A market research study on the furfural market, forecasted for 2023 to 2028, has been published by Knowledge Sourcing Intelligence.
The furfural market was valued at US$583.498 million in 2021 and is anticipated to grow at a steady rate during the forecast period.
Furfural is a chemical compound with the molecular formula C5H4O2. It is derived from pentose sugars, such as arabinose and xylose, and is characterized as a transparent, oily liquid with a distinct almond-like fragrance. Furfural finds various applications across different industries, including pharmaceuticals, food and beverage, agriculture, chemicals, personal care, and petrochemicals, due to its versatility as a chemical intermediate and solvent.
The key driving force behind the furfural market growth is the favorable government initiatives to promote organic fertilizers usage to tackle the growing concern of soil degradation and bioaccumulation. For instance, on June 28, 2023, the Cabinet Committee on Economic Affairs (CCEA), India approved a comprehensive package of inventive initiatives aimed at benefiting farmers. This package encompasses a total budget of Rs. 3,70,128.7 crore, designed to promote sustainable agricultural practices. As the demand for organic fertilizers increases for crop protection, the furfural demand is expected to expand significantly.
Furfural is also used to produce sustainable aviation fuels. SAFs are biofuels with properties similar to conventional jet fuel but with a lower carbon footprint. Depending on the feedstock and production technologies, SAFs can substantially reduce life cycle greenhouse gas emissions compared to traditional jet fuel.
The furfural market, based on the raw material, is divided into five segments, which include corncobs, sugarcane bagasse, rice husk, oat hulls, and others.
The furfural market, based on the application, is divided into five segments, solvent, chemical intermediate, drug intermediate, pesticide, and others.
The furfural market, based on the end user, is divided into seven segments, pharmaceuticals, food & beverage, agriculture, chemical, personal care, petrochemical, and others.
The Asia Pacific region is projected to be the market leader owing to the growing major industries, including agriculture, food and beverage, petrochemical, and pharmaceutical. In the 2021-22 fiscal year, India produced approximately 3,430,736.65 metric tons (MT) of certified organic products, encompassing a wide range of food items such as oilseeds, sugar cane, cereals and millets, pulses, fruits, dry fruits, vegetables, and other processed food. Furfural and its derivatives are also utilized to develop flavor enhancers and additives. The increasing consumption of processed food in Asian economies namely Chiba, India, and Japan has created a demand for new flavors in the food and beverages sector. This trend has presented an opportunity for the increased consumption of furfural within the region’s food and beverage industry.
As part of the competitive intelligence section of the study, the major players operating in the furfural market have been covered and analyzed. These include Behran Oil Co., LENZING AG, Central Romana Corporation, TransFurans Chemicals bvba, ILLOVO SUGAR AFRICA (PTY) LTD., Pennakem, LLC, Shandong Crownchem Industries Co., Ltd., BASF, Gravitas Chemical, Vigon International among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/furfural-market
This analytics report segments the furfural market as follows:
- By Raw Material
- Sugarcane Bagasse
- Rice Husk
- Oat Hulls
- By Application
- Chemical Intermediate
- Drug Intermediate
- By End User Industry
- Food & Beverage
- Personal Care
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America