic ecosystem encompassing production to end-use, is shaped by diverse factors. An essential driver is the escalating demand for sustainable alternatives, propelling market progression. Overcoming limitations related to low productivity and feedstock concentration presents a hurdle. In the broader spectrum of bio-based chemicals, the furfural market signifies a collective leap towards greener and more sustainable industrial practices. Moreover, the textile industry emerges as an additional opportunity, showcasing furfural's potential applications in this sector.
By Raw Material, corncob segment dominated the market in 2022.
The corncob stands out as the principal raw material segment within the furfural market, given its widespread utilization in furfural production. This prevalence is primarily attributed to the substantial presence of xylose and pentosan in corncob, essential components that undergo a pivotal conversion process to yield furfural during synthesis. The abundant content of xylose and pentosan not only positions corncob as the preferred raw material but also emphasizes its integral role in shaping the overall production dynamics and availability of furfural in the market.
By Application, derivatives segment to account for the highest CAGR during the forecast period
Anticipated as the fastest-growing segment in the forecast period, the derivatives application within the furfural market is set to undergo substantial expansion. This accelerated growth is attributed to the robust demand emanating from diverse end-use industries. Furfuryl Alcohol (FA) takes center stage as the major derivative, constituting a significant share of the global furfural production. The heightened demand for furfuryl alcohol is indicative of its widespread utilization across various sectors, underlining its importance as a key driver for the overall growth and prominence of the derivatives application within the furfural market.
By End Use Industry, Agriculture segment to account for the highest CAGR during the forecast period
Agriculture has emerged as the fastest-growing end-use industry in the furfural market, driven by its multifaceted applications and the ever-evolving needs of the agricultural sector. Furfural, a versatile chemical compound, finds extensive use in the synthesis of agrochemicals and pesticides, contributing significantly to crop protection and enhanced yield. The growing global emphasis on sustainable and eco-friendly agricultural practices has propelled the demand for furfural-based products, particularly in the development of bio-based pesticides and fertilizers. As the agricultural industry increasingly seeks innovative solutions to address productivity challenges, furfural's diverse applications position it at the forefront of growth, making agriculture the fastest-growing end-use industry within the furfural market.
APAC to be the biggest region in the Furfural market.
In 2022, the Asia-Pacific (APAC) region emerged as the frontrunner in the global furfural market, with China playing a pivotal role as the primary driver of growth. China, boasting the majority share of both global production and consumption of furfural, significantly influenced the market dynamics. The surge in demand within the region was particularly fuelled by the expanding foundry and pharmaceutical industries in China. The robust growth in these sectors, marked by increasing production activities, contributed substantially to the heightened demand for furfural. Notably, beyond China, Thailand has also made significant strides, positioning itself as the major producer and exporter of furfural in the APAC region.
By Company: Tier1: 40%, Tier 2: 25%, Tier3: 4: 35%
By Designation: C-Level: 35%, Director Level: 30%, Others: 35%
By Region: North America: 25%, Europe: 20%, Asia Pacific: 45%, South America: 5%, and Middle East & Africa: 5%.
Companies Covered: Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation Limited (China), KRBL Limited (India), Lenzing AG(Austria), and Merck KGaA (Germany), and others are covered in the furfural market.
Research Coverage
The market study covers the furfural market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on raw material, applications, End-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the furfural market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall furfural market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (Shift toward renewable chemicals & growing demand for furfuryl alcohol), restraints (Availability of crude oil-based alternatives), opportunities (Emerging demand from textile and fashion industry) and challenges (raw material price fluctuations) influencing the growth of the furfural market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the furfural market
• Market Development: Comprehensive information about lucrative markets – the report analyses the furfural market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the furfural market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation Limited (China), KRBL Limited (India), Lenzing AG(Austria), and Merck KGaA (Germany), and among others in the furfural market. The report also helps stakeholders understand the pulse of the furfural market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Table of Contents
1 INTRODUCTION 35
1.1 STUDY OBJECTIVES 35
1.2 MARKET DEFINITION 35
1.3 MARKET SCOPE 36
1.3.1 MARKETS COVERED 36
1.3.2 YEARS CONSIDERED 36
1.3.3 REGIONAL SCOPE 37
1.4 INCLUSIONS AND EXCLUSIONS 37
1.5 CURRENCY CONSIDERED 38
1.6 UNIT CONSIDERED 38
1.7 STAKEHOLDERS 38
1.8 LIMITATIONS 38
1.9 SUMMARY OF CHANGES 39
2 RESEARCH METHODOLOGY 40
2.1 RESEARCH DATA 40
2.1.1 SECONDARY DATA 41
- 2.1.1.1 Key data from secondary sources 41
2.1.2 PRIMARY DATA 41
- 2.1.2.1 Key data from primary sources 42
- 2.1.2.2 Key industry insights 42
- 2.1.2.3 Breakdown of primary interviews 43
2.2 MARKET SIZE ESTIMATION 43
2.3 DATA TRIANGULATION 45
2.4 RECESSION IMPACT 46
2.5 RESEARCH ASSUMPTIONS 46
2.6 RESEARCH LIMITATIONS 47
3 EXECUTIVE SUMMARY 48
4 PREMIUM INSIGHTS 51
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FURFURAL MARKET 51
4.2 ASIA PACIFIC: FURFURAL MARKET, BY END-USE INDUSTRY AND COUNTRY, 2022 52
4.3 FURFURAL MARKET, BY COUNTRY 52
5 MARKET OVERVIEW 53
5.1 INTRODUCTION 53
5.2 MARKET DYNAMICS 53
5.2.1 DRIVERS 54
- 5.2.1.1 Growing demand for furfuryl alcohol 54
- 5.2.1.2 Increase in utilization of furfural in agrochemicals and horticulture 54
- 5.2.1.3 Shift toward renewable chemicals 54
5.2.2 RESTRAINTS 55
- 5.2.2.1 Availability of crude oil-based alternatives 55
- 5.2.2.2 Lack of technological advancement and production process framework 55
5.2.3 OPPORTUNITIES 55
- 5.2.3.1 Emerging demand from textile and fashion industries 55
5.2.4 CHALLENGES 55
- 5.2.4.1 Fluctuations in raw material prices 55
- 5.2.4.2 Low yield of furfural from traditional technology 56
5.3 TRENDS & DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS 56
5.4 PRICING ANALYSIS 57
5.5 VALUE CHAIN ANALYSIS 59
5.6 ECOSYSTEM/MARKET MAP 61
5.7 TECHNOLOGY ANALYSIS 63
5.7.1 SUPRA YIELD TECHNOLOGY 63
5.7.2 FURFURAL-BASED BIOPLASTICS 63
5.7.3 FURFURAL’S CATALYTIC TRANSFORMATION INTO VALUE-ADDED CHEMICALS 64
5.7.4 FURFURAL IN COATINGS 64
5.8 PATENT ANALYSIS 64
5.8.1 INTRODUCTION 64
5.8.2 METHODOLOGY 64
5.8.3 FURFURAL MARKET, PATENT ANALYSIS (2013-2022) 65
5.9 TRADE ANALYSIS 70
5.10 KEY CONFERENCES AND EVENTS IN 2023-2024 71
