The key raw materials for manufacturing furfural include corn cob, rice husk, sugarcane bagasse, and others (almond husk, cotton husk, and oat husk). The market has witnessed fluctuation in furfural prices due to increase in the prices of raw materials due to the climate changes.
The global furfural market includes raw material (corn cob, rice husk, sugarcane bagasse, and others), application (furfuryl alcohol and solvent), and end user industry (petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others).
The surge in demand for non-toxic, low volatile organic compound (VOC) furfural solvents in petroleum refining, agricultural formulations, paints & coatings, pharmaceuticals, and other industries are expected to drive the global furfural market.
Furfural as a solvent has high selectivity and solvent power, easy recovery, low solubility in oil phase, low surface tension, high density, and adaptability to wide range of oils. This helps in easy separation of furfural from lubricating oil stocks and diesel fuels.
The registered patents related to furfural- include furfural production from biomass, producing 5-hydroxymethyl furfural, preparing 5-acetoxymethylfurfural using alkylammonium acetate, processes and apparatus for producing furfural, levulinic acid, and other sugar-derived products from biomass, methods for high-yield production of furans from biomass sugars at mild operating conditions, and others.
The maximum number of furfural related patents were registered in the Asia-Pacific region accounting for 66% of the total patent registration from January 2013 to December 2016. China had the maximum patent registrations in this region. North America and Europe accounted for 20% and 12% share, respectively, in the total number of patents registered for furfural from January 2013 to December 2016.
Agricultural residue constitutes the raw materials for the production of furfural. It is produced by acid hydrolysis of the pentosan found in the cellulose of corn cobs, rice husks, sugarcane bagasse, almond husks, cotton husks, oats husks, and other similar plants. The conventional processes to produce furfural include ‘Quaker Oats’ process and ‘SAVO’ process.
Furfuryl alcohol is used in containers, tanks, lines, and valves to avoid potential leakage. Moreover, owing to low viscosity, high reactivity, and excellent solubility, it is used in the production of foundry sand binders, hot-box, warm box, gas hardened processes, furan resins, and traditional-furan-no-bake-system.
Furfural solvents used in the production of agricultural formulations have revolutionized pesticides, fungicides, herbicides, and other synthetic chemical compounds to enhance the consumer safety and health. Moreover, government supplements it to promote the adoption of bio-based pesticides, fungicides, herbicides, and other chemical compounds. Furthermore, its low cost, advancement in farming practices & technology, ease of application of furfural based pesticides, fungicides, herbicides, and other such compounds are expected to drive the market in agricultural formulation segment during the forecast period.
Porter’s Five Forces Analysis
During 2015-2016, Brazil produced 34,650,000 metric tons of sugar. This is expected to boost the production of furfural in Latin America as sugarcane bagasse is the key raw material for furfural. South Africa is another leading producer of furfural. Illovo Sugar Ltd., a leading sugar producer in South Africa, started manufacturing furfural and furfuryl alcohol from sugarcane bagasse. Interestingly, furfural is registered in South Africa as nematicide and has replaced methyl bromide, carbamates, and phosphide-based chemicals.
Key players profiled in the report include Arcoy Industries Pvt. Ltd., Central Romana Corporation, Ltd., Hongye Holding Group Corporation, Illovo Group, KRBL Ltd., Lenzing AG, Penn A Kem LLC, Silvateam, Tanin Sevnica d.d, and Tieling North Furfural (Group) Co. Ltd.
Other key players (not profiled in the report) in the market value chain include Welldon Trading Co. Limited, Zibo Xinye Chemical Co., Ltd, Shandong Ruide Chemical Co. Ltd., Jinlilin Fufural Manufacture Co., Ltd, Zibo Junhao Logistics Co.Ltd., Furnova Polymers Ltd, Shandong Yino Biotechnology Co., Ltd, Shenyang Hawk International Trading Co., Hebei Furan International Co., Ltd., Zhucheng Taisheng Chemical Co., Ltd, Novel Organic industries, and others.
- This report provides an extensive analysis of the current trends, future estimations, and market dynamics from 2014 to 2022.
- Comprehensive analysis predicts the applications that are currently used along with the variants that are expected to gain prominence in the future.
- Competitive intelligence of leading manufacturers and distributors highlights the competitive scenario.
- Key market players are profiled and their strategies and key product positioning are analyzed thoroughly to portray the competitive outlook.
KEY MARKET SEGMENTS:
- Corn Cob
- Rice Husk
- Sugarcane Bagasse
- Furfuryl Alcohol
By End User
- Petroleum Refineries
- Agricultural Formulations
- Paints & Coatings
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of LAMEA