Furfural Market worth USD 1,368.3 million by 2033

The Market Statsville Group (MSG) publishes the new report on the "Furfural Market by Raw Material (Sugarcane Bagasse, Corncob, Rice Husk, Sunflower Hull, and Others), by Application (Furfuryl Alcohol, Solvent, Resin, Gasoline Additives, Fungicides, Flavor Enhancers, Agricultural Types, Others), by End-User, and by Region (APAC, Europe, and Others) – Global Share and Forecast to 2033"

According to the Market Statsville Group (MSG), the global furfural market size is expected to grow at a CAGR of 8.9% from 2023 to 2033.

Furfuryl alcohol is used to make furane resin, surface coatings, mortar, chemically resistant resins, boiler floor grouting, and adhesives for foundry cores and molds, among other things. Furan is a heterocyclic aromatic series of organic compounds with a five-membered aromatic ring comprising four CH2 groups and one oxygen atom. Furan resins have strong chemical and heat transfer resistance and are used in various applications such as foundry sand binders, chemically resistant cement, and chemical plant laminates. In addition, user-friendly furan resin systems have been developed for various composite applications in the automotive and building industries, such as aeroplane cabin interiors, building interior fittings, and train carriages. Further, the furfural prevents deforestation in the tropics, which is a major source of greenhouse gas emissions. Furfuryl alcohol, a derivative of furfuryl, is the key element in wood-modification techniques that turn softwoods into products that resemble tropical hardwoods in appearance and qualities.

Furfurylation of wood results in non-toxic woods suited for interior and external applications requiring high performance and beautiful appearances, such as playgrounds, flooring, cladding, and many more. One of the world's most abundant and renewable resources is lignocellulosic biomass. Furfural is made only from lignocellulosic biomass and is made by dehydrating pentose in a one- or two-step process. Furfural production does not now necessitate the building of costly pilot plants or next-generation biorefineries. The International Journal of Advanced Chemistry is a participant journal that published furfural, a biomass-derived polymer, which has been widely utilized to demonstrate the synthesis of alternative polymers to petrochemical-derived polymers. Furfural, a natural precursor of various furan-based compounds and solvents, is widely used in plastics, pharmaceuticals, and agrochemical industries. Furfural and its derivatives make pharmaceuticals, pesticides, polymers, plastics, adhesives, resins, speciality chemicals, transportation fuels, gasoline additives, lubricants, and decolorizing agents. Thus, the adoption of furfural across various industries and anticipated use across other end-use industries is expected to bolster the market growth during the forecast period.

Browse 131 market data Tables and 73 Figures spread through 266 Pages and in-depth TOC on Furfural Market By Raw Material, By Application, By End-User, By Region– Global Share and Forecast to 2033.

Global Furfural Market Segmentation

The overall furfural market has been segmented into raw material, application, end-user, and region.

• By Raw Material (Sugarcane Bagasse, Corncob, Rice Husk, Sunflower Hull, and Others)
• By Application (Furfuryl Alcohol, Solvent, Resins, Gasoline Additives, Fungicides, Flavor Enhancers, Decolorising Agents, Agricultural Raw Materials, and Others)
• By End-User (Petroleum Refineries, Agricultural Formulations, Pharmaceuticals, Paints & Coatings, Lubricants Industry, Cements Industry, Energy Sector, Adhesives, Food and Beverages Industry, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Furfuryl Alcohol segment accounts for the highest market share by application

Furfuryl alcohol application segment cotributes majorly in the growth of the furfural market in 2022. Furfuryl alcohol is one of the primary derivatives of furfural, which is obtained from agricultural waste such as corn cobs, oat, and rice husks. Furfuryl alcohol has a wide range of applications in various industries such as foundry, agricultural chemicals, pharmaceuticals, and flavours & fragrances. The foundry industry is the largest consumer of furfuryl alcohol, which it is used as a binder in the manufacturing of sand molds and cores for casting metals. The foundry industry's growth, particularly in emerging economies such as India and China, is expected to drive the demand for furfuryl alcohol in the coming years. Moreover, furfuryl alcohol has also gained popularity as a green solvent and is increasingly used in various applications such as coatings, resins, and adhesives. The increasing proliferation of environmentally friendly products is expected to further boost the demand for furfuryl alcohol in the near future.

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Asia Pacific holds the dominant position during the forecast period

Over the forecast period, the Asia Pacific dominated the furfural market in 2022 and is expected to retain at its position during the forecast peirod. The growth of the Asia Pacific region can be attributed to the presence of many emerging economies, such as India, China, and South Korea, which have been witnessing rapid industrialization and urbanization. China is one of the largest consumers of furfural, and its demand is expected to grow due to the increasing adoption of furfural in various industries such as foundry, pharmaceuticals, and agriculture. Moreover, the Chinese government has been promoting the use of renewable chemicals to reduce its dependence on fossil fuels, which is expected to further boost the demand for furfural in the country. India is another major consumer of furfural in the Asia Pacific region. The Indian government has been promoting the use of bio-based chemicals in the country, which is expected to drive the demand for furfural in the coming years..

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the furfural market. It also consists of the profiles of leading companies such as Shandong Zibo Baofeng I&E Co.,Ltd., Zhongkang Furfural Co., Ltd., Shanghai Huiyingtong International Trading Co.,Ltd., Arcoy Industries Pvt. Ltd , Hongye Holding Group Corporation Limited, Hebeichem, International Furan Chemicals B.V., KRBL, Lenzing AG, NC-Nature Chemicals Dr. Kruppa GmbH, Pennakem, Silvateam S.p.a., Transfuran Chemicals, Tieling North Furfural (Group) Co. Ltd., Zhucheng Taisheng Chemical Co., Ltd., Zibo Xinye Chemical Co., Ltd. The key players' growing research and development activities for developing innovative drug solutions are expected to drive market growth.

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