Furfural Market Overview:
Furfural also called as furan-2-carbaldehyde is a colorless liquid used across various industries in various applications. Furfural market is a small market till Quaker oats started its production in a massive scale with the oat hulls. The market is well penetrated with many major player existing in the market. China tops the list of the countries that export furfural in 2017with an export quantity of 4659 tons followed by the United States of America with 4362 tons and Germany with 2931 tons. The furfural market is expected to grow at a CAGR of 4.61% during the forecast period (2018-2023).
Furfural Market Outlook:
Furfurals are compounds that are renewable and up on performing catalytic reductions can be converted in to various polymers, solvents and fuels. Furfural is prepared from the biomass like bagasse, rice husk, almond husk, lignocellulosic feedstock. There are various chemicals and compounds that are obtained from the hydrogenation of furfurals, being used in various industries. The furfural market is one of the most dynamic markets present, as there is always need for more efficient and cost optimization across all industries. Furfural is majorly used in adhesives, furfural s, additives in gasoline, flavor enhancers in food and beverages, fuel additives and many more.
Furfural Market Growth drivers:
The major drivers for the Furfural Market was the tightening of regulations globally in regards to Air pollution standards. Furfurals are green chemicals as the raw materials are extracted from the agricultural feedstock and lignocellulosic feedstock. The other driver is the public awareness towards the inadequate sources of fossil raw materials. Furfurals replace these fossil materials and are used as alternatives. The market for adhesives is increasing for their impeccable uses in the automotive industry as weight reducing components. Furfurals are employed in adhesives which in turn increases the market. The rise in demand for non-toxic furfural as solvents in refining petroleum is also a driver in the furfural market.
The increase in demand for furoic acid and furfuryl alcohol in various industries like food and beverages, fungicides is also a driver for the furfural market. The continuous growth in these markets and their derivatives has also continued to follow a stable growth in demand from the furfural market.
Furfural (SAP) Market Challenges:
The major challenge in the Furfural Market is the lack of advancement in technology. The Furfural market is the most fluid market requiring constant innovations so as to provide better performing products to the Fungicides, Oil and gas, Chemical and Agrochemical verticals so that that they can compete against the rising prices of raw materials, increasing competition and supply the increasing demand and rising global population efficiently without hiking their prices tremendously.
Furfural (SAP) Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Furfural Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of furfural s in the furfural market, and their specific applications in different types of vehicles.
Furfural Market Report: Industry Coverage
Furfural Market– By Raw materials: Agricultural feedstock, Lignocellulosic feedstock
Furfural Market– By Application: Solvents, Flavor enhancers, Fungicides, Gasoline additives, Decolorizing agents, intermediates in adhesives and sealants.
Furfural Market– By Catalyst: Solid acid type, Liquid acid type.
Furfural Market – By End User Industry: Chemical Industry, Agrochemical Industry, Pharmaceutical and Medical Industry, Oil and Gas Industry, Automotive and Transportation Industry, Manufacturing Industry, Furfural s and Polymer Industry, Food and beverages industry, Fertilizer Industry and others.
The Furfural Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Furfural (SAP) Market Key Players Perspective:
Some of the Key players in this market that have been studied for this report include: Central Romana corporation, International Furan chemicals, Transfurans chemicals, Arcoy biorefinery private Ltd., Tieling Furfural chemicals, Linzi organic chemicals, Penn A Kem LLC and many more.
Market Research and Market Trends of Furfural (SAP) Market
- A rising trend in the Furfural industry is the application of Furfural in the production of furfuryl alcohol along with the rising demand for tetrahydrofuran in various industries.
- Another important announcement made by one of the leading players in the market, BASF, was that they estimate by 2020 Chia would be producing 80% of the world’s chemicals. This has pushed them to startup a new manufacturing plant for their process catalysts in China so as to cater to the domestic market with ease. This is sure to catch up considering the rampant industrialization and population growth that is seen in China in the present global scenario.
- Another trend that is seen in the Industry for Furfural s is the joint ventures and partnerships being taken by players in the market in the fields of research and innovation so as to develop newer and better products with more application so as to satisfy the ever increasing demand for cost cutting and efficiency.