Furfural Market is Expected to Reach $2.0 Billion by 2027

According to a new report published by Allied Market Research titled, “Furfural Market by Raw Material, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the Global Furfural market size was valued at $1.2 billion in 2019 and is anticipated to generate $2.0 billion by 2027. The market is projected to experience growth at a CAGR of 6.9% from 2020 to 2027.
The global furfural market is expected to reach $2.0 billion by 2027. By application, the furfuryl alcohol segment is expected to generate highest revenue during the forecast period. Asia-Pacific dominated the global furfural market share in 2019, and is expected to dominate the market during the forecast period.

The furfural market witnessed moderate growth during the past few years, and is expected to grow at a CAGR of 6.9% during the forecast period. Furfural is a nonpetroleum-based organic, renewable chemical feedstock obtained from agricultural residue containing pentosans. It has physical strength and exhibits resistance to corrosion, which makes it ideal to be used in the production of resins. It is also used in refining of lubricating oils, as a reactive solvent, wetting agent, as a decolorizing agent, for purification of C4 and C5 hydrocarbons, as flavors & fragrance, and as herbicides & pesticides. It is majorly used to procure furfuryl alcohol and other 5-membered oxygen-containing heterocycles, which include furan, methylfuran, acetylfuran, furfurylamine, and furoic acid. Furfuryl alcohol is a dominant application segment, which accounted for 75.1% market share in 2019. Furfuryl alcohol plays a vital role in the production of various chemical products, such as foundry resins, adhesives, and wetting agents, owing to low viscosity & high reactivity, outstanding chemical, mechanical, & thermal properties. Furfural gains increased importance across various end-user industries such as petroleum refineries, pharmaceuticals, paints & coatings, agricultural formulations, and others, which include textile, foundry metal castings, and flavors & fragrance.

Increased environmental awareness regarding renewable alternatives and ease of availability of agricultural residue in the developing countries such as India, China, South Africa, Dominican Republic, Indonesia, and Malaysia with a low production cost drive the global market growth. Moreover, economic development in these emerging economies is expected to boost furfural market growth during the forecast period. Whereas, lack of technological advancement and fluctuating prices of raw materials such as corn cob, rice husk, sugarcane bagasse, and others is expected to hamper the furfural market growth during the forecast period.

Key findings of the study

• Global furfural market size is provided in terms of revenue

• By region, Asia-Pacific is projected to grow at the highest CAGR of approximately 7.1%, in terms of revenue, during the forecast period

• By raw material, the corn cobs segment is anticipated to grow with CAGR 7.0%, in terms of revenue, during the forecast period.

• By region, Asia-Pacific and Europe dominated the market with revenue share of over 77.5% and 11.0% in 2019

• A comprehensive analysis of the factors that drive and restrain the furfural market growth is provided

• The qualitative data in this report aims at the furfural market trends, dynamics, and developments in the furfural industry

• The furfural market forecast and estimations are based on factors impacting the market growth