Furfural Market size to grow by USD 206.73 million from 2022 to 2027, APAC is estimated to account for 38% of the global market growth - Technavio

NEW YORK, Oct. 31, 2023 /PRNewswire-PRWeb/ -- The furfural market size is expected to increase by USD 206.73 million from 2022 to 2027, registering a CAGR of 6.52%, according to the latest research report from Technavio. APAC is estimated to account for 38% of the global market growth during the forecast period. Factors responsible for the growth of the regional market include huge furfural production and rapid expansion of end-user industries like pharmaceuticals and agriculture. The regional market is anticipated to expand significantly as a result of rising agricultural furfural consumption. Some of the major contributors to the market expansion in this region are China, Japan, India, South Korea, Indonesia, and the Philippines. Moreover, it is anticipated that there will be an increase in demand for fertilizers, herbicides, and insecticides during the forecast period in the region. Hence, such factors influence the market growth in the region during the forecast period. For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report

The furfural market covers the following areas:

Furfural Market Sizing
Furfural Market Forecast
Furfural Market Analysis

Furfural Market - Vendor Landscape

The global furfural market is fragmented owing to the presence of several global and regional players. Competition in the global furfural market is highly dependent on product quality, the number of manufacturers and distributors, and geographic footprint. Along with various strategic initiatives, including acquisitions and mergers, leading manufacturers are focusing on bio-based oil formulations, intensifying their research and development efforts, especially aimed at creating novel and original solutions and products. The furfural market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

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Companies Mentioned

• Behran Oil Co.
• Central Romana Corp.
• DalinYebo Trading and Development (Pty) Ltd.
• Furnova Polymers Ltd.
• GoodRich Sugar
• Hebei Furan International Co. Ltd.
• Henan Huilong Chemical Co. Ltd.
• Hongye Holding Group Corp. Ltd.
• Illovo Sugar Africa Pty Ltd.
• KRBL Ltd.
• Lenzing AG
• PENNAKEM LLC
• Shandong Crownchem Industries Co. Ltd.
• Silvateam Spa
• Tanin DD Sevnica
• Tokyo Chemical Industry Co. Ltd.
• TransFurans Chemicals bvba
• Xingtai Chunlei Furfuryl Alcohol Co. Ltd.
• Zhucheng Taisheng Chemical Co. Ltd.
• Zibo Huaao Chemical Co. Ltd.

Vendor Offerings

• Central Romana Corp. - The company offers furfural which is used in making inks, plastics, antacids, and various adhesives.
• DalinYebo Trading and Development (Pty) Ltd. - The company offers furfural solution which is used in making antacids, adhesives, nematicides, fungicides, fertilizers, and flavoring compounds.
• Furnova Polymers Ltd. - The company offers furfural solution which is used in chemical and rayon industries application.

For market's vendor landscape highlights with a comprehensive list of vendors and their offerings - View Sample in minutes

Furfural Market - Key Market Segmentation

This furfural market report extensively covers market segmentation by application (furfuryl alcohol, solvent, and intermediate), end-user (agriculture, paints and coatings, pharmaceuticals, food and beverages, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market share growth by the furfuryl alcohol segment will be significant for overall market growth during the forecast period. It is primarily used as a chemical intermediate in the production of various chemical products like wetting agents, adhesives, and foundry resins. Furfural, which is derived from sugar cane bagasse and corn cobs, undergoes catalytic reduction. It can be predicted that increased R&D activities will drive demand for furfuryl alcohol. Therefore, the increasing demand for furfuryl alcohol from various end-use industries is estimated to boost the growth of the global market during the forecast period.

View Sample Report in minutes of this report for more key analysis of the market segments. 

