“Global Furfural Market to reach a market value of USD 867.7 Million by 2030 growing at a CAGR of 5.6%”
The Global Furfural Market size is expected to reach $8,67.7 million by 2030, rising at a market growth of 5.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,659.68 hundred tonnes, experiencing a growth of 4.8% (2019-2022).
Many countries in the Asia Pacific region have large agricultural sectors producing significant biomass residues such as rice husks, corn cobs, and sugarcane bagasse. Thus, the Asia Pacific region acquired $3,60,648.5 thousand revenue in 2022. The growth of India’s pharmaceutical industry may drive investments in chemical plants and infrastructure for furfural production or processing.
Advanced production processes enable furfural manufacturers to achieve higher yields and improve overall efficiency. Higher yields also translate into higher output volumes, meeting the growing demand for furfural in various industries. Thus, the technological advancements in production processes propel the market’s growth.
Additionally, furfural possesses a unique aromatic profile with a sweet, almond-like scent, making it suitable for use as a flavoring and fragrance agent. Its distinctive aroma adds depth, complexity, and richness to various food products, beverages, perfumes, cosmetics, and household products. Hence, increasing use in the flavor and fragrance industry is driving the market’s growth.
However, Furfural production relies on specific raw materials, primarily agricultural residues and biomass, which may have volatile prices and limited availability. Variations in the cost of these raw materials can immediately impact furfural production costs. In conclusion, the high production costs of furfural are impeding the growth of the market.
Based on raw material, the market is divided into corn cobs, rice husk, sugarcane bagasse, and others. In 2022, the corn cobs segment garnered a 19% revenue share in the market. Corn cobs are a renewable and sustainable source of biomass. The abundant supply of corn cobs makes them an attractive feedstock for furfural production, especially in regions where corn cultivation is prevalent.
Based on end user, the market is categorized into petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others. The pharmaceuticals segment procured a remarkable 21% revenue share in the market in 2022. To fill gaps in the medical field, enhance patient outcomes, and develop novel drug combinations, pharmaceutical companies are continuously innovating.
On the basis of application, the market is segmented into furfuryl alcohol, solvent, and others. The furfuryl alcohol segment recorded 81% revenue share in the market in 2022. Furfuryl alcohol is a versatile chemical with various applications across various industries. The diverse applications of furfuryl alcohol contribute to its increasing demand in the market.
Free Valuable Insights: Global Furfural Market size to reach USD 867.7 Million by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed a 12% revenue share in the market in 2022. In North America, strict environmental laws push industries to use more sustainable and clean production methods. As a result, industries in North America are increasingly turning to furfural as an environmentally friendly option.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 564.3 Million |
| Market size forecast in 2030 | USD 867.7 Million |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.6% from 2023 to 2030 |
| Number of Pages | 348 |
| Number of Table | 750 |
| Quantitative Data | Volume in Hundred Tonnes, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Raw Material, Application, End User, Region |
| Country scope |
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| Companies Included | TANIN d.d. Sevnica., KRBL Ltd., Silvateam S.p.a., Merck KGaA, Central Romana Corporation, Ltd., Arcoy Industries Pvt. Ltd., Lenzing AG (B & C Industrieholding GmbH), Hongye Holding Group Co., Ltd., Illovo Sugar Africa Proprietary Limited (Associated British Foods plc), Pennakem, LLC (Minafin Group) |
By Raw Material (Volume, Hundred Tonnes, USD Million, 2019-2030)
By End User (Volume, Hundred Tonnes, USD Million, 2019-2030)
By Application (Volume, Hundred Tonnes, USD Million, 2019-2030)
By Geography (Volume, Hundred Tonnes, USD Million, 2019-2030)
This Market size is expected to reach $8,67.7 million by 2030.
Technological advancements in production processes are driving the Market in coming years, however, High production costs of furfural products restraints the growth of the Market.
TANIN d.d. Sevnica., KRBL Ltd., Silvateam S.p.a., Merck KGaA, Central Romana Corporation, Ltd., Arcoy Industries Pvt. Ltd., Lenzing AG (B & C Industrieholding GmbH), Hongye Holding Group Co., Ltd., Illovo Sugar Africa Proprietary Limited (Associated British Foods plc), Pennakem, LLC (Minafin Group)
In the year 2022, the market attained a volume of 2,659.68 hundred tonnes, experiencing a growth of 4.8% (2019-2022).
The Agricultural Formulations segment is leading the Market, by End User in 2022; there by, achieving a market value of $250.2 million by 2030.
The Asia Pacific region dominated the Market, by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $559.1 million by 2030.
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