Furfural Market To Report Impressive Growth, Revenue To Surge To US$ 1,200.4 Million By 2022

11-Sep-2018 | Zion Market Research

With the presence of a large pool of participants, the global furfural market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Arcoy Biorefinery Pvt. Ltd, Silvateam S.p.A., Penn A Kem LLC, Lenzing AG, and KRBL Ltd are some of the key vendors of across the world.  These players across furfural market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the furfural market study.

For instance, in August 2018, the team of researchers from New University of Maine published their study & findings in journal Biomass & Bioenergy. Reportedly, the study revealed that the sale of furfural derivates can make the production of renewable fuels more profitable for the manufacturers.

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This review is based on a report by Zion Market Research, titled Furfural Market for Solvents, Pharmaceuticals, Furfuryl Alcohol and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 - 2022” - Report at http://www.zionmarketresearch.com/report/furfural-market

In a key event that can lead to furfural market expansion, in July 2018, Sappi, a pulp & paper manufacturer announced of constructing a Xylex demonstration facility next year at Ngodwana mill  in Mpumalanga, South Africa to produce xylitol and furfural.

Global-Furfural-Market

As estimated in this report, the global furfural market stood at US$ 641.8 million in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in the furfural market is slated to reach US$ 1,200.4 million by the end of the forecast period.

Growing Product Use In Pharmaceuticals To Foster Market Surge

“Inflated demand for agrochemicals and aromatic chemicals in myriad sectors along with immense product application across the pharmaceutical sector is projected to bolster growth of furfural market in the years ahead,” says the author of this study. Apart from this, the furfural is used extensively in aromas, flavors, and fragrances and this could contribute substantially towards the furfural market revenue over the years to come.

Mounting use of expensive techniques, however, is likely to inhibit the upsurge of furfural market over the coming years. Nevertheless, massive funding and wide focus on  R&D activities pertaining to furfural are anticipated to generate profitable avenues for the business in the near future, thereby normalizing the impact of hindrances on the furfural market, reports the furfural market study.

Wide Product Application In Agriculture To Assist APAC Maintain Dominance

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.

The global furfural market is segmented as follows:

By Application

  • Solvents
  • Pharmaceuticals
  • Furfuryl Alcohol 
  • Others

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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