Global furfural market is expected to reach USD 1,200.4 million in 2022, growing at a CAGR of 11.0% between 2017 and 2022
Sarasota, FL -- (SBWIRE) -- 04/06/2017 -- Zion Market Research has published a new report titled "Furfural Market for Solvents, Pharmaceuticals, Furfuryl Alcohol and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022." According to the report, global furfural market was valued at USD 641.8 million in 2016 and is expected to reach USD 1,200.4 million in 2022, growing at a CAGR of 11.0% between 2017 and 2022.
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Furfural is an organic solvent obtained from the renewable feedstock including sawdust, oleoresins, wheat bran, and sugarcane bagasse. It is a colorless liquid with soft almond odor and high solubility in alkenes. It is extensively used in refining lubricating oils in industries. The stringent regulations pertaining to sustainability are a major driver of furfural market across the globe.
Surging demand from the pharmaceutical industry is one of the prime reasons for the growth of the global furfural market. Increasing consumption of fungicides and pesticides for agriculture in countries of Asia Pacific is likely to trigger the demand for furfurals over the years to come. Moreover, a shifting trend in flavors and aromatic food & beverages across the globe is projected to amplify the demand for furfurals at a significant rate. However, utilization of expensive technologies is expected to curb the growth of the furfural market. Nevertheless, mounting investments in research & development projects are expected to open new avenues of opportunities for the global furfural market in the near future.
Furfuryl alcohol was the foremost application segment of global furfural market in 2016. It accounted for more than 70% share of the total market in 2016 and is expected to grow at a significant rate within the forecast period. The increasing demand for furfuryl alcohol in the foundry in the form of binders is expected to amplify the market size in the coming years.
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Solvents were the second largest application segment of global furfural market in 2016. Pharmaceuticals are expected to be the fastest growing application segment within the forecast period.
With a significant share of the market, Asia Pacific region was the dominant region for furfurals in 2016. Furthermore, it is expected to grow at a CAGR of 10.2% within the forecast period. China was the chief contributor to the global furfural market in 2016. It accounted for more than 70% share of the total furfural production in 2016. Easy availability of raw materials and low cost of production are the prime drivers of the furfural market in Asia Pacific. Europe was identified as the second largest market for furfurals in the same year. North America is expected to witness sluggish growth in the coming years. Moreover, Latin America and the Middle East & Africa are projected to grow at moderate and sluggish rates respectively during the years to come.
Some of the key manufacturers of global furfural market included in the study are Silvateam S.p.A., Nutrafur S.A., Illovo Sugar Ltd., Central Romana Corp., Arcoy Biorefinery Pvt. Ltd., International Furan Chemicals, Lenzing AG, Tieling North Furfural (Group) Co., Ltd., Penn A Kem LLC and KRBL Ltd among others.
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This report segments the global furfural market as follows:
Global Furfural Market: Application Analysis
Global Furfural Market: Regional Analysis
The Middle East & Africa
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