The furfural market is gaining momentum due to the growing emphasis on renewable chemicals and bio-based alternatives. Furfural, a key product derived from agricultural residues like corn cobs and sugarcane bagasse, is widely used in industries such as solvents, resins, and petrochemicals. The increasing focus on sustainability and the shift towards bio-based chemicals are propelling the growth of furfural as a green alternative to petroleum-based products. It plays a critical role in the production of furan resins, used in foundry and automotive industries. The demand for furfural is also expanding in agriculture, where it is utilized in pesticides and herbicides. Additionally, the growing need for clean and renewable energy sources is supporting furfural production, as it is used in biofuel formulations. With Asia-Pacific being a dominant player in both production and consumption, the furfural market is witnessing accelerated growth in emerging markets.
According to the research report, the global furfural market was valued at USD 591.43 million in 2023 and is expected to reach USD 1,071.85 million by 2032, to grow at a CAGR of 6.9% during the forecast period.
Furfural Market Trends
- Increased Demand for Bio-Based Chemicals: Rising interest in sustainable and renewable resources boosts furfural usage as a precursor for bio-based resins and chemicals.
- Growing Applications in Agriculture: Furfural is gaining traction in the production of pesticides and herbicides to support sustainable farming.
- Expansion in the Automotive and Construction Sectors: Its role in producing furan resins for foundry molds and corrosion-resistant materials is driving demand.
- Government Support for Green Initiatives: Policies encouraging the use of eco-friendly materials positively impact furfural production and adoption.
Key Companies in Furfural Market:
- Illovo Sugar Africa
- Linzi Organic Chemical
- TransFurans Chemicals bvba
- Central Romana Corporation
- DalinYebo; Hebeichem
- KRBL
- Silva team S.p.a
- LENZING AG
Growth Factors:
• Market dynamics:All the key factors and major developments anticipated to boost the growth of the market are covered in the study.
• Technological evolution:The report offers a thorough understanding of the emerging technologies that can influence the Furfural market demand.
• Innovation pathways: The study covers where innovations can take the market in the mid to long term.
Browse Full Insights:
https://www.polarismarketresearch.com/industry-analysis/furfural-market
The Geographical Analysis Covers Following Key Regions:
• North America (United States, Canada, and Mexico)
• Europe (Germany, France, United Kingdom, Russia, Italy, and the Rest of Europe)
• Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
• South America (Brazil, Argentina, Colombia, and the rest of South America)
• The Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa, and the Rest of the Middle East and Africa)
Furfural Market Segmentation:
The furfural market is segmented by raw material, application, and region. Key raw materials include corn cobs, sugarcane bagasse, and wood chips. Applications are divided into solvents, resins, and intermediates, with increasing usage in bio-based chemicals. Regional segmentation highlights Asia-Pacific, North America, and Europe, with Asia-Pacific dominating due to abundant raw material availability.
Furfural Market, Process Outlook (Revenue – USD Million, 2019-2032)
- Quaker Batch Process
- Chinese Batch Process
- Rosenlew Continuous Process
Furfural Market, Application Outlook (Revenue – USD Million, 2019-2032)
- Furfuryl Alcohol
- Solvent
- Intermediate
Furfural Market, End-use Outlook (Revenue – USD Million, 2019-2032)
- Agriculture
- Paints & Coatings
- Pharmaceuticals
- Food & Beverage
- Refineries
Furfural Market, Raw Material Outlook (Revenue – USD Million, 2019-2032)
- Corn cob
- Sugarcane Bagasse
- Sunflower Hull
- Rice Husk
Recent Developments
In July 2019, Illovo Sugar Africa formed a partnership with Landesa and the UK Department for International Development (DFID) to help implement the Group’s land rights commitments and policies. This collaboration aims to strengthen land rights practices and promote sustainable development within the communities where Illovo operates.
In November 2019, Illovo Sugar Africa launched the “Making Sense of Sugar” campaign in South Africa. The initiative aimed to raise awareness and educate the public about the role of sugar in human health, providing valuable information on its impact and benefits as part of a balanced diet.
More Trending Latest Reports By Polaris Market Research: