Furfural Market by Raw Material, Process, Application, End-Use Industry

List of Tables

[196 Pages Report] The Furfural Market size was estimated at USD 746.48 million in 2023 and expected to reach USD 778.96 million in 2024, at a CAGR 4.41% to reach USD 1,010.31 million by 2030.

The furfural market encompasses the global production, distribution, and trade of furfural, an organic compound primarily derived from agricultural byproducts such as corncobs, oat hulls, rice husk, bagasse, and sawdust. The increasing investments made in the development of the agriculture sector and the need for fertilizers have increased the demand for furfural products. The surging demand for bio-based plastics and paints enhances the adoption of furfural products. The utilization of furfural as a food flavoring and fragrance in personal care products contributes to the demand for furfural products. However, the complexity of the manufacturing process of furfural products may limit the product demand. The toxic nature of furfural and its adverse effects on human health are also factors of concern for market adoption. The ongoing research to expand the application scope of furfural products and the development of new technologies for production is anticipated to generate significant growth potential for the market.

KEY MARKET STATISTICS
Base Year [2023]	USD 746.48 million
Estimated Year [2024]	USD 778.96 million
Forecast Year [2030]	USD 1,010.31 million
CAGR (%)	4.41%

Regional Insights

In the Americas, the United States is a significant furfural market due to its application in producing furfural-alcohol resins used in plastics and as a solvent for the pharmaceutical industry. The Americas region shows an increase in demand for bio-based chemicals, which is expected to drive furfural market growth. In Europe, the focus on sustainable chemicals is very pronounced, with stringent environmental regulations driving the market for furfural. European countries are at the forefront of initiatives for circular economies and reducing carbon footprints within the chemical industry, which supports the growth of the furfural market. The Asia Pacific region has a strong manufacturing and consumer base for furfural products, driven by strong market demand in countries such as China, Japan, and India. The APAC region presents a competitive market with customer purchasing behavior inclined towards sustainable and environmentally friendly products.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Furfural Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Rising focus on renewable and bio-based chemicals
- Increasing demand for furfural in pharmaceuticals and agriculture
- Expanding potential in flavor and fragrance industries

Market Restraints
- Fluctuation in the raw materials and sourcing complexity

Market Opportunities
- Ongoing R&D efforts to explore new applications and formulations
- Investment in furfural production expansion and processing technology development

Market Challenges
- Issues associated with the toxicity of furfural

Market Segmentation Analysis
- Raw Material: Rising utilization of sugarcane bagasse for production process
- Process: Advancements in rosenlew continuous process
- Application: Diverse applications of furfural as solvent

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Furfural Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Furfural Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Origin Materials Announces Startup of Origin 1, World's First Commercial CMF Plant

Origin Materials, Inc., a pioneer in carbon-negative materials, announced the initiation of Origin 1, the world's inaugural commercial-scale chloromethyl furfural (CMF) facility situated in Sarnia, Ontario. In alignment with their previous schedule, this significant advancement represents a key moment in Origin Materials' quest to revolutionize material production and reduce industry carbon footprints. [Published On: 2023-06-27]

FurBio Project Develops New Furfural-derived Resins and Biobased Biocomposites Reinforced with Natural Fibres

FurBio initiative, a key component of the ExpandFibre Ecosystem and Programmes, focusing on the development of groundbreaking furfural-based resins and fiber-reinforced biocomposites. The company planned to establish a solid groundwork for commercial exploitation alongside the involved corporate entities and to extend the potential use of these eco-friendly resins within the realms of paints, coatings, and adhesives. [Published On: 2022-10-26]

Planning New Plants For Manufacturing New Fluoro Advance Intermediates

Anupam Rasayan India Limited (ARIL) stands out as a premier manufacturer of life science and specialty chemicals, leveraging its expansive footprint across seven manufacturing facilities situated within Gujarat, India's Sachin and Jhagadia industrial regions. The company has expertise is in the domain of Fluorination chemistry, particularly the Halex Reaction, where ARIL focusing to achieve a significant position in the Indian market with a substantial production capacity. [Published On: 2022-06-09]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Furfural Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Furfural Market, highlighting leading vendors and their innovative profiles. These include Associated British Foods PLC, BASF SE, Central Drug House (P) Ltd., Central Romana Corporation, DalinYebo Trading and Development (Pty) Ltd., GoodRich Sugar, Gravitas Chemical, LLC, Hefei TNJ Chemical Industry Co., Ltd., Illovo Sugar Africa (Pty) Ltd., International Furan Chemicals B.V., Jinan Future Chemical Co., Ltd, Junsei Chemical Co.,Ltd, Kanto Chemical Co., Inc., Kishida Chemical Co.,Ltd., KRBL Ltd., Kunshan Odowell Co., Ltd., Lenzing AG, Linzi Organic Chemical Inc. Ltd., Merck KGaA, Origin Materials, Inc., Otto Chemie Pvt. Ltd., Pennakem, LLC, Sappi Group, Silvateam S.p.a., Spectrum Chemical Mfg. Corp., TCI America, Thermo Fisher Scientific, Inc., TransFurans Chemicals bvba, Vigon International, LLC, and Vizag Chemicals International.

Market Segmentation & Coverage

This research report categorizes the Furfural Market to forecast the revenues and analyze trends in each of the following sub-markets:

Raw Material
- Corncobs
- Cotton Hulls
- Rice Hulls
- Sugarcane Bagasse

Process
- Chinese Batch Process
- Quaker Batch Process
- Rosenlew Continuous Process

Application
- Furfuryl Alcohol
- Intermediate
- Solvent

End-Use Industry
- Agriculture
- Food & Beverages
- Paint & Coatings
- Pharmaceuticals
- Refineries

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-E37088676221

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising focus on renewable and bio-based chemicals
  - 5.1.1.2. Increasing demand for furfural in pharmaceuticals and agriculture
  - 5.1.1.3. Expanding potential in flavor and fragrance industries
- 5.1.2. Restraints
  - 5.1.2.1. Fluctuation in the raw materials and sourcing complexity
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing R&D efforts to explore new applications and formulations
  - 5.1.3.2. Investment in furfural production expansion and processing technology development
- 5.1.4. Challenges
  - 5.1.4.1. Issues associated with the toxicity of furfural
5.2. Market Segmentation Analysis
- 5.2.1. Raw Material: Rising utilization of sugarcane bagasse for production process
- 5.2.2. Process: Advancements in rosenlew continuous process
- 5.2.3. Application: Diverse applications of furfural as solvent
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Furfural Market, by Raw Material

6.1. Introduction
6.2. Corncobs
6.3. Cotton Hulls
6.4. Rice Hulls
6.5. Sugarcane Bagasse

7. Furfural Market, by Process

7.1. Introduction
7.2. Chinese Batch Process
7.3. Quaker Batch Process
7.4. Rosenlew Continuous Process

8. Furfural Market, by Application

8.1. Introduction
8.2. Furfuryl Alcohol
8.3. Intermediate
8.4. Solvent

9. Furfural Market, by End-Use Industry

9.1. Introduction
9.2. Agriculture
9.3. Food & Beverages
9.4. Paint & Coatings
9.5. Pharmaceuticals
9.6. Refineries

10. Americas Furfural Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Furfural Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Furfural Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Origin Materials Announces Startup of Origin 1, World's First Commercial CMF Plant
- 13.3.2. FurBio Project Develops New Furfural-derived Resins and Biobased Biocomposites Reinforced with Natural Fibres
- 13.3.3. Planning New Plants For Manufacturing New Fluoro Advance Intermediates
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio