The global Furfural market size is expected to be worth around US$ 1301.9 million by 2030, according to a new report by Vision Research Reports.
The global Furfural market size was valued at US$ 504.1 Mn in 2020 and is anticipated to grow at a CAGR of 10.5% during forecast period 2021 to 2030.
Growth can be attributed to the developments of novel derivatives, such as THF by key manufacturers, resulting in the expansion of the application segment. In addition, favorable regulations concerning the inclusion of bio-based products in several end-use industries are penetrating the demand for organic chemicals across several industries, thus triggering the market growth.
Technological advancements in the manufacturing process of furfural are estimated to considerably surge the production yield from key raw materials, thus achieving economies of scale. Key manufacturers in the marketare using novel cost-effective processes to increase product yield along with more efficient utilization of key resources.
Chinese batch was the dominant process segment and held a market share of over 90%. This process is majorly used in China, which is the largest manufacturer across the globe. Quaker batch process is one of the oldest manufacturing processes, while others are modified versions of the former processes. The major difference between the Quaker batch and Rosenlew continuous processes is that the former uses sulfuric acid as a catalyst, while the latter does not require a separate catalyst.
Corncobs raw material segment led the global market with a share of over 83% in 2020. It is estimated to retain its dominant position throughout the forecast years due to the extensive use of the raw material in the production of furfural. The yield from corncob is the maximum, thus, marking corncob the most desirable raw material for production. In addition, corncob, when used as a biomass feedstock, delivers promising opportunities for renewable energy creation.
In terms of revenue, refineries dominated the market with a share of 60.6% in 2020. This high share is attributable to its high consumption as a solvent in petroleum refining, specialist adhesives, and lubricants.
Furfural is extensively applied as insecticide, nematicide, and fungicide in the agrochemical industry. It is an active ingredient in various nematicides such as crop protectors or crop guards. The product is also used as a weed killer in horticulture. It is a contact nematicide, mechanically incorporated or moved into the soil during irrigation, and used in reasonably low concentrations. As an agrochemical, it is comparatively harmless and easy to apply.
Furfuryl alcohol emerged as the leading application segment in 2020 accounting for a share of over 95%, as it is predominantly used as a binder in the foundry industry. Furfuryl alcohol is primarily used for the synthesis of furan resin, which is a substantial chemical feedstock used in the production of adhesives, casting resins, thermoset polymer matrix composites, coatings, and cement. Furfuryl alcohol, which is considered as an organic chemical, is also used as a solvent in the petroleum & refining industry.
The Asia Pacific emerged as the dominant region with a market share of over 84% in 2020. This is attributable to the high production of furfural in the region, especially in China, and growth in several end-use industries including agriculture, food & beverage, pharmaceutical, and refinery. Asia Pacific market is also projected to witness the fastest CAGR from 2020 to 2030 on account of the rising product demand from the chemical and foundry industries.
Illovo Sugar Africa (Pty.) Ltd.
Central Romana Corporation
TransFurans Chemicals bvba
Linzi Organic Chemical Inc. Ltd.
|Market Size||US$ 1301.9 million by 2030|
|Growth Rate||CAGR of 10.5% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Process, Raw Material, Application, End Use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Illovo Sugar Africa (Pty.) Ltd.; Central Romana Corp.; TransFurans Chemicals bvba; Pennakem, LLC; Hebeichem; Silvateam S.p.a; Lenzing Ag; and Linzi Organic Chemical Inc. Ltd.|
Quaker Batch Process
Chinese Batch Process
Rosenlew Continuous Process
Paints & Coatings
Food & Beverage
Central & South America
Middle East & Africa
The Furfural market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Furfural market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Furfural market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Furfural market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Furfural market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Furfural capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Furfural by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Furfural market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Furfural market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Furfural market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Furfural industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Furfural market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Furfural market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Furfural market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Furfural market. These factors have benefited the growth of the global market for Furfural. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Furfural. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Furfural are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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