The furfural industry refers to the production and utilization of furfural, which is a chemical compound derived from agricultural byproducts such as corncobs, sugarcane bagasse, and rice husks. Furfural is a valuable renewable chemical that has various applications across different industries. The process of obtaining furfural involves the hydrolysis and dehydration of hemicellulose, a complex carbohydrate found in plant biomass. This process typically involves the use of acid catalysts to convert hemicellulose into furfural. The furfural is then separated and purified for commercial use. The global furfural market size is projected to grow from USD 551 million in 2019 to USD 700 million by 2024, at a compound annual growth rate (CAGR) of 4.9% between 2019 and 2024.
Browse 112 market data Tables and 26 Figures spread through 101 Pages and in-depth TOC on "Furfural Market by Raw Material (Sugarcane Bagasse, Corncob, Rice Husk and Others), Application (Derivatives (Furfural Alcohol and Other Derivatives), solvent) and Region (Asia-Pacific, Americas, Europe,Middle East and Africa) - Global Forecast to 2024"
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Furfural has a wide range of end-use applications, some of which include:
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Chemical Industry: Furfural is primarily used as a precursor in the production of various chemicals. It serves as a starting material for the synthesis of furfuryl alcohol, tetrahydrofurfuryl alcohol, and furan derivatives. These compounds find applications in the production of resins, solvents, pharmaceuticals, and agricultural chemicals.
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Food and Beverage Industry: Furfural has certain flavoring properties, and it is used as a food additive to impart a nutty or caramel-like taste to products such as baked goods, confectionery, and beverages.
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Pharmaceuticals: Furfural and its derivatives have been investigated for their potential medicinal properties. They are used in the development of drugs for conditions like cancer, HIV, and inflammation.
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Agriculture: Furfural can be used as a plant growth regulator to enhance crop yield and quality. It can also be utilized as a pesticide and fungicide for crop protection.
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Solvents and Derivatives: Furfural can be converted into various solvents such as methyltetrahydrofuran (MeTHF) and tetrahydrofurfuryl alcohol (THFA). These solvents are utilized in applications like extraction processes, coatings, and adhesives.
The scope of the furfural industry is expected to expand as there is growing interest in sustainable and renewable chemicals. Furfural, being derived from agricultural waste, offers a greener alternative to conventional petrochemical-based compounds.
Furfural Market Key Players
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).
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“Corncob is the largest raw material segment of the furfural market.”
Corncob is extensively used as the raw material for furfural. This is mainly due to the high presence of xylose and pentosan, which are converted into furfural during the synthesis.
“The derivatives application is expected to register the fastest growth during the forecast period.”
The derivatives application is estimated to grow at the fastest rate during the forecast period due to the high demand from various end-use industries. Furfuryl Alcohol (FA) is the major derivative, which consumes almost 80-85% of the furfural produced around the world.
“APAC was the largest furfural market in 2018.”
APAC led the overall furfural market in 2018. The main reason for the growth of the market in the region is China, which has 85% and 75% of global production and consumption of furfural, respectively. The demand is attributed to the growing foundry and pharmaceutical industries in China. In addition, Thailand has emerged as the second-largest producer and exporter of furfural in the region.