Key Market Leader – Furfural Market

The global furfural market size is projected to grow from USD 551 million in 2019 to USD 700 million by 2024, at a compound annual growth rate (CAGR) of 4.9% between 2019 and 2024. Increasing demand from various end-use industries such as foundry, pharmaceutical, and textile is the primary factor driving the furfural market.

The key players in the furfural market are Transfuran Chemicals (Belgium), Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation (China), KRBL(India), Lenzing (Austria), Tanin (Slovenia), and Shandong Crownchem Industries (China).

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The market for furfural is dominated by China. The presence of large manufacturing capacities in the country has resulted in lower prices of furfural, thereby affecting the other players in the market. As a result, anti-dumping duties were levied on Chinese imports by the US. EU also had anti-dumping duties against Chinese imports, but it was later removed in 2012. Thailand is also one of the key exporters of furfural in APAC.

The study involves four major activities in estimating the current market size of furfural. Exhaustive secondary research was done to collect information related to the furfural market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Report Objectives
To define, describe, and forecast the market size of furfural, in terms of value and volume
To provide information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growth
To analyze and forecast the market size on the basis of application and raw material
To forecast the market size of different segments with respect to four regions, namely, APAC, Europe, the Americas, and the Middle East and Africa.
To forecast the market size of different segments with respect to key countries of each region
To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
To strategically profile the key players and comprehensively analyze their growth strategies

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