5.11 TARIFF AND REGULATORY LANDSCAPE 72
5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 72
5.11.2 AVERAGE TARIFF RATES 74
5.11.3 ENVIRONMENTAL STANDARD (CHINA) 75
5.11.4 REGULATION (EC) NO 1272/2008 75
5.11.5 REGULATION (EC) NO 1907/2006 75
5.12 PORTER’S FIVE FORCES ANALYSIS 75
5.12.1 BARGAINING POWER OF SUPPLIERS 76
5.12.2 THREAT OF NEW ENTRANTS 76
5.12.3 THREAT OF SUBSTITUTES 77
5.12.4 BARGAINING POWER OF BUYERS 77
5.12.5 INTENSITY OF COMPETITIVE RIVALRY 77
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 78
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 78
5.13.2 BUYING CRITERIA 79
5.14 CASE STUDY ANALYSIS 80
5.14.1 USE OF PD-PDO/ZNSO4 CATALYST IN FURFURAL MANUFACTURING 80
5.14.2 CONVERSION OF FURFURAL INTO BIO-CHEMICALS THROUGH BIO-CATALYSIS 80
5.15 MACROECONOMIC INDICATORS 81
5.15.1 INTRODUCTION 81
5.15.2 GDP TRENDS AND FORECASTS 81
5.15.3 TRENDS AND FORECAST OF OIL INDUSTRY AND ITS IMPACT ON FURFURAL MARKET 82
6 FURFURAL MARKET, BY CATALYST 83
6.1 INTRODUCTION 83
6.2 SOLID ACID TYPE CATALYSTS 83
6.3 LIQUID ACID TYPE CATALYSTS 83
7 FURFURAL MARKET, BY PROCESS 84
7.1 INTRODUCTION 84
7.2 QUAKER BATCH PROCESS 84
7.3 CHINESE BATCH PROCESS 84
8 FURFURAL MARKET, BY RAW MATERIAL 85
8.1 INTRODUCTION 86
8.2 CORNCOB 88
8.2.1 HIGHEST HEMICELLULOSE CONTENT OF ALL RAW MATERIALS FOR FURFURAL 88
8.3 SUGARCANE BAGASSE (SCB) 88
8.3.1 SUSTAINABLE SUGAR INDUSTRY BY-PRODUCT 88
8.4 RICE HUSK 89
8.4.1 LOWEST CONTENT OF HEMICELLULOSE 89
8.5 OTHER RAW MATERIALS 89
9 FURFURAL MARKET, BY APPLICATION 90
9.1 INTRODUCTION 91
9.2 DERIVATIVES 93
9.2.1 HIGH DEMAND IN FURFURYL ALCOHOL MANUFACTURING TO DRIVE MARKET 93
9.3 SOLVENT 93
9.3.1 NON-TOXICITY MAKES FURFURAL SUITABLE ALTERNATIVE TO PHENOLS 93
9.4 OTHER APPLICATIONS 93
10 FURFURAL MARKET, BY END-USE INDUSTRY 94
10.1 INTRODUCTION 95
10.2 AGRICULTURE 97
10.2.1 GROWING DEMAND FOR BIO-BASED PESTICIDES AND HERBICIDES TO DRIVE MARKET 97
10.3 PAINT & COATINGS 97
10.3.1 INCREASING DEMAND FOR HIGH-PERFORMANCE COATINGS TO DRIVE MARKET 97
10.4 PHARMACEUTICALS 97
10.4.1 ADVANCEMENT IN APPLICATIONS IN PHARMACEUTICAL INDUSTRY TO DRIVE MARKET 97
10.5 FOOD & BEVERAGES 98
10.5.1 GROWING DEMAND FOR NATURAL FLAVORS TO DRIVE MARKET 98
10.6 REFINERIES 98
10.6.1 EXPANDING APPLICATIONS IN SOLVENT EXTRACTION TO DRIVE MARKET 98
10.7 OTHER END-USE INDUSTRIES 98
11 FURFURAL MARKET, BY REGION 99
11.1 INTRODUCTION 100
11.2 ASIA PACIFIC 102
11.2.1 RECESSION IMPACT 102
11.2.2 CHINA 108
- 11.2.2.1 Largest producer of furfural in world 108
11.2.3 INDIA 110
- 11.2.3.1 Pharmaceutical industry to be major driver of market 110
11.2.4 JAPAN 112
- 11.2.4.1 Growing investment in chemical and pharmaceutical industries 112
11.2.5 THAILAND 114
- 11.2.5.1 Market to be driven by rising sportswear industry 114
11.2.6 REST OF ASIA PACIFIC 115
11.3 EUROPE 117
11.3.1 RECESSION IMPACT 118
11.3.2 GERMANY 125
- 11.3.2.1 Investments in chemical & petrochemical industry to drive market 125
11.3.3 FRANCE 127
- 11.3.3.1 Strong base of plastic industries to create growth opportunities 127
11.3.4 ITALY 129
- 11.3.4.1 Intensive horticulture activities to drive market 129
11.3.5 UK 131
- 11.3.5.1 Increasing focus on bioenergy to drive market 131
11.3.6 BELGIUM 132
- 11.3.6.1 Presence of one of largest furfuryl alcohol plants makes country major market 132
11.3.7 NETHERLANDS 134
