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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Growing demand for furfuryl alcohol drive the Furfural Market

Furfuryl alcohol is a chemical, which is derived from furfural. Furfuryl alcohol plays a vital role in the production of foundry sand binders due to its high reactivity. This alcohol has been extensively used for producing cores and mold for metal for many decades. It is also used in the production of tetrahydrofurfuryl alcohol (THFA), which is widely used in the pharmaceutical industry. According to the World Foundry Organization, the foundry industry is expected to grow by 13.0-14.0% until 2025 in India, which is expected to be the second-largest foundry market in the world, after China. Therefore, the growing foundry industry is leading to the demand for furfuryl alcohol, thereby boosting the market for furfural.

The furfural market size is estimated to grow from USD 551 million in 2019 and to USD 700 million by 2024, at a CAGR of 4.9%. The increasing usage of various derivatives of furfural in different industries and shift toward green chemicals are propelling the market. 

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“The derivatives application is expected to register the fastest growth”

Furfural is used as the starting material for the manufacturing of several furan derivatives, such as furfuryl alcohol, tetrahydrofuran (THF), maleic anhydride (MA), 2-methyl tetrahydrofuran (MTHF), and 1, 5-pentanediol.

Furfuryl alcohol manufacturing dominates the global furfural market. Furfuryl alcohol is majorly used for the production of furan resin that is used as a foundry sand binder. According to the IKB Deutsche Industriebank, the foundry industry is expected to grow in the coming years, majorly driven by the emerging markets. The growth of the foundry industry is expected to increase the demand for foundry resins. This, in turn, is likely to drive the demand for furfuryl alcohol, globally. Also, with the increasing focus on biochemicals and biofuels, the demand for other furfural-based derivatives is increasing, thereby driving the demand for furfural.

“APAC was the largest furfural market in 2018.”

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. In addition, Thailand has emerged as the second-largest producer and exporter of furfural in the region.

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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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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Furfural Market Analysis & Global Forecast to 2024

Furfural is an organic intermediate obtained using renewable sources. It finds use in various applications such as derivatives and solvents as it is a green chemical and has no adverse effect on the environment during its consumption and production.

The 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%, during the forecast period.

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Key questions addressed by the report

• What was the market size of furfural in 2018?
• What are the global trends in demand for furfural?
• Will the market witnessed an increase or decline in demand in the near future?
• What were the revenue pockets for furfural in 2018?
• Who are the key players in the global furfural market?

“Corncob is the largest raw material segment of the furfural market.”

Corncob is extensively used as the raw material for furfural. This is mainly due to the high presence of xylose and pentosan, which are converted into furfural during the synthesis.

“The derivatives application is expected to register the fastest growth during the forecast period.”

The derivatives application is estimated to grow at the fastest rate during the forecast period due to the high demand from various end-use industries. Furfuryl Alcohol (FA) is the major derivative, which consumes almost 80–85% of the furfural produced around the world.

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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