Furfural Market

Global Furfural Market Size (2023 to 2028)

The global furfural market size is expected to be worth USD 573.17 Million in 2023. It is expected to grow at a CAGR of 8.2% during the forecast period and reach a value of USD 850 Million by 2028.

Furfural is a liquid organic chemical extracted from agricultural waste or byproducts. It has a sweet odor and is primarily used as a solvent in a wide number of industries like pharmaceuticals, biofuel, automobiles, etc. It is a good alternative to petroleum fuels and is very sustainable. Furfural is prominently used for the manufacturing of Furfuryl alcohol. Furfuryl alcohol is essential for a variety of other products like making resins and plastics to keep up with the increasing population’s growing needs; along with this, Furfural is also used as a natural organic pesticide. 

MARKET DRIVERS:

Furfuryl alcohol has wide areas of usage. It is a major component in plastic and resin manufacturing, and with the growing need and dependency on these two, the need for Furfuryl alcohol has also increased, which propels the furfural market. The need for furfuryl alcohol will continue to increase as it is also used in rocket fuel. With the rise in space technology and advancement, this need will continue to increase. Furfuryl alcohol is also used in foundries and metal castings, which is a very important sector and drives the furfuryl market further.

The growth of the global furfural market is driven by its usage as a de-colouring agent and solvent. Furfural also has applications in pharmaceuticals and the agricultural industry as a pesticide, fungicide, and herbicide. Furfural is also relatively cheap to produce, as the raw materials required are usually agricultural by-products and waste. Furfural is also added to cracks, walls, and pipework. It has been used in the agricultural sector for ages as a pesticide, fungicide, etc. It doesn’t impact the plants as much as the chemical products used on the plants for yield.

The furfural market has a lot of potential opportunities, and with enough research and development, furfural extraction from raw sources can be commercialized efficiently. Despite the rising demand and the need for Furfural in the market, there is no optimum way of extracting Furfural from agricultural waste and byproducts. New and innovative uses of the furfural will further level up the growth opportunities for the market. 

MARKET RESTRAINTS:

Due to the presence of other petrochemicals, the demand for Furfural is affected negatively. The other alternatives are easier to procure, which is acting as a barrier to market growth. Furfural production depends on agricultural byproducts and waste, where the disruptions in the supply of raw materials are directly hampering the growth of the global market. No optimal commercial method of extraction: Furfural extraction is still a very basic and traditional method whose yield is not up to par despite the market's potential and need.

REPORT COVERAGE:

This research report on the global furfural market has been segmented and sub-segmented into the following categories.

Furfural Market – By Raw Material:

• Sugarcane Bagasse
• Corncob
• Rice Husk

The corncob segment dominated the furfural market in 2022, followed by sugarcane bagasse, which is in its growing stage. Corn is easy to grow, takes relatively less time and energy to grow, and has plenty of waste to use for Furfural formation. Raw materials are needed to extract the Furfural; these can be any fibrous agricultural waste or byproduct. But generally, Sugarcane bagasse, corncob, and Rice husk are used due to availability and the content of Furfural extracted. 

Furfural Market – By Application: 

• Solvent
• Flavour Enhancer
• Fungicides
• Gasoline Additives

By application, the solvent segment led the market in 2022 and is predicted to grow at a healthy CAGR during the forecast period. Segments such as fungicides and gasoline additives are in a growing phase and are expected to account for a considerable share of the global market due to the technological advancements. The gasoline additive segment will soon take over the use of furfural in agriculture.

Furfural Market – By Process:

• Quaker Batch
• Chinese Batch
• Rosenlew Continuous

The Quaker batch segment is predicted to hold the leading share of the global market during the forecast period. There are many different processes by which furfural is extracted from the raw materials; this depends on the type of raw material and the availability of resources. Quaker batch is a traditional method, and the Chinese batch manufacturing process is a variation of it. Rosenlew Continuous manufacturing is a standard procedure in the industry.

Furfural Market – By End User: 

• Chemical
• Agrochemical
• Pharmaceutical and Medical
• Oil and Gas
• Automotive and Transportation
• Manufacturing
• Polymer
• Food and Beverages

Furfural has a wide number of end users, out of which, the chemical segment had the biggest share of the global furfural market in 2022.

The pharmaceutical and medical segment is expected to showcase healthy growth during the forecast period.

The oil and gas segment is anticipated to account for a considerable share of the global market during the forecast period. As technology evolves, and furfur as a fuel offers a lot of opportunities in the oil and gas industry.

Furfural Market – By Region: 

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The Asia Pacific region is currently dominating the market and is estimated to register promising growth during the forecast period owing to the growing investment and the rising prevalence of the production of fuel in innovative ways. India and China are two major countries that contribute the highest share of the APAC market. Furfural Market this is due to countries that are agriculture intensive in the region. China is a leading country globally in the Furfural market. Emerging and developing countries are also trying to produce more and more fuel to elevate their economies. 

North America accounted for the second biggest share of the global market in 2022 and is expected to witness prominent growth during the forecast period owing to rising per capita income and increasing investments in the oil & gas companies.

Europe is expected to hit the highest CAGR in the coming years.

Middle East & Africa and Latin America are expected to have a steady growth rate in the near future. 

KEY MARKET PLAYERS:

Illovo Sugar Africa, Linzi Organic Chemical Inc., TransFurans Chemicals, Central Romana Corporation, DalinYebo, Hebeichem, KRBL Ltd and Pinachem are some of the major companies in the global market.

RECENT HAPPENINGS IN THE MARKET:

• In February of 2021, Sappi developed innovative technology for the production of Furfural using the hemicellulose co-product of our Verve cellulose operations. 
• By using the co-product, they are able to maximize the portion of the tree used to make renewable value-added products – and underpin their Furfural production with the same sustainability and forest stewardship credentials of Verve production. The Sappi technology is fully integrated with the pulp production technology, enabling a significant reduction in the carbon footprint of Furfural production.