NEW YORK, Oct. 31, 2023 /PRNewswire-PRWeb/ — The furfural market size is expected to increase by USD 206.73 million from 2022 to 2027, registering a CAGR of 6.52%, according to the latest research report from Technavio. APAC is estimated to account for 38% of the global market growth during the forecast period. Factors responsible for the growth of the regional market include huge furfural production and rapid expansion of end-user industries like pharmaceuticals and agriculture. The regional market is anticipated to expand significantly as a result of rising agricultural furfural consumption. Some of the major contributors to the market expansion in this region are China, Japan, India, South Korea, Indonesia, and the Philippines. Moreover, it is anticipated that there will be an increase in demand for fertilizers, herbicides, and insecticides during the forecast period in the region. Hence, such factors influence the market growth in the region during the forecast period. For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report
Technavio has announced its latest market research report titled Global Furfural Market 2023-2027
The furfural market covers the following areas:
Furfural Market Sizing
Furfural Market Forecast
Furfural Market Analysis
Furfural Market – Vendor Landscape
The global furfural market is fragmented owing to the presence of several global and regional players. Competition in the global furfural market is highly dependent on product quality, the number of manufacturers and distributors, and geographic footprint. Along with various strategic initiatives, including acquisitions and mergers, leading manufacturers are focusing on bio-based oil formulations, intensifying their research and development efforts, especially aimed at creating novel and original solutions and products. The furfural market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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Companies Mentioned
Behran Oil Co.
Central Romana Corp.
DalinYebo Trading and Development (Pty) Ltd.
Furnova Polymers Ltd.
GoodRich Sugar
Hebei Furan International Co. Ltd.
Henan Huilong Chemical Co. Ltd.
Hongye Holding Group Corp. Ltd.
Illovo Sugar Africa Pty Ltd.
KRBL Ltd.
Lenzing AG
PENNAKEM LLC
Shandong Crownchem Industries Co. Ltd.
Silvateam Spa
Tanin DD Sevnica
Tokyo Chemical Industry Co. Ltd.
TransFurans Chemicals bvba
Xingtai Chunlei Furfuryl Alcohol Co. Ltd.
Zhucheng Taisheng Chemical Co. Ltd.
Zibo Huaao Chemical Co. Ltd.
Vendor Offerings
Central Romana Corp. – The company offers furfural which is used in making inks, plastics, antacids, and various adhesives.
DalinYebo Trading and Development (Pty) Ltd. – The company offers furfural solution which is used in making antacids, adhesives, nematicides, fungicides, fertilizers, and flavoring compounds.
Furnova Polymers Ltd. – The company offers furfural solution which is used in chemical and rayon industries application.
For market’s vendor landscape highlights with a comprehensive list of vendors and their offerings – View Sample in minutes
Furfural Market – Key Market Segmentation
This furfural market report extensively covers market segmentation by application (furfuryl alcohol, solvent, and intermediate), end-user (agriculture, paints and coatings, pharmaceuticals, food and beverages, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
The market share growth by the furfuryl alcohol segment will be significant for overall market growth during the forecast period. It is primarily used as a chemical intermediate in the production of various chemical products like wetting agents, adhesives, and foundry resins. Furfural, which is derived from sugar cane bagasse and corn cobs, undergoes catalytic reduction. It can be predicted that increased R&D activities will drive demand for furfuryl alcohol. Therefore, the increasing demand for furfuryl alcohol from various end-use industries is estimated to boost the growth of the global market during the forecast period.
View Sample Report in minutes of this report for more key analysis of the market segments.
Furfural Market – Market Dynamics
Key Drivers
The wide range of applications in various industries is a notable driving factor for furfural market growth.
Furfural is primarily used as a solvent in the manufacture of plastics, resins, and lubricants.
In addition, it serves as a raw material in the production of a number of chemicals, including tetrahydrofuran, furan, and furfural. It can also be added to food as an additive to improve flavors and aromas.
Furthermore, the demand for furfural in various industries is also being driven by its environmentally friendly character, and has become more well-liked as a replacement for chemicals and solvents based on petroleum because it is a renewable resource.