Furfural Market - Market Dynamics

Key Drivers

• The wide range of applications in various industries is a notable driving factor for furfural market growth. 
• Furfural is primarily used as a solvent in the manufacture of plastics, resins, and lubricants.
• In addition, it serves as a raw material in the production of a number of chemicals, including tetrahydrofuran, furan, and furfural. It can also be added to food as an additive to improve flavors and aromas.
• Furthermore, the demand for furfural in various industries is also being driven by its environmentally friendly character, and has become more well-liked as a replacement for chemicals and solvents based on petroleum because it is a renewable resource.
• Hence, such factors drive the demand for furfural market during the forecast period.

Significant Trends

• The growing demand for bio-based additives in the agricultural industry is an emerging trend influencing the market growth for furfural. 
• Furfural is used as a bio-based additive in fertilizers, herbicides, insecticides, and other agricultural products.
• Both crop production and pest infestations can be improved by furfural and the increasing demand for bio-based products, including biofertilizers, in the global agriculture industry, is predicted to increase demand for furfural and its derivatives in the near future.
• Hence, due to such factors the market is expected to witness high growth during the forecast period.

Major Challenges

• The cost of raw materials is a major challenge that may hinder the market growth. 
• The main sources of furfural are corn cobs and sugar cane bagasse. The availability of these resources is influenced by factors like weather and crop yields and thus, the price of furfural is highly volatile.  
• Regulations governing safety, environmental impact, and product quality apply to the production of furfural and the cost of production may increase, and market opportunities may be constrained due to compliance with these regulations.
• Moreover, as a type of renewable chemical, furfural's demand is influenced by its high production costs and sophisticated production technology.
• Hence, the high price of furfural is likely to hamper the growth of the global market during the forecast period.

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Key Topics Covered:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (USD million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (USD million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global furfural market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global furfural market 2017 - 2021 (USD million)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 (USD million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 (USD million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (USD million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (USD million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Furfuryl alcohol - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Furfuryl alcohol - Market size and forecast 2022-2027 (USD million)
• Exhibit 35: Data Table on Furfuryl alcohol - Market size and forecast 2022-2027 (USD million)
• Exhibit 36: Chart on Furfuryl alcohol - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Furfuryl alcohol - Year-over-year growth 2022-2027 (%)

• 6.4 Solvent - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Solvent - Market size and forecast 2022-2027 (USD million)
• Exhibit 39: Data Table on Solvent - Market size and forecast 2022-2027 (USD million)
• Exhibit 40: Chart on Solvent - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Solvent - Year-over-year growth 2022-2027 (%)

• 6.5 Intermediate - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Intermediate - Market size and forecast 2022-2027 (USD million)
• Exhibit 43: Data Table on Intermediate - Market size and forecast 2022-2027 (USD million)
• Exhibit 44: Chart on Intermediate - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Intermediate - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Application 
• Exhibit 46: Market opportunity by Application (USD million)
• Exhibit 47: Data Table on Market opportunity by Application (USD million)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 48: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 49: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 50: Chart on Comparison by End-user
• Exhibit 51: Data Table on Comparison by End-user

• 7.3 Agriculture - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Agriculture - Market size and forecast 2022-2027 (USD million)
• Exhibit 53: Data Table on Agriculture - Market size and forecast 2022-2027 (USD million)
• Exhibit 54: Chart on Agriculture - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Agriculture - Year-over-year growth 2022-2027 (%)

• 7.4 Paints and coatings - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Paints and coatings - Market size and forecast 2022-2027 (USD million)
• Exhibit 57: Data Table on Paints and coatings - Market size and forecast 2022-2027 (USD million)
• Exhibit 58: Chart on Paints and coatings - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Paints and coatings - Year-over-year growth 2022-2027 (%)

• 7.5 Pharmaceuticals - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Pharmaceuticals - Market size and forecast 2022-2027 (USD million)
• Exhibit 61: Data Table on Pharmaceuticals - Market size and forecast 2022-2027 (USD million)
• Exhibit 62: Chart on Pharmaceuticals - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Pharmaceuticals - Year-over-year growth 2022-2027 (%)

