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Furfural Market Share

Report ID: GMI11693
Published Date: Oct 2024
Report Format: PDF

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Furfural Market Share

The global market is highly competitive, with leading players focusing on improving production efficiency, sustainability, and expanding applications across various industries. Companies such as Hongye Holding Group Corporation Limited and Central Romana Corporation are driving growth through strategic innovations and advancements.

Hongye Holding Group Corporation Limited is a major producer, using advanced technologies to meet increasing demand. The company emphasizes sustainability and has invested in refining its processes to reduce waste and energy consumption. These innovations help Hongye meet the growing need for bio-based chemicals in sectors like agrochemicals, pharmaceuticals, and refineries.

Central Romana Corporation also plays a significant role, producing large quantities from sugarcane bagasse. By utilizing agricultural waste, the company focuses on sustainable production. Central Romana is expanding its capacity and improving its extraction methods to meet the rising demands of refineries and other industrial sectors.

Furfural Market Companies

Major players operating in the furfural industry include:

Central Romana Corporation
Hongye Holding Group Corporation Limited
Illovo Sugar Africa
International Furan Chemicals
KRBL Limited
Lenzing AG
Merck KGaA
Pennakem
Sappi Global
Silvateam

Authors: Kiran Pulidindi, Manish Verma

Frequently Asked Questions (FAQ) :

The market size for furfural was valued at USD 592.3 million in 2023 and is expected to reach USD 998.5 million by 2032, driven by the industry's shift towards bio-based chemicals.

The furfuryl alcohol segment held an 83.9% market share in 2023, primarily due to its essential role in producing resins for foundry applications.

The Asia Pacific market recorded USD 212.5 million in 2023 and is projected to grow significantly, fueled by the region's rich agricultural by-products and supportive government policies.

Key players in the market include Central Romana Corporation, Hongye Holding Group Corporation Limited, Illovo Sugar Africa, International Furan Chemicals, KRBL Limited, Lenzing AG, Merck KGaA, Pennakem, Sappi Global, and Silvateam.