Market Overview:

The Furfural Market size is estimated to reach $929.54 million by 2030, growing at a CAGR of 4.8% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Furfural Market – By Process (Quaker Batch Process, Chinese Batch Process, Rosenlew Continuous Process and Others), By Raw Material (Corncobs, Rice Hulls, Cotton Hulls, Sugarcane Bagasse, and Others), By Application (Solvents, Flavour Enhancers, Gasoline Additives, Decolorizing agents, Resins, Fungicides and Others), By End Use Industry (Agriculture, Paints and Coatings, Pharmaceuticals, Food and Beverage, Refineries, Chemical and Others), By Geography – Opportunity Analysis & Industry Forecast, 2024-2030”
Growing demand for furfuryl alcohol and regulatory support and policy incentives are fueling the growth of the Furfural industry during the forecast period.

Asia-Pacific Dominated the Market in 2023:

Asia-Pacific stands as the largest furfural market globally, with a share of more than 31%, capturing an impressive share exceeding thirty-one percent. Its dominance stems from high levels of furfuryl alcohol production and significant consumption across diverse industrial sectors. The region benefits from a robust manufacturing infrastructure, enabling large-scale production and efficient processing of renewable materials. Advanced applications, including furan foundry binder resins, further reinforce its market leadership. Strong governmental support, abundant raw materials, and continuous technological innovations drive sustained demand and economic growth. These factors consolidate Asia-Pacific’s unrivaled position as the foremost hub for furfural production and utilization worldwide, cementing its dominance across global furfural markets. 

Furfural Market: Key Takeaways

Growing Demand for Furfuryl Alcohol Drives the Demand for Furfural:

Furfuryl alcohol, derived directly from furfural, is a crucial intermediate boosting the overall furfural market. Its high reactivity makes it indispensable for manufacturing foundry sand binders, as well as for producing metal cores and molds. The chemical’s extensive history in foundries underlines its importance as a value-added derivative of furfural. Moreover, its role in synthesizing tetrahydrofurfuryl alcohol, a key pharmaceutical ingredient, further enhances its market appeal. With the foundry sector in India projected to expand by 13–14% by 2025, rising demand for furfural-derived intermediates consequently drives growth in the furfural market globally. This synergy between end-use industries and production innovation underpins market expansion.

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Regulatory Support and Policy Incentives is Driving the Market Growth:

Government regulations increasingly promote renewable chemicals, bolstering the furfural market by encouraging sustainable practices and low-carbon manufacturing. Strategic policy incentives support investments in advanced processing technologies, ensuring improved efficiency and reduced environmental impact. Industry players benefit from subsidies and grants that lower production costs while promoting innovation. Robust environmental standards drive adoption of bio-based feedstocks, leading to increased market stability and growth. Collaborative initiatives between government agencies and private enterprises further enhance research, safety protocols, and quality control measures in furfural production, ultimately fostering long-term market resilience and competitive advantage within the renewable chemicals sector. These factors create substantial momentum. 

Scope of the Report: 

Report Metric

Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

4.8%

Market Size in 2030

$929.54 million

Segments Covered

By Process, By Raw Material, By Application, By End Use Industry, and By Region

 

 

Geographies Covered

North America (U.S, Canada, and Mexico), Europe (U.K., Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, Taiwan, Indonesia, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).

 

 

 

 

Key Market Players

1.  Hongye Holding Corporation Ltd.

2.  Central Romana Corporation Ltd.

3.  Arcoy Biorefinery Pvt Ltd.

4.  KRBL Ltd.

5.  Lenzing AG

6.  Pennakem LLC

7.  Silvateam S.p.A.

8.  Tanin Sevnica d.d

9.  Xingtai Chunlei Furfuryl Alcohol Co.

10.  TransFrurans Chemicals bvba

 

Recent Developments:

•    In May 2023, BASF and SINOPEC announced the construction of their new plant in Nanjing, China, expanding the production capacities of furfural and other ethyleneamines to serve the growing demand from various industries in the Chinese market.

Furfural Market: Competitive Landscape

Key companies profiled in the Furfural Market are Hongye Holding Corporation Ltd., Central Romana Corporation Ltd., Arcoy Biorefinery Pvt Ltd., KRBL Ltd., Lenzing AG, Pennakem LLC, Silvateam S.p.A., Tanin Sevnica d.d, Xingtai Chunlei Furfuryl Alcohol Co., TransFrurans Chemicals bvba, and others.

About IndustryARC™:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
 
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