According
to the report, the global furfural market was valued at US$ 450.0 Mn
in 2014 and is likely to reach US$ 1,355.1 Mn by 2023, expanding at a
CAGR of 13.1% between 2015 and 2023.
In-depth
research report on Furfural Market with Full TOC at :
http://www.transparencymarketresearch.com/furfural-market.html
Growing
awareness regarding usage of renewable materials instead of
petrochemicals among industry players is driving the global furfural
market. Environmental awareness regarding replacement of
non-renewable resources such as petrochemicals with renewable
alternatives has compelled manufacturers to increase production of
biomass-based platform chemicals. This has boosted the potential of
furfural as a platform for the production of biofuels and
biochemicals. Furfural offers attractive thermosetting properties,
physical strength, and corrosion resistance. It is a source of
natural precursor to a wide range of furan-based chemicals and
solvents such as methylfuran, furfuryl alcohol, tetrahydrofurfuryl
alcohol, tetrahydrofuran, methyltetrahydrofuran, dihydropyran, and
furoic acid. Growing penetration of furfural in various new
applications is boosting the global furfural market. However,
inefficient production process of furfural with low yield acts as a
major restraint of the market. Lower yield leads to high operating
costs, thus increasing the final product cost. Owing to high product
cost the commercial application of furfural is limited. Low cost of
furfural is likely to result in higher penetration in these
industries.
Furfuryl
alcohol was the major application segment of the furfural market,
accounting for more than 80% share in 2014. Furfuryl alcohol is
anticipated to be the fastest-growing application segment of the
furfural market during the forecast period. Furfuryl alcohol is
primarily utilized in resins used as binders in the foundry industry.
It offers excellent binding properties and mechanical strength as
required in sand molds and cores in foundries. Solvents is another
major application of furfural. Furfural is used as a solvent during
the manufacture of refractory materials, resin-bonded grinding
wheels, and butadiene extraction due to its excellent physical
properties. Furfural is primarily used in the pharmaceutical industry
to manufacture active pharmaceutical ingredients (APIs) and other
pharmaceutical intermediaries.
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In
terms of volume, Asia Pacific held the largest share of the furfural
market in 2014. The trend is likely to continue during the forecast
period. Asia Pacific accounted for more than two third share of the
global furfural market in terms of volume. China is the largest
producer and consumer of furfuryl alcohol due to strong industrial
and manufacturing base. The significant growth in the foundry
industry in India and Japan are anticipated to propel demand for
furfural in the near future. The furfural market in Europe is
expected to witness sluggish growth during the forecast period due to
slow economic growth in the region. Growth of the furfural market in
regions such as North America, Latin America, and Middle East &
Africa is likely to remain moderate due to high furfural cost and
limited commercial application.
Key
manufacturers of furfural include Arcoy Biorefinery Pvt. Ltd.,
Central Romana Corporation, Ltd., Hongye Holding Corporation Ltd.,
Illovo Sugar Ltd., KRBL Ltd., Lenzing AG, Linzi Organic Chemical Inc.
Ltd., Nutrafur S.A., Penn A Kem LLC, Silvateam S.p.A., Tanin Senvica
d.d., Tieling North Furfural (Group) Co., Ltd., and Xingtai Chunlei
Furfuryl Alcohol Co. Ltd.
The
global furfural market has been segmented into:
Furfural
Market - Application Analysis
Furfuryl
Alcohol
Solvents
Pharmaceuticals
Chemical
Intermediates
Others
(flavors & fragrance, herbicides, pesticides, etc.)
Furfural
Market - Regional Analysis
North
America
U.S.
Rest
of North America
Europe
U.K.
Germany
France
Spain
Italy
Rest
of Europe
Asia
Pacific
China
Japan
ASEAN
Rest
of Asia Pacific
Latin
America
Brazil
Rest
of Latin America
Middle
East & Africa (MEA)
GCC
South
Africa
Rest
of Middle East & Africa
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