Furfural Market Report, By Product (Sugarcane basses, Corncob, Rice husk, Other), By Application (Furfural Alcohol, Solvents, Intermediates, Others), By End-Use (Paints & coatings, Agriculture, Pharmaceuticals, Food & beverage, Refineries, Polymers) and Geography - Global Market Share, Trend Analysis & Forecast

Furfural is natural occurring furan aldehyde which is produces from renewable sources such as corncobs, rice hulls, sugarcane bagasse, oat hulls and cotton seed hulls through dehydration of sugars arabinose and xylose. Rise in environmental concerns including carbon foot print and biodegradability in conventional petrochemical based products will have positive impact on product demand. Growth in biofuels and biochemical production will further boost market growth. 

Furfural Market Trends 

• Increase in industry usage of furfural derivatives including paints & coatings, agriculture, pharmaceuticals, food & beverage, polymers and refineries will act as contributing factor towards industry growth. 
• Furfuryl alcohol is used in corrosion resistant cements & mortars and fibre reinforced plastics. It is also used in tanks, lines, containers, and valve to avoid leakage will boost  market growth
• Goring awareness towards bio based products supported by supporting regulatory norms by EPA, REACH and EU Commission regarding biobased products and green chemicals is likely to boost production, thus propelling industry growth 
• However, availability of crude oil based substitute such as phenolic resin which are cost effective than furan resin may act as major contributing factor towards industry growth 

Furfural Market COVID-19 Impact

China accounts for major production, exports and raw material supply for furfural derivatives and furfural alcohol along with that it is also an origin of a deadly COVID 19 virus and subjected to restrictions which will disrupt supply chain, thus affecting industry growth.

The report provides market estimation & forecast for global furfural market considering economic conditions during COVID 19 pandemic. Study impact of COVID 19 on market value with holistic approach considering both supply and demand side of the market. Macro and Micro economic factors analysis pertaining to economic policies, GDP and international trade changed due to COVID 19. After COVID 19 scenarios with coping strategies adopted by the major market players?

Furfural Market Regional Highlights

The global market is studied for the key regions such as, North America, Europe, Asia Pacific and Rest of the World. North America comprises of U.S., Canada and Mexico. Whereas, Europe covers UK, France, Germany, Italy, Spain and Rest of Europe. The key countries included under Asia Pacific are China, India, Japan and Rest of Asia Pacific. The Rest of the world includes Latin America and Middle East & Africa. 

Asia Pacific dominated global furfural market in 2019. Asia Pacific led by India, Japan and China accounted for large share in the market and will continue its dominance over the forecast timeframe. High exports of furfuryl alcohol owing to growing demand for furan resins will support regional growth. Ample amount of raw material available owing to presence of agro based economies and favourable weather conditions for sufficient supply and continued production in this region will further drive regional industry growth.

Furfural Market Segmental Overview

• The report analyses the global furfural  market based on raw material, application, end user and geography
• Various raw material studied are segmented into reduced sugarcane basses, corncob, rice husk, others. Corncob dominates the raw material segment due to its high hemicellulose content which provides economic value and excellent yield
• Various application studied include furfural alcohol, solvents, intermediates, others
• Furthermore, the major application considered in the study is paints & coatings, agriculture, pharmaceuticals, food & beverage, refineries, polymers.  Furfural is a major part of pharmaceutical building block which is used in furan manufacturing further utilised in agriculture, fine chemicals and pharmaceutical synthesis. 

Furfural Market Competitor Analysis

The key players in the furfural market share are Pennakem, Illovo Sugar Africa, Lenzing, Transfurans Chemicals, Silvateam, Hongye Holding Group Corporation, KRBL, TCI Chemicals, Laxmi Furals Private Limited, International Furan Technology, Furnova Polymers, Aurus Specialty Chemicals, Zhucheng Taisheng Chemical. Companies are focusing on technical development in production process for higher yield which might help in combating low yield process challenges