Hence, such factors drive the demand for furfural market during the forecast period.
Significant Trends
The growing demand for bio-based additives in the agricultural industry is an emerging trend influencing the market growth for furfural.
Furfural is used as a bio-based additive in fertilizers, herbicides, insecticides, and other agricultural products.
Both crop production and pest infestations can be improved by furfural and the increasing demand for bio-based products, including biofertilizers, in the global agriculture industry, is predicted to increase demand for furfural and its derivatives in the near future.
Hence, due to such factors the market is expected to witness high growth during the forecast period.
Major Challenges
The cost of raw materials is a major challenge that may hinder the market growth.
The main sources of furfural are corn cobs and sugar cane bagasse. The availability of these resources is influenced by factors like weather and crop yields and thus, the price of furfural is highly volatile.
Regulations governing safety, environmental impact, and product quality apply to the production of furfural and the cost of production may increase, and market opportunities may be constrained due to compliance with these regulations.
Moreover, as a type of renewable chemical, furfural’s demand is influenced by its high production costs and sophisticated production technology.
Hence, the high price of furfural is likely to hamper the growth of the global market during the forecast period.
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Furfural Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.52% |
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Market growth 2023-2027 |
USD 206.73 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.56 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 38% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Behran Oil Co., Central Romana Corp., DalinYebo Trading and Development (Pty) Ltd., Furnova Polymers Ltd., GoodRich Sugar, Hebei Furan International Co. Ltd., Henan Huilong Chemical Co. Ltd., Hongye Holding Group Corp. Ltd., Illovo Sugar Africa Pty Ltd., KRBL Ltd., Lenzing AG, PENNAKEM LLC, Shandong Crownchem Industries Co. Ltd., Silvateam Spa, Tanin DD Sevnica, Tokyo Chemical Industry Co. Ltd., TransFurans Chemicals bvba, Xingtai Chunlei Furfuryl Alcohol Co. Ltd., Zhucheng Taisheng Chemical Co. Ltd., and Zibo Huaao Chemical Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Browse for Technavio’s Materials Market Reports
Key Topics Covered:
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD million)
Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global furfural market 2017 – 2021
Exhibit 18: Historic Market Size – Data Table on Global furfural market 2017 – 2021 (USD million)
4.2 Application Segment Analysis 2017 – 2021
Exhibit 19: Historic Market Size – Application Segment 2017 – 2021 (USD million)
4.3 End-user Segment Analysis 2017 – 2021
Exhibit 20: Historic Market Size – End-user Segment 2017 – 2021 (USD million)
4.4 Geography Segment Analysis 2017 – 2021
Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD million)
4.5 Country Segment Analysis 2017 – 2021
Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD million)
5 Five Forces Analysis
5.1 Five forces summary
Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by Application
6.1 Market segments
Exhibit 30: Chart on Application – Market share 2022-2027 (%)
Exhibit 31: Data Table on Application – Market share 2022-2027 (%)
6.2 Comparison by Application
Exhibit 32: Chart on Comparison by Application
Exhibit 33: Data Table on Comparison by Application
6.3 Furfuryl alcohol – Market size and forecast 2022-2027
Exhibit 34: Chart on Furfuryl alcohol – Market size and forecast 2022-2027 (USD million)
Exhibit 35: Data Table on Furfuryl alcohol – Market size and forecast 2022-2027 (USD million)
