Global Furfural Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Furfural Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global furfural market report has been segmented as per raw material type, application, end user, and region.

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Global Furfural Market: Overview

Furfural is an organic chemical compound which is derived from the plant materials such as oat, rice husk, wheat bran, saw dust, sugarcane bagasse, and corn cobs. Floral is little yellowish or colorless liquid that easily dissolves in several organic solvents and also it is partially soluble in water. Generally, furfural used as a solvent in various types of chemical extraction processes, refining of lubrication oils, and butadiene extraction.

Global Furfural Market: Dynamics

Growing demand for furfural across the globe due to increasing adoption of furfural in several industries such as agriculture, petroleum, pharmaceuticals, and other industries is a key factor expected to drive growth of the global market. In addition, growing environmental concerns across the globe resulting in increasing production of various biomass-based chemicals such as resins, fuels, and additives that are replacing non-renewable resources is another major factor expected to support growth of the target market.

Growing construction industry across the globe is another factor supporting increasing demand for furfural which is used in various refractory materials such as bricks, ceramics, and fiberglass composites. In addition, rising demand for furfuryl alcohol and furoic acid in many industries such as fungicide, food and beverage industries across the globe is other factor expected to propel growth of the global market.

Furthermore, rising demand for furfural to use in resin-bonded grinding wheels and binding refractory materials across the globe is another factor expected to fuel growth of the global market over the forecast period.

However, high production cost and inefficient production technologies are key factors expected to restraint growth of the global furfural market.

Global Furfural Market: Segment Analysis

Among the material type, the sugarcane bagasse segment is expected to witness significant growth in the global market, owing to high adoption of sugarcane bagasse raw material across the globe.

Increasing adoption of furfuryl alcohol in tanks, containers, valves, and lines across the globe is a primary factor driving revenue growth of the furfuryl alcohol segment among the application segment. In addition, rising use of furfuryl alcohol in the production of hot-box, gas hardened processes, foundry sand binders, and furan resins is other key factor expected to support for the growth of this segment.

Global Furfural Market: Region Analysis

The Asia Pacific furfural market dominates in the global market in terms of revenue, owing to high availability of raw materials, less manufacturing costs, and low labor cost in countries such as Indonesia, Malaysia, China, and India in this region. Market in Europe is expected to register significant growth in the global market, owing to rising adoption of furfural in pharmaceutical and petroleum industries in Germany and France in this region. Market in North America, Latin America, and Middle East & Africa are expected to witness moderate growth in terms of revenue, owing to rising production of different biomass-based chemicals in these region.

Global Furfural Market Segmentation:

Segmentation by Row Material Type:

Rice Husk
Corn Cob
Sugarcane Bagasse

Segmentation by Application:

Solvents
Furfuryl Alcohol
Chemical Ingredients
Others (Flavor enhancer, Gasoline additive)

Segmentation by End User:

Pharmaceuticals
Agricultural
Paints and Coatings
Petroleum