Global Furfural Market Size, Share Report, Analysis, Trends, Growth 2032

What is the market size of the furfural market industry?

According to Zion Market Research, the global Furfural Market was worth USD 668.24 Million in 2023. The market is forecast to reach USD 873.43 Million by 2032, growing at a compound annual growth rate (CAGR) of 3.02% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Furfural Market industry over the next decade.

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Furfural Market: Overview                    

Furfural is agricultural by-products. It can be in form of residues such as corn cobs, rice husk, sugarcane bagasse, cotton husk, oat husk, almond husk, olive press cake, and others. It is a colorless or a little yellowish chemical compound, which quickly darkens when exposed to air.  Furfural is used as a solvent for refining lubricating oils. It is an essential source of hexamethylenediamine which is required in the manufacture of nylon.        

The partnerships and mergers and acquisitions of players in the Furfural market are also set to propel the market growth. For example, in August 2018, a team of researchers from the New University of Maine published their study & findings in the journal Biomass & Bioenergy. Reportedly, the study revealed that the sale of furfural derivates can make the production of renewable fuels more profitable for manufacturers. 

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Furfural Market: Report Scope

Segment Analysis Preview  

On the basis of Application, the Furfural market has been divided into Solvents, Pharmaceuticals, Furfuryl Alcohol, and others. The Furfuryl alcohol segment held the major share in the market and is expected to continue to do so during the forecast period. Furfuryl alcohol is used in containers, tanks, lines, and valves to avoid potential leakage. Furthermore, it is used in corrosion-resistant fiber-reinforced plastics and corrosion-resistant cement & mortars as a reactive solvent.

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Furfural Market: Regional Preview

Regionally, Asia Pacific has been leading the worldwide furfural market and is anticipated to continue on the dominant position in the years to come, states the market study. Widespread application of herbicides and fungicides in farming activities in the countries such as Thailand, China, and India of the region is the main factor behind the dominance of the Asia Pacific furfural market. The high number of market players being headquartered in APAC is another significant factor that is supporting the growth of this regional furfural market.

Based on region, Asia Pacific was the dominant market for furfurals in 2018 on account of easy availability of raw feedstock, such as agro-wastes in countries such as India, Malaysia, Indonesia and China.This is anticipated to grow the furfural production in the region. China was the major furfural producer in the region in 2016.Asia Pacific was followed by Europe and North America in 2018 in terms of market volume. North America is expected to witness the sluggish growth of furfural market. Furthermore, the Middle East & Africa and Latin America are expected to witness decent and moderate growth respectively in the near future.

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Furfural Market: Key Players & Competitive Landscape

The major players operating Furfural market are-

• Silvateam S.p.A.
• Nutrafur S.A.
• Illovo Sugar Ltd.
• Central Romana Corp.
• Arcoy Biorefinery Pvt. Ltd.
• International Furan Chemicals
• Lenzing AG
• Tieling North Furfural (Group) Co.
• Penn A Kem LLC and KRBL Ltd among others.

The global Furfural market is segmented as follows:  

By Application

• Solvents
• Pharmaceuticals
• Furfuryl Alcohol
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America