As per a new market research report published by Factor & Equilibrium (www.factorandequilibrium.com), “Furfural Market – Global Industry Insights Market Size, Estimation and Growth Forecast By Raw Material (Corn cobs, rice husk, bagasse and others), By Application (Furfuryl alcohol, solvents, pharmaceutical agents and others) & By Regions, 2017-2025” is expected to reach USD 1393.9 Million by 2025 in terms of revenue. In 2016, the market was valued USD 557.4 Million in terms of revenue. In terms of volume, furfural market size was 464.5 Kilotonne in 2016 and expected to reach 1184.8 Kilotonne by 2025.
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The Furfural market is expected to grow at a high rate during 2017 to 2025. Furfural is produced from agricultural waste enriched in pentosans. Applications of furfural include solvents, furfuryl alcohol, pharmaceutical ingredients and cosmetics ingredients. Furfuryl alcohol is used during production of furan resins which have applications in plastic industry, equipment manufacturing and foundry services. Furthermore, use of furfuryl alcohol for production of biofuel in field of rocketry has expanded application market of furfural.
Rising demand for furfuryl alcohol across industries has been further boosting the growth of the market for furfural
Based on raw material, the global market has been segmented into corn cobs, rice husk, bagasse and others. Owing to the high yield of furfural content and easy availability, corn cobs are mostly used as raw material for furfural production. In recent years, popularity of bagasse as raw material for furfural production has increased owing to rich content of pentosan and low cost production process.
In terms of both revenue and volume, corn cobs was the largest raw material source for production of furfural in 2016
By application, the market has been divided into furfuryl alcohol, solvents, pharmaceutical agents and others. The largest application for furfural is furfuryl alcohol which is used for synthesis of furan resins, chemicals and production of rocket fuel.
In terms of both revenue and volume, furfuryl alcohol was the largest application segment for furfural in 2016
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By region, the global furfural market has been segmented into five regions; North America, Europe, Asia Pacific (APAC), Middle-East & Africa (MEA), and Latin America. In 2016, Asia Pacific occupied the largest revenue and volume share of the market, accounting for more than 50%. The large market share can be attributed to large production base and high demand for different applications of furfural.
Asia Pacific occupied the largest revenue and volume share of the market
Leading Player Mapping
Some major players in the market are: Hongye Holding Group Corp., Ltd. (China), Central Romana Corporation (Dominican Republic), Tieling North Furfural (Group) Co. Ltd. (China), Illovo Sugar Ltd. (South Africa), Xingtai Chunlei Furfuryl Alcohol Co., Ltd. (China), Arcoy Biorefinery Pvt. Ltd. (India), Silvateam S.P.A. (Italy), Lenzing AG (Austria), Penn A Kem LLC (The U.S.) and Tanin Sevnica D.D among others.
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The market has been segmented as follows:
Furfural Market, by Raw Material
- Corn Cobs
- Rice Husk
Furfural Market, by Application
- Furfuryl Alcohol
- Pharmaceutical Agents
Furfural Market, by Region:
- North America (The U.S. and Canada)
- Europe (Germany, Italy, Scandinavia + CIS and Rest of the Europe)
- Asia Pacific (China, India, Japan and Rest of the Asia Pacific)
- Middle-East & Africa (South Africa and Rest of the MEA)
- Central and Latin America (Dominican Republic, Brazil and Rest of the Central and Latin America
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