Furfural Market Size, Share & Trends Analysis Report By Process, By Raw Material, By Application, By End Use And Segment Forecasts, 2020 - 2027
NEW YORK, June 24, 2020 /PRNewswire/ -- Furfural Market Size, Share & Trends Analysis Report By Process, By Raw Material (Corncob, Sugarcane Bagasse), By Application (Furfuryl Alcohol, Solvent), By End Use (Pharmaceutical, Refineries), And Segment Forecasts, 2020 - 2027
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Furfural Market Growth & Trends
The global furfural market size is anticipated to reach USD 1201.9 million by 2027 registering a CAGR of 5.0%. Growth can be attributed to the developments of novel derivatives, such as THF by key manufacturers, resulting in the expansion of the application segment. In addition, favorable regulations concerning the inclusion of bio-based products in several end-use industries are penetrating the demand for organic chemicals across several industries, thus triggering the market growth.
Technological advancements in the manufacturing process of furfural are estimated to considerably surge the production yield from key raw materials, thus achieving economies of scale. Key manufacturers in the marketare using novel cost-effective processes to increase product yield along with more efficient utilization of key resources.
Fluctuating prices of raw materials, such as corncob, along with lack of penetration of furfural in the developed countries of Europe and North America have hampered the growth.However, the usage of furfural as a raw material for biofuel can be viewed as a growth opportunity for the market.
In addition, rising demand from the manufacturers of industrial chemicals and metal casting is projected to fuel market growth.
The market is moderately fragmented, with small-scale Chinese manufacturers acquiring the majority share.The market is stable, with the majority of the production and consumption taking place in China.
Key players across the globe source raw materials that are available in the domestic area as a strategy to reduce operational costs. The inclination of manufacturers towards increasing production capacity and expansion of manufacturing units is estimated to boost the market growth over the forecast period.
Furfural Market Report Highlights
• The global market is fragmented as the number of companies within furfural business operating in China is relatively high
• A surge in solvent consumption from several end-use industries, including refining, agriculture, chemical manufacturing, and pharmaceuticals, is driving the market toward high yield production and the expansion of this application segment
• Increasing demand for furfuryl alcohol from the foundry industries of the Europe and North America markets has increased the focus of the companies on producing furfuryl alcohol using furfural manufactured in their facilities, thus integrating forward and lowering operational costs
• In 2019, refineries emerged as the dominant end-use segment due to high product demand as a solvent in petroleum refining, specialist adhesives, and lubricants
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