Zion Market Research has published a new report titled “Furfural Market for Solvents, Pharmaceuticals, Furfuryl Alcohol and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022.”According to the report, global furfural market was valued at USD 641.8 million in 2016 and is expected to reach USD 1,200.4 million in 2022, growing at a CAGR of 11.0% between 2017 and 2022.
Furfural is a substance derived from the combination of different agricultural feedstock such as cotton seeds, corn cobs, oats, rice and wood products. It is extensively used as a solvent for plastic production across the globe. It contains pentosans and easily dissolves in aromatics & unsaturated olefins. Moreover, the majority of the production of furfural is undertaken in China, South Africa, and the Dominican Republic. Furfural has numerous applications in plastics, biomass, pharmaceuticals, biofuels, biochemicals, and agrochemical industries.
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The global furfural market is primarily driven by increasing demand for furfural in pharmaceutical industry across the globe. Secondly, the rising demand for agrochemicals and aromatic chemicals is expected to further augment the growth of furfural market in the near future. Moreover, mounting demand for furfural in flavors and fragrances industry is projected to propel the market size of furfural over the next few years. However, the high cost of productivity is viewed as a major restraint for the furfural market. Nonetheless, ongoing development and research activities coupled with surging demand for agrochemicals especially in Asia Pacific region is expected to present new opportunities to the furfural market in the next few years.
Based on the major applications, the global furfural market is bifurcated into solvents, pharmaceuticals, furfuryl alcohol and other applications. Among these applications, furfuryl alcohol accounted for the largest share of the furfural market in 2016.Growing demand for different flavors and fragrances in food and beverages industry is anticipated to propel the growth of furfural market across the globe. Moreover, solvents and pharmaceuticals are also important applications that are expected to boost the demand for furfurals in the near future. Increasing adoption of herbicides and fungicides in China, India and Thailand is predicted to spur the existing demand for furfurals within the forecast period.
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Based on region, Asia Pacific was the dominant market for furfurals in 2016 on account of easy availability of raw feedstock, such as agro-wastes in countries such as India, Malaysia, Indonesia and China.This is anticipated to grow the furfural production in the region. China was the major furfural producer in the region in 2016.Asia Pacific was followed by Europe and North America in 2016 in terms of market volume. North America is expected to witness the sluggish growth of furfural market. Furthermore, the Middle East & Africa and Latin America are expected to witness decent and moderate growth respectively in the near future.
Some of the key manufacturers of global furfural market included in the study are SilvateamS.p.A., Nutrafur S.A., Illovo Sugar Ltd., Central Romana Corp., ArcoyBiorefinery Pvt. Ltd., International Furan Chemicals, Lenzing AG, Tieling North Furfural (Group) Co., Ltd., Penn A Kem LLC and KRBL Ltd among others.
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