• 7.6 Food and beverages - Market size and forecast 2022-2027 
• Exhibit 64: Chart on Food and beverages - Market size and forecast 2022-2027 (USD million)
• Exhibit 65: Data Table on Food and beverages - Market size and forecast 2022-2027 (USD million)
• Exhibit 66: Chart on Food and beverages - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on Food and beverages - Year-over-year growth 2022-2027 (%)

• 7.7 Others - Market size and forecast 2022-2027 
• Exhibit 68: Chart on Others - Market size and forecast 2022-2027 (USD million)
• Exhibit 69: Data Table on Others - Market size and forecast 2022-2027 (USD million)
• Exhibit 70: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 71: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by End-user 
• Exhibit 72: Market opportunity by End-user (USD million)
• Exhibit 73: Data Table on Market opportunity by End-user (USD million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 74: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 75: Chart on Market share by geography 2022-2027 (%)
• Exhibit 76: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 77: Chart on Geographic comparison
• Exhibit 78: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 79: Chart on APAC - Market size and forecast 2022-2027 (USD million)
• Exhibit 80: Data Table on APAC - Market size and forecast 2022-2027 (USD million)
• Exhibit 81: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Europe - Market size and forecast 2022-2027 (USD million)
• Exhibit 84: Data Table on Europe - Market size and forecast 2022-2027 (USD million)
• Exhibit 85: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 87: Chart on North America - Market size and forecast 2022-2027 (USD million)
• Exhibit 88: Data Table on North America - Market size and forecast 2022-2027 (USD million)
• Exhibit 89: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 91: Chart on South America - Market size and forecast 2022-2027 (USD million)
• Exhibit 92: Data Table on South America - Market size and forecast 2022-2027 (USD million)
• Exhibit 93: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Middle East and Africa - Market size and forecast 2022-2027 (USD million)
• Exhibit 96: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (USD million)
• Exhibit 97: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 99: Chart on China - Market size and forecast 2022-2027 (USD million)
• Exhibit 100: Data Table on China - Market size and forecast 2022-2027 (USD million)
• Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027 
• Exhibit 103: Chart on US - Market size and forecast 2022-2027 (USD million)
• Exhibit 104: Data Table on US - Market size and forecast 2022-2027 (USD million)
• Exhibit 105: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 107: Chart on Japan - Market size and forecast 2022-2027 (USD million)
• Exhibit 108: Data Table on Japan - Market size and forecast 2022-2027 (USD million)
• Exhibit 109: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027 
• Exhibit 111: Chart on Germany - Market size and forecast 2022-2027 (USD million)
• Exhibit 112: Data Table on Germany - Market size and forecast 2022-2027 (USD million)
• Exhibit 113: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 115: Chart on UK - Market size and forecast 2022-2027 (USD million)
• Exhibit 116: Data Table on UK - Market size and forecast 2022-2027 (USD million)
• Exhibit 117: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 118: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 119: Market opportunity by geography (USD million)
• Exhibit 120: Data Tables on Market opportunity by geography (USD million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 121: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 122: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 123: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 124: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 125: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 126: Matrix on vendor position and classification

• 12.3 Central Romana Corp.
• Exhibit 127: Central Romana Corp. - Overview
• Exhibit 128: Central Romana Corp. - Product / Service
• Exhibit 129: Central Romana Corp. - Key offerings

• 12.4 DalinYebo Trading and Development (Pty) Ltd. 
• Exhibit 130: DalinYebo Trading and Development (Pty) Ltd. - Overview
• Exhibit 131: DalinYebo Trading and Development (Pty) Ltd. - Product / Service
• Exhibit 132: DalinYebo Trading and Development (Pty) Ltd. - Key offerings

• 12.5 Furnova Polymers Ltd. 
• Exhibit 133: Furnova Polymers Ltd. - Overview
• Exhibit 134: Furnova Polymers Ltd. - Product / Service
• Exhibit 135: Furnova Polymers Ltd. - Key offerings

