Furfural is used as a solvent in end-use industries such as agriculture, paints and coatings, refineries, chemicals, automotive, pharmaceuticals, and construction. As a result of increasing environmental concerns the importance of bio-based solvents has increased. Due to the adverse climate effects of fossil fuels, renewable energy resources are being used in many applications. Furfural has gained importance as one of the top 30 chemicals that can be derived from biomass. The raw materials used for production of furfural are derived from woody plants and residues from agricultural activities. Thus, the demand for furfural market is anticipated to show a significant growth in furfural market during the forecast period of 2018 – 2026.

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Furfural is majorly used as a solvent in lubrication oils and butadiene extraction. Furfural has wide application in materials such as bricks, ceramics, composites, and fiber glass which are used largely in construction industry. Furthermore, there is increase in demand for sustainable products in construction industry. All these factors are driving the growth of furfural market.

The rising industrialization among various countries in the world is leading to an increase in the demand for furfural to a great extent. Furthermore, the demand for chemicals is also expanding at a rapid rate, which are eventually adding value to the growth trajectory of the furfural market.

Extensive Use of Furfuryl Alcohol in Various Products Contributes to Furfural Market Growth

The furfural market has wide use and applications in end-user industries such as automotive, transportation, electrical, electronics, and construction. Furfural is extensively used in manufacturing furfuryl alcohol by catalytic hydrogenation of furfural under intensive pressure.

Furfuryl alcohol is also used in plastics and resins, specialty polymers, surface coatings, adhesives, etc. Furfural is widely used in manufacturing process of tetrahydrofuran (THF), polytetramethylene ether glycol (PTMEG), and 5-methyl furfural. The application and use of furfural in various processes has increased its demand substantially. Therefore, the furfural market is augmented to show promising growth.

Asia Pacific Dominates Furfural Market in Terms of Volume and Revenue

The furfural market is categorized into regional segments such as Europe, the Asia Pacific, North America, Latin America, and the Middle East and Africa. Countries like India, China, and Japan are leading in production of furfural owing to favorable factors such as increase in disposable incomes, availability of raw materials, and low manufacturing costs. China is a hub for production of bio-based chemicals and major exporter of furfural. In addition, there is a significant growth in metal casting industry. Thus, China holds a major share of furfural market in the Asia Pacific furfural market.

China exports furfural to countries such as Singapore, South Korea, Belgium, and Japan. India has shown considerable growth in the construction industry so there is a vast scope for growth of furfural market there. Europe is projected to show slow growth whereas North America and the Middle East and Africa are likely to expand at a moderate pace. However, Latin America may show sluggish growth.

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The competitive landscape of global furfural market is highly fragmented. The major market players are engaged in rigorous R&D activities to introduce new technologies and methods to smoothen and ease the production process. They are focusing on increasing the product range to establish their market presence.

The key players are investing in partnerships, mergers and acquisitions, and small ventures to expand the scope of their growth in the furfural market. The leading companies are concentrating on equipping themselves with excellent manufacturing facilities to lead the market. The market leaders are keen on product improvisation and strategic pricing to increase their revenues.

The key market players operating in the global furfural market are Tieling North Furfural (Group) Co., Ltd. Henan Huilong Chemical Co., Ltd., Shandong Crownchem Industries Co., Lenzing AG, Penn A Kem LLC, Tanin Senvica d.d., Aurus Specialty Company, and many others.

Global Furfural Market, by Application

Furfuryl Alcohol
Solvents
Chemical Intermediates
Pharmaceuticals
Others (including Pesticides and Herbicides)
Increasing Demand for Bio-Based Chemicals Propels Furfural Market

Over the last century, the majority of the world's energy demand has been met by non-renewable carbon-based fossil fuels, which are steadily depleting. This has resulted in serious environmental issues such as global warming and uncertainties about the future security of supply. As a result, significant efforts have been made to discover suitable alternatives for fossil fuels.

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Biofuels derived from biomass are sustainable and environmentally beneficial substitutes for fossil fuels. Biofuels can be used directly or as bio-additives in fossil fuels to enhance cetane number, density, cloud point, flash point, and other fuel properties.

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