- 11.3.7.1 Presence of major food & beverage companies to support market growth 134
11.3.8 REST OF EUROPE 136
11.4 NORTH AMERICA 138
11.4.1 RECESSION IMPACT 138
11.4.2 US 143
- 11.4.2.1 Growing sportswear market to fuel demand 143
11.4.3 CANADA 145
- 11.4.3.1 Growth in agrochemical market to boost demand 145
11.4.4 MEXICO 146
- 11.4.4.1 Increasing investments in pharmaceutical industry and growing food & beverage industry 146
11.5 MIDDLE EAST & AFRICA 148
11.5.1 RECESSION IMPACT 148
11.5.2 GCC COUNTRIES 153
- 11.5.2.1 Growth in end-use industries to propel market 153
- 11.5.2.2 Saudi Arabia 155
- 11.5.2.2.1 Increasing opportunities in end-use industries to drive market 155
- 11.5.2.3 UAE 157
- 11.5.2.3.1 Increasing demand from food & beverage industry to drive market 157
- 11.5.2.4 Rest of GCC 159
11.5.3 SOUTH AFRICA 160
- 11.5.3.1 Significant export of furfural to Asia Pacific and European countries 160
11.5.4 DOMINICAN REPUBLIC 162
- 11.5.4.1 Usage of furfural in agriculture and pharmaceutical industries to drive market 162
11.5.5 REST OF MIDDLE EAST & AFRICA 164
11.6 SOUTH AMERICA 166
11.6.1 RECESSION IMPACT 166
11.6.2 BRAZIL 171
- 11.6.2.1 Growing investments across end-use industries 171
11.6.3 ARGENTINA 173
- 11.6.3.1 Increasing investments in construction sector and growing chemical sector 173
11.6.4 REST OF SOUTH AMERICA 175
12 COMPETITIVE LANDSCAPE 178
12.1 OVERVIEW 178
12.2 REVENUE ANALYSIS OF TOP MARKET PLAYERS 179
12.3 MARKET SHARE ANALYSIS 180
12.4 COMPANY EVALUATION MATRIX 182
12.4.1 STARS 182
12.4.2 EMERGING LEADERS 182
12.4.3 PERVASIVE PLAYERS 182
12.4.4 PARTICIPANTS 182
12.5 COMPANY FOOTPRINT 184
12.6 START-UP/SME EVALUATION MATRIX 188
12.6.1 PROGRESSIVE COMPANIES 188
12.6.2 RESPONSIVE COMPANIES 188
12.6.3 DYNAMIC COMPANIES 188
12.6.4 STARTING BLOCKS 188
12.7 COMPETITIVE BENCHMARKING 190
12.8 COMPETITIVE SITUATIONS AND TRENDS 192
12.8.1 DEALS 192
12.8.2 OTHERS 193
13 COMPANY PROFILES 194
13.1 KEY PLAYERS 194
13.1.1 CENTRAL ROMANA CORPORATION 194
13.1.2 LENZING AG 197
13.1.3 PENNAKEM, LLC 200
13.1.4 MERCK KGAA 203
13.1.5 KRBL LIMITED 206
13.1.6 ILLOVO SUGAR (SOUTH AFRICA) (PTY) LTD 209
13.1.7 SILVATEAM 211
13.1.8 HONGYE HOLDING GROUP CORPORATION LIMITED 213
13.1.9 KANTO CHEMICAL CO., INC 215
13.1.10 TANIN 216
13.2 OTHER PLAYERS 217
13.2.1 LAXMI FURALS PVT LTD 217
13.2.2 HEFEI TNJ CHEMICAL INDUSTRY CO., LTD 218
13.2.3 FURNOVA POLYMERS LTD 219
13.2.4 TOKYO CHEMICAL INDUSTRY CO., LTD. (TCI) 220
13.2.5 SHANDONG XINHUA PHARMA 221
13.2.6 JUNSEI CHEMICAL CO., LTD 222
13.2.7 A. B. ENTERPRISES 223
13.2.8 SHANDONG YINO BIOLOGIC MATERIALS CO., LTD 224
13.2.9 RX CHEMICALS 225
13.2.10 KUNSHAN ODOWELL CO., LTD 226
13.2.11 CENTRAL DRUG HOUSE (P) LTD 227
13.2.12 AECOCHEM 228
13.2.13 BEIJING LYS CHEMICALS CO., LTD 229
13.2.14 ZHUCHENG TAISHENG CHEMICAL CO., LTD 230
13.2.15 XINGTAI CHUNLEI FURFURYL ALCOHOL CO., LTD 231
14 ADJACENT & RELATED MARKET 232
14.1 INTRODUCTION 232
14.2 TETRAHYDROFURAN (THF) MARKET 232
14.2.1 MARKET DEFINITION 232
14.2.2 MARKET OVERVIEW 232
14.3 TETRAHYDROFURAN MAREKT, BY PROCESS TECHNOLOGY 233
14.4 TETRAHYDROFURAN MAREKT, BY APPLICATION 233
14.5 TETRAHYDROFURAN MARKET, BY REGION 234
15 APPENDIX 235
15.1 DISCUSSION GUIDE 235
15.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 239
15.3 CUSTOMIZATION OPTIONS 241
15.4 RELATED REPORTS 241
15.5 AUTHOR DETAILS 242