• 12.6 GoodRich Sugar
• Exhibit 136: GoodRich Sugar - Overview
• Exhibit 137: GoodRich Sugar - Product / Service
• Exhibit 138: GoodRich Sugar - Key offerings

• 12.7 Hongye Holding Group Corp. Ltd. 
• Exhibit 139: Hongye Holding Group Corp. Ltd. - Overview
• Exhibit 140: Hongye Holding Group Corp. Ltd. - Key offerings

• 12.8 Illovo Sugar Africa Pty Ltd. 
• Exhibit 141: Illovo Sugar Africa Pty Ltd. - Overview
• Exhibit 142: Illovo Sugar Africa Pty Ltd. - Product / Service
• Exhibit 143: Illovo Sugar Africa Pty Ltd. - Key offerings

• 12.9 Lenzing AG
• Exhibit 144: Lenzing AG - Overview
• Exhibit 145: Lenzing AG - Business segments
• Exhibit 146: Lenzing AG - Key news
• Exhibit 147: Lenzing AG - Key offerings
• Exhibit 148: Lenzing AG - Segment focus

• 12.10 PENNAKEM LLC
• Exhibit 149: PENNAKEM LLC - Overview
• Exhibit 150: PENNAKEM LLC - Product / Service
• Exhibit 151: PENNAKEM LLC - Key offerings

• 12.11 Silvateam Spa
• Exhibit 152: Silvateam Spa - Overview
• Exhibit 153: Silvateam Spa - Product / Service
• Exhibit 154: Silvateam Spa - Key offerings

• 12.12 Tanin DD Sevnica
• Exhibit 155: Tanin DD Sevnica - Overview
• Exhibit 156: Tanin DD Sevnica - Product / Service
• Exhibit 157: Tanin DD Sevnica - Key offerings

• 12.13 Tokyo Chemical Industry Co. Ltd. 
• Exhibit 158: Tokyo Chemical Industry Co. Ltd. - Overview
• Exhibit 159: Tokyo Chemical Industry Co. Ltd. - Product / Service
• Exhibit 160: Tokyo Chemical Industry Co. Ltd. - Key offerings

• 12.14 TransFurans Chemicals bvba 
• Exhibit 161: TransFurans Chemicals bvba - Overview
• Exhibit 162: TransFurans Chemicals bvba - Product / Service
• Exhibit 163: TransFurans Chemicals bvba - Key offerings

• 12.15 Xingtai Chunlei Furfuryl Alcohol Co. Ltd. 
• Exhibit 164: Xingtai Chunlei Furfuryl Alcohol Co. Ltd. - Overview
• Exhibit 165: Xingtai Chunlei Furfuryl Alcohol Co. Ltd. - Product / Service
• Exhibit 166: Xingtai Chunlei Furfuryl Alcohol Co. Ltd. - Key offerings

• 12.16 Zhucheng Taisheng Chemical Co. Ltd. 
• Exhibit 167: Zhucheng Taisheng Chemical Co. Ltd. - Overview
• Exhibit 168: Zhucheng Taisheng Chemical Co. Ltd. - Product / Service
• Exhibit 169: Zhucheng Taisheng Chemical Co. Ltd. - Key offerings

• 12.17 Zibo Huaao Chemical Co. Ltd. 
• Exhibit 170: Zibo Huaao Chemical Co. Ltd. - Overview
• Exhibit 171: Zibo Huaao Chemical Co. Ltd. - Product / Service
• Exhibit 172: Zibo Huaao Chemical Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 173: Inclusions checklist
• Exhibit 174: Exclusions checklist

• 13.3 Currency conversion rates for USUSD 
• Exhibit 175: Currency conversion rates for USUSD

• 13.4 Research methodology
• Exhibit 176: Research methodology
• Exhibit 177: Validation techniques employed for market sizing
• Exhibit 178: Information sources

• 13.5 List of abbreviations 
• Exhibit 179: List of abbreviations 

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