Albany, NY -- (SBWIRE) -- 12/27/2016 -- The global furfural market was valued at US$450 mn in 2014. The growing awareness about the benefits of the utilization of renewable commodities instead of petrochemicals, which are exhaustive and are responsible for environment deterioration as well, has compelled manufacturers to look for renewable resources for the production of intermediate chemical compounds that are used across a large number of industries. In this context, furfural is one of the many chemicals derived from plant matter that form platform chemicals for biofuels and biochemical production.

High Usability of Furfural as Platform Chemical due to its Physical and Chemical Properties

Furfural is largely obtained from biomass that has a plentiful of pentosans, such as corn cobs, sunflower husks, bagasse, and wood chips. On a commercial scale, furfural is manufactured by three major processes: the Chinese batch process, the Quaker batch process, and the Rosenlew continuous process.

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Furfural exhibits physical and chemical properties that are suitable for a large number of applications. Amongst the physical properties of furfural, its thermosetting abilities, corrosion resistance, and physical strength are responsible for the usage of the material as a platform chemical. It acts as a natural precursor to a large spectrum of furan-based compounds and solvents such as furfuryl alcohol, tetrahydrofuran, dihydropyran, methylyfuran, tetrahydrofurfuryl alcohol, methyltetrahydrofuran, and furoic acid.

Owing to the large-scale usability of furfural in biofuels and the biochemical industry, the global furfural market will expand at an impressive 13.10% CAGR from 2015 to 2023 for the market to be valued at US$1.3 bn by 2023. However, the inefficient process of furfural production leading to low output is a major roadblock in the smooth progression of this market. As a repercussion of process inefficiencies, operating cost is high, which directly impacts the cost of the final product, thereby limiting the commercial production of furfural.

Major Application Segments of Furfural Market

The global furfural market is divided on the basis of application and region. Amongst the several applications, furfuryl alcohol held more than 80% of the overall market in 2014. The application segment will be the fastest growing in the coming years, the high usability of furfuryl alcohol in resins as a binding agent in the foundry industry being the reason for this.

Solvents are an important application of furfural. The major use of furfural in solvents is in the manufacture of refractory materials, butadiene extraction, and resin-bonded grinding wheels due to its excellent physical properties. In the pharmaceutical industry, furfural is used in the manufacture of active pharmaceutical ingredients (APIs) as well as other intermediate pharmaceutical compounds.

China's Manufacturing and Industrial Industries Account for High Furfural Utilization

In 2014, Asia Pacific accounted for the largest share in the global furfural market. The region held more than two-third volume share in the global market. In Asia Pacific, China, being an important manufacturing and industrial center, accounts for the largest production and consumption of furfural compounds. In India and Japan, the significant growth of the foundry industry will propel demand for furfural in the coming years.

In the North America, Middle East and Africa, and Latin America regions, the furfural market will develop at a modest rate due to the high price of furfural, which limits its commercial production. The Europe furfural market will exhibit sluggish growth due to overall economic slump in the region.

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Some of the major companies operating in the global furfural market are Arcoy Biorefinery Pvt. Ltd., Hongye Holding Corporation Ltd., KRBL Ltd., Nutrafur S.A., Silvateam S.p.A., Tieling North Furfural (Group) Co. Ltd., Central Romana Corporation Ltd., Illovo Sugar Ltd., Lenzing AG, Penn A Kem LLC, and Tanin Senvica d.d.

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