The global furfural market Growth Accelerated by Increasing End-Use Applications

 Furfural Solvent Market Worth $153.4 Million By 2022

Furfural is a natural organic chemical compound that is extracted from agricultural byproducts such as oat, corn cobs, bagasse and other plant residues. It is colorless or yellow in its liquid form and pale yellow crystalline solid derivative of xylose or other pentoses. Furfural and its derivatives finds applications in various end-use industries such as petroleum refining, foundry resins, lubricant formulations, wetting agents and pharmaceutical formulations.

The global furfural market size is estimated to be valued at US$625.21 in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing applications of furfural across various industries such as refining, agrochemicals, pharmaceuticals and others is the major trend fueling the growth of the furfural market. Furfural aids in enhancing the efficiency of oil recovery processes during petroleum refining. It is also used for producing furfuryl alcohol, which finds applications as bonding agents and foundry resins. Furthermore, growing demand for furan resins from foundry applications owing to their high thermal resistance, compressive strength and dimensional stability is expected to boost the market growth over the forecast period. Rising environmental concerns coupled with increasing need for natural Furfural extract from agricultural waste is likely to fuel the furfural market growth during the forecast period.

Segment Analysis

The global furfural market is segmented by purity into below 75%, 75% - 80%, 80% - 85% and above 85%. The 80% - 85% purity segment dominates the market as it offers optimum purity for various end-use applications like refining, solvent, and extraction process. This mid-range purity level allows it to be used for different industrial applications while keeping production costs competitive.

Key Takeaways

Regional analysis: Asia Pacific region is currently the fastest growing as well as largest furfural market. Countries like China and India have witnessed rapid industrialization and economic growth which has boosted the demand from refining, chemical and pharmaceutical industries in the region. China alone accounts for over 30% of the global production capacity of furfural.

Key players: Key players operating in the furfural market are Illovo Sugar Africa (Pty.) Ltd; Linzi Organic Chemical Inc. Ltd.; Trans Furans Chemicals bvba; Central Romana Corporation; DalinYebo; Hebeichem; KRBL Ltd.; Silva team S.p.a.; LENZING AG. Illovo Sugar Africa (Pty.) Ltd is one of the leading producers of furfural in South Africa with an annual production capacity of around 30,000 tons. Linzi Organic Chemical Inc. Ltd. is another major Chinese company with over 15,000 tons capacity.

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