Exhibit 36: Chart on Furfuryl alcohol – Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Furfuryl alcohol – Year-over-year growth 2022-2027 (%)
6.4 Solvent – Market size and forecast 2022-2027
Exhibit 38: Chart on Solvent – Market size and forecast 2022-2027 (USD million)
Exhibit 39: Data Table on Solvent – Market size and forecast 2022-2027 (USD million)
Exhibit 40: Chart on Solvent – Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Solvent – Year-over-year growth 2022-2027 (%)
6.5 Intermediate – Market size and forecast 2022-2027
Exhibit 42: Chart on Intermediate – Market size and forecast 2022-2027 (USD million)
Exhibit 43: Data Table on Intermediate – Market size and forecast 2022-2027 (USD million)
Exhibit 44: Chart on Intermediate – Year-over-year growth 2022-2027 (%)
Exhibit 45: Data Table on Intermediate – Year-over-year growth 2022-2027 (%)
6.6 Market opportunity by Application
Exhibit 46: Market opportunity by Application (USD million)
Exhibit 47: Data Table on Market opportunity by Application (USD million)
7 Market Segmentation by End-user
7.1 Market segments
Exhibit 48: Chart on End-user – Market share 2022-2027 (%)
Exhibit 49: Data Table on End-user – Market share 2022-2027 (%)
7.2 Comparison by End-user
Exhibit 50: Chart on Comparison by End-user
Exhibit 51: Data Table on Comparison by End-user
7.3 Agriculture – Market size and forecast 2022-2027
Exhibit 52: Chart on Agriculture – Market size and forecast 2022-2027 (USD million)
Exhibit 53: Data Table on Agriculture – Market size and forecast 2022-2027 (USD million)
Exhibit 54: Chart on Agriculture – Year-over-year growth 2022-2027 (%)
Exhibit 55: Data Table on Agriculture – Year-over-year growth 2022-2027 (%)
7.4 Paints and coatings – Market size and forecast 2022-2027
Exhibit 56: Chart on Paints and coatings – Market size and forecast 2022-2027 (USD million)
Exhibit 57: Data Table on Paints and coatings – Market size and forecast 2022-2027 (USD million)
Exhibit 58: Chart on Paints and coatings – Year-over-year growth 2022-2027 (%)
Exhibit 59: Data Table on Paints and coatings – Year-over-year growth 2022-2027 (%)
7.5 Pharmaceuticals – Market size and forecast 2022-2027
Exhibit 60: Chart on Pharmaceuticals – Market size and forecast 2022-2027 (USD million)
Exhibit 61: Data Table on Pharmaceuticals – Market size and forecast 2022-2027 (USD million)
Exhibit 62: Chart on Pharmaceuticals – Year-over-year growth 2022-2027 (%)
Exhibit 63: Data Table on Pharmaceuticals – Year-over-year growth 2022-2027 (%)
7.6 Food and beverages – Market size and forecast 2022-2027
Exhibit 64: Chart on Food and beverages – Market size and forecast 2022-2027 (USD million)
Exhibit 65: Data Table on Food and beverages – Market size and forecast 2022-2027 (USD million)
Exhibit 66: Chart on Food and beverages – Year-over-year growth 2022-2027 (%)
Exhibit 67: Data Table on Food and beverages – Year-over-year growth 2022-2027 (%)
7.7 Others – Market size and forecast 2022-2027
Exhibit 68: Chart on Others – Market size and forecast 2022-2027 (USD million)
Exhibit 69: Data Table on Others – Market size and forecast 2022-2027 (USD million)
Exhibit 70: Chart on Others – Year-over-year growth 2022-2027 (%)
Exhibit 71: Data Table on Others – Year-over-year growth 2022-2027 (%)
7.8 Market opportunity by End-user
Exhibit 72: Market opportunity by End-user (USD million)
Exhibit 73: Data Table on Market opportunity by End-user (USD million)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 74: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 75: Chart on Market share by geography 2022-2027 (%)
Exhibit 76: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 77: Chart on Geographic comparison
Exhibit 78: Data Table on Geographic comparison
9.3 APAC – Market size and forecast 2022-2027
Exhibit 79: Chart on APAC – Market size and forecast 2022-2027 (USD million)
