The Furfural Market is Predict to reach $867.7 Million by 2030, at a CAGR of 5.6%

11-Mar-2024 | Report Format: Electronic (PDF)

Furfural Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, 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).

The Rice Husk segment is registering a CAGR of 5.2% during (2023 - 2030). A byproduct of milling rice, it is widely accessible in areas where rice is a staple crop. As such, there is a ready and consistent supply of rice husk, making it an attractive feedstock for furfural production. Utilizing rice husk for furfural production efficiently utilizes agricultural byproducts that would otherwise be considered waste.

The Agricultural Formulations segment is leading the Global Furfural Market, by End User in 2022; thereby, achieving a market value of $250.2 million by 2030. The agriculture industry is expanding to meet the growing demand for food, feed, fiber, and biofuel. As agricultural operations scale up, there is a corresponding increase in the demand for inputs such as fertilizers, pesticides, herbicides, and soil conditioners. Agricultural formulations containing furfural-based additives offer innovative solutions to address the evolving needs of modern agriculture.

The Solvent segment is experiencing a CAGR of 6.2% during (2023 - 2030). Furfural-based solvents are effective cleaning agents for degreasing, solvent extraