Emerging demand for furfural derivatives in various applications driving the furfural market

 

An increase in the demand for spandex from the textile & apparel industry is being witnessed due to its high strength and elastic properties. The changing textile industry and increasing awareness about health have helped the growth of the spandex fibers market in recent years. This is likely to drive the market for PTMEG, which is an application of THF. THF is one of the furan derivatives manufactured with the use of furfural. Polyurethane (PU) is another chemical, which is produced from PTMEG. PU is widely used in various industries, such as apparel, appliances, automotive, construction, flooring, furnishing, marine, and medical. PU foam is highly preferred for automotive interiors and also for thermal insulation in buildings due to its energy efficiency properties. China is the major consumer and producer of PU in the world, and hence a favorable market scenario in APAC is expected to drive the demand for PU during the forecast period, in turn creating opportunities for the furfural manufacturers..

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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.

APAC led the overall furfural market in 2018. The main reason for the growth of the market in the region is China, which has 85% and 75% of global production and consumption of furfural, respectively. The demand is attributed to the growing foundry and pharmaceutical industries in 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 leading 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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