Exhibit 80: Data Table on APAC – Market size and forecast 2022-2027 (USD million)
Exhibit 81: Chart on APAC – Year-over-year growth 2022-2027 (%)
Exhibit 82: Data Table on APAC – Year-over-year growth 2022-2027 (%)
9.4 Europe – Market size and forecast 2022-2027
Exhibit 83: Chart on Europe – Market size and forecast 2022-2027 (USD million)
Exhibit 84: Data Table on Europe – Market size and forecast 2022-2027 (USD million)
Exhibit 85: Chart on Europe – Year-over-year growth 2022-2027 (%)
Exhibit 86: Data Table on Europe – Year-over-year growth 2022-2027 (%)
9.5 North America – Market size and forecast 2022-2027
Exhibit 87: Chart on North America – Market size and forecast 2022-2027 (USD million)
Exhibit 88: Data Table on North America – Market size and forecast 2022-2027 (USD million)
Exhibit 89: Chart on North America – Year-over-year growth 2022-2027 (%)
Exhibit 90: Data Table on North America – Year-over-year growth 2022-2027 (%)
9.6 South America – Market size and forecast 2022-2027
Exhibit 91: Chart on South America – Market size and forecast 2022-2027 (USD million)
Exhibit 92: Data Table on South America – Market size and forecast 2022-2027 (USD million)
Exhibit 93: Chart on South America – Year-over-year growth 2022-2027 (%)
Exhibit 94: Data Table on South America – Year-over-year growth 2022-2027 (%)
9.7 Middle East and Africa – Market size and forecast 2022-2027
Exhibit 95: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD million)
Exhibit 96: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD million)
Exhibit 97: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
Exhibit 98: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
9.8 China – Market size and forecast 2022-2027
Exhibit 99: Chart on China – Market size and forecast 2022-2027 (USD million)
Exhibit 100: Data Table on China – Market size and forecast 2022-2027 (USD million)
Exhibit 101: Chart on China – Year-over-year growth 2022-2027 (%)
Exhibit 102: Data Table on China – Year-over-year growth 2022-2027 (%)
9.9 US – Market size and forecast 2022-2027
Exhibit 103: Chart on US – Market size and forecast 2022-2027 (USD million)
Exhibit 104: Data Table on US – Market size and forecast 2022-2027 (USD million)
Exhibit 105: Chart on US – Year-over-year growth 2022-2027 (%)
Exhibit 106: Data Table on US – Year-over-year growth 2022-2027 (%)
9.10 Japan – Market size and forecast 2022-2027
Exhibit 107: Chart on Japan – Market size and forecast 2022-2027 (USD million)
Exhibit 108: Data Table on Japan – Market size and forecast 2022-2027 (USD million)
Exhibit 109: Chart on Japan – Year-over-year growth 2022-2027 (%)
Exhibit 110: Data Table on Japan – Year-over-year growth 2022-2027 (%)
9.11 Germany – Market size and forecast 2022-2027
Exhibit 111: Chart on Germany – Market size and forecast 2022-2027 (USD million)
Exhibit 112: Data Table on Germany – Market size and forecast 2022-2027 (USD million)
Exhibit 113: Chart on Germany – Year-over-year growth 2022-2027 (%)
Exhibit 114: Data Table on Germany – Year-over-year growth 2022-2027 (%)
9.12 UK – Market size and forecast 2022-2027
Exhibit 115: Chart on UK – Market size and forecast 2022-2027 (USD million)
Exhibit 116: Data Table on UK – Market size and forecast 2022-2027 (USD million)
Exhibit 117: Chart on UK – Year-over-year growth 2022-2027 (%)
Exhibit 118: Data Table on UK – Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 119: Market opportunity by geography (USD million)
Exhibit 120: Data Tables on Market opportunity by geography (USD million)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 121: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 122: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 123: Overview on factors of disruption
11.4 Industry risks
Exhibit 124: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 125: Vendors covered
