Furfural Market by Raw Material (Corn Cob, Rice Husk, Sugarcane Bagasse, and Others), Application (Furfuryl Alcohol and Solvent), and End User Industry (Petroleum Refineries, Agricultural Formulations, Paints & Coatings, Pharmaceuticals, and Others) – Global Opportunity Analysis and Industry Forecast, 2014-2022
|The global furfural market generated revenue of $663.5 million in 2015, and is estimated to reach $1,434.1 million by 2022, registering a CAGR of 11.6% during the forecast period.
Furfural is an organic, renewable, non-petroleum-based chemical feedstock derived from agricultural by-products such as corn cobs, rice husk, sugarcane bagasse, cotton husk, oat husk, almond husk, olive press cake, and others. It is colorless or a little yellowish chemical compound that quickly darkens on exposure to air. Furfural is manufactured by using pentosan-containing residues, which are obtained from the processing of various agricultural or forest products. Furfural is processed in a digester under high-pressure steam and is recovered by steam distillation, followed by waterfurfural separation and purification. It is suitable for the production of resins owing to its unique characteristics such as corrosion resistance, and thermosetting properties. Furfural is applicable as a solvent to refine lubricating oils and decolorizing agents, in purification of C4 and C5 hydrocarbons, as a reactive solvent and good wetting agent, and as a unique chemical feedstock for other furan derivatives. Moreover, it is used as flavors & fragrance agent; for producing herbicides & pesticides and in the manufacturing of synthetic materials and plastics. It is also used as an inert polymer concrete; perfumes, and as a solvent for cellulose esters; as additive fuel for rockets, and to accelerate the process of manufacturing rubber tires.
Owing to increase in demand for green chemical, environmental awareness to renewable alternatives and availability of agricultural residues in developing countries such as India, China, Indonesia, and Malaysia, there has been an increase in the consumption of furfural in these countries. Environmental regulations from agencies, such as Environmental Protection Agency (EPA) of U.S. and Registration Evaluation Authorization and Restriction of Chemicals (REACH) of Europe, concerning the development of bio-based products are also expected to have a positive impact on the market growth during the forecast period; whereas, lack of technological advancement and fluctuations in the prices of raw material could hamper the growth of furfural market.
The global furfural market is segmented based on raw material, application, end user, and geography. Based on raw material it includes corn cobs, rice husk, sugarcane bagasse, and others (almond husk, cotton husk, and oat husk.) Based on application, it is bifurcated into furfuryl alcohol and solvents. Furfural alcohol is dominant product segment due to its low viscosity & high reactivity; and excellent chemical, mechanical, and thermal properties, and is used in the production of various chemical products such as foundry resins, adhesives, and wetting agents. Based on end user, it is segmented as petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others, which includes textile, foundry metal casting, and flavors & fragrance.
Geographically, the market was analyzed across North America, Europe, Asia-Pacific, and LAMEA. China emerged as the key contributor to the consumption of furfural in Asia-Pacific and is expected to maintain its dominance during the forecast period. Raw materials, such as corn cobs, rice husk, bagasse, cotton husk, almond husk, and other agro-based products & wastes, are widely available in developing countries such as India, China, Indonesia, and Malaysia with a low production cost, which is expected to boost the market growth in Asia-Pacific.
The key players operating in the global furfural market include:
Arcoy Industries Pvt. Ltd.
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KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current trends, drivers, and dynamics of the global furfural market to identify the prevailing market opportunities and the probable investment pockets.
KEY MARKET SEGMENTS
By Raw Material
By End User
OTHER KEY PLAYERS IN THE MARKET VALUE CHAIN INCLUDE
Welldon Trading Co. Limited
*The above list of companies are not profiled in the report, can be profiled based on client interest.
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