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Furfural Market Trends

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

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Furfural Market Trends

The market is undergoing significant transformations driven by several emerging trends. A prominent trend is the heightened focus on furfural as a foundational chemical. This is paving the way for the creation of value-added derivatives, including furfuryl alcohol, tetrahydrofuran, and furan-based polymers. These derivatives are finding increasing applications in high-performance materials and resins.

Notably, sectors like construction and automotive, which are pivoting towards sustainability, are leading this adoption. Concurrently, there's a surge in research aimed at refining extraction processes. The market is also witnessing a surge in investments directed towards integrated biorefineries. These facilities synergize production with other bio-based chemical processes, capitalizing on economies of scale. With the rising demand for green chemicals, regions like North America and Europe are ramping up local production. This move aims to curtail import reliance and bolster the resilience of their supply chains.

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.