Furfural is an organic chemical intermediate obtained from renewable sources such as agricultural residues and wood chips. Furfural is considered to be a platform chemical, which is used as a precursor for the manufacturing of various derivatives such as tetrahydrofuran (THF), furfuryl alcohol, and furan resins.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=101056456
The global furfural market size is expected to grow from USD 551 million in 2019 to USD 700 million by 2024, at a compound annual growth rate (CAGR) of 4.9% during the forecast period. This is attributed to the large scale derivatives manufacturing and growing focus on the use of green chemicals globally.
The corncob raw material segment is projected to register the highest CAGR during the forecast period due to its highest pentosan content. This results in higher economic value as it offers greater yield in comparison to other raw materials.
The derivatives application accounted for the largest share of the furfural market. Among the derivatives, furfuryl alcohol dominated the consumption of furfural in this segment. Furfuryl alcohol is mainly used in the manufacturing of furan resins used in the foundry industry.
On the basis of region, the furfural market has been segmented into APAC, Europe, the Middle East & Africa, and the Americas. APAC accounted for the largest share of the market in 2018. The region has emerged as the largest consumer of furfural owing to the large-scale demand for derivative manufacturing of furfural-based chemicals in countries, such as China, Thailand, and India. Europe accounted for the second-largest share in the overall furfural market in 2018. The market is projected to grow at the fastest rate in APAC.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=101056456
The leading players in the furfural market are Transfuran Chemicals (Belgium), Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation (China), KRBL(India), Lenzing (Austria), Tanin (Slovenia), and Shandong Crownchem Industries (China).
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The Knowledge Store™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States