Furfural Market (By Raw Material: Corn Cobs, Rice Husk, Bagasse, and Other Raw Materials; By Application: By Geography) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 - 2024
Global Furfural Market is estimated to reach $1,739 million by 2024; growing at a CAGR of 11% from 2016 to 2024. Furfural (C5H4O2) is an organic compound originated from a variety of agricultural byproducts such as oat, corncobs, rice husk, wheat bran, and saw dust. It is a clear colorless or a slight yellowish liquid in nature. It is a natural precursor to furan-based chemicals.
Some properties of furfural include thermosetting, corrosive resistance and physical resistance, which have led to its around 70% contribution to production of resin. Rising awareness regarding the renewable substitutes has obliged companies to increase production of biomass based chemicals including furfural to produce resins, additives, and fuels to replace non-renewable resources such as petrochemicals.
Growing environmental awareness to renewable alternatives in order to replace fossil resources, and increasing production of furfural in emerging economies are the major factor to fuel the growth of global furfural market. However, increase in overall cost production is the major hindrance for the market growth. Moreover, development of efficient and new technologies, and demand for furfural in pharmaceutical industry is likely to disclose new avenues for the market in the forecast period.
The global furfural market is bifurcated on the basis of raw material, application, and geography. Raw material is divided into rice husk, corn cobs, bagasse, and other raw materials. While, furfuryl alcohol, pharmaceutical agents, solvents, and other applications are the bifurcation of application segment.
On the basis of geography, the global furfural market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of Germany, Italy, Scandinavia & CIS Region, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Prominent players in the global market include Arcoy Biorefinery Pvt. Ltd., Hongye Holding Group Corporation Ltd., TransFuran Chemicals bvba, Central Romana Corporation, Illovo Sugar (Pty) Ltd, Silvateam S.P.A., KRBL Ltd., Nutrafur S.A., Tieling North Furfural (Group) Co., and Xingtai Chunlei Furfuryl Alcohol Co., Ltd., among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Furfural Market with respect to major segments such as raw material, application, and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015 - 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Furfural Market has been included in the report
- Profile of the key players in the Global Furfural Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Furfural Market
Raw Materials Segments
- Rice Husk
- Corn Cobs
- Other Raw Materials
- Furfurly Alcohol
- Pharmaceutical Agents
- Other Applications
- North America
- Scandinavia & CIS Region
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Middle East