According to IMARC Group latest report titled” Furfural Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market exhibited moderate growth during 2015-2020. The global furfural market size to grow at a CAGR of around 6% during 2021-2026. Furfural refers to a naturally occurring chemical compound produced by dehydrating carbon sugars and obtained from the hemicellulose fraction of lignocellulosic biomass. It is a versatile chemical, which is commonly used as a raw ingredient in producing phenol-furfural-resins. Furfural can also be converted into furfuryl alcohol, tetrahydrofurfuryl alcohol (THFA), tetrahydrofuran, furan, etc. It is widely utilized as a flavoring agent and as a filler in the production of paints, textiles, plastics, etc., across the globe.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The escalating demand for packaged food is currently driving the use of furfural in the food and beverage industry. Furthermore, expanding personal care and beauty sector is also propelling the adoption of furfural fragrances and perfumes. Additionally, the rising environmental awareness have led to the launch of innovative solutions to reduce dependence on petrochemicals, which is further anticipated to augment the global market for furfural in the coming years.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Behran Oil Company
- Central Romana Corporation Ltd.
- Hongye Holding Group Corporation Limited
- Illovo Sugar Ltd.
- KRBL Limited
- Lenzing Aktiengesellschaft
- Linzi Organic Chemical Inc. Ltd.
- Pennakem LLC
- Shandong Crownchem Industries Co. Ltd
- Silvateam S.p.a.
- Tanin d.d.
- TransFurans Chemicals bvba
- Xian Welldon Trading Co. Ltd
Furfural Market Segmentation:
Our report has categorized the market based on region, process, raw material, application and end use industry.
Breakup by Process:
- Quaker Batch Process
- Chinese Batch Process
- Rosenlew Continuous Process
Breakup by Raw Material:
- Corn Cobs
- Rice Husk
- Sugarcane Bagasse
Breakup by Application:
- Furfuryl Alcohol
Breakup by End User:
- Petroleum Refineries
- Paints and Coatings
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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