12.2 Market positioning of vendors
Exhibit 126: Matrix on vendor position and classification
12.3 Central Romana Corp.
Exhibit 127: Central Romana Corp. – Overview
Exhibit 128: Central Romana Corp. – Product / Service
Exhibit 129: Central Romana Corp. – Key offerings
12.4 DalinYebo Trading and Development (Pty) Ltd.
Exhibit 130: DalinYebo Trading and Development (Pty) Ltd. – Overview
Exhibit 131: DalinYebo Trading and Development (Pty) Ltd. – Product / Service
Exhibit 132: DalinYebo Trading and Development (Pty) Ltd. – Key offerings
12.5 Furnova Polymers Ltd.
Exhibit 133: Furnova Polymers Ltd. – Overview
Exhibit 134: Furnova Polymers Ltd. – Product / Service
Exhibit 135: Furnova Polymers Ltd. – Key offerings
12.6 GoodRich Sugar
Exhibit 136: GoodRich Sugar – Overview
Exhibit 137: GoodRich Sugar – Product / Service
Exhibit 138: GoodRich Sugar – Key offerings
12.7 Hongye Holding Group Corp. Ltd.
Exhibit 139: Hongye Holding Group Corp. Ltd. – Overview
Exhibit 140: Hongye Holding Group Corp. Ltd. – Key offerings
12.8 Illovo Sugar Africa Pty Ltd.
Exhibit 141: Illovo Sugar Africa Pty Ltd. – Overview
Exhibit 142: Illovo Sugar Africa Pty Ltd. – Product / Service
Exhibit 143: Illovo Sugar Africa Pty Ltd. – Key offerings
12.9 Lenzing AG
Exhibit 144: Lenzing AG – Overview
Exhibit 145: Lenzing AG – Business segments
Exhibit 146: Lenzing AG – Key news
Exhibit 147: Lenzing AG – Key offerings
Exhibit 148: Lenzing AG – Segment focus
12.10 PENNAKEM LLC
Exhibit 149: PENNAKEM LLC – Overview
Exhibit 150: PENNAKEM LLC – Product / Service
Exhibit 151: PENNAKEM LLC – Key offerings
12.11 Silvateam Spa
Exhibit 152: Silvateam Spa – Overview
Exhibit 153: Silvateam Spa – Product / Service
Exhibit 154: Silvateam Spa – Key offerings
12.12 Tanin DD Sevnica
Exhibit 155: Tanin DD Sevnica – Overview
Exhibit 156: Tanin DD Sevnica – Product / Service
Exhibit 157: Tanin DD Sevnica – Key offerings
12.13 Tokyo Chemical Industry Co. Ltd.
Exhibit 158: Tokyo Chemical Industry Co. Ltd. – Overview
Exhibit 159: Tokyo Chemical Industry Co. Ltd. – Product / Service
Exhibit 160: Tokyo Chemical Industry Co. Ltd. – Key offerings
12.14 TransFurans Chemicals bvba
Exhibit 161: TransFurans Chemicals bvba – Overview
Exhibit 162: TransFurans Chemicals bvba – Product / Service
Exhibit 163: TransFurans Chemicals bvba – Key offerings
12.15 Xingtai Chunlei Furfuryl Alcohol Co. Ltd.
Exhibit 164: Xingtai Chunlei Furfuryl Alcohol Co. Ltd. – Overview
Exhibit 165: Xingtai Chunlei Furfuryl Alcohol Co. Ltd. – Product / Service
Exhibit 166: Xingtai Chunlei Furfuryl Alcohol Co. Ltd. – Key offerings
12.16 Zhucheng Taisheng Chemical Co. Ltd.
Exhibit 167: Zhucheng Taisheng Chemical Co. Ltd. – Overview
Exhibit 168: Zhucheng Taisheng Chemical Co. Ltd. – Product / Service
Exhibit 169: Zhucheng Taisheng Chemical Co. Ltd. – Key offerings
12.17 Zibo Huaao Chemical Co. Ltd.
Exhibit 170: Zibo Huaao Chemical Co. Ltd. – Overview
Exhibit 171: Zibo Huaao Chemical Co. Ltd. – Product / Service
Exhibit 172: Zibo Huaao Chemical Co. Ltd. – Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 173: Inclusions checklist
Exhibit 174: Exclusions checklist
13.3 Currency conversion rates for USUSD
Exhibit 175: Currency conversion rates for USUSD
13.4 Research methodology
Exhibit 176: Research methodology
Exhibit 177: Validation techniques employed for market sizing
Exhibit 178: Information sources
13.5 List of abbreviations
Exhibit 179: List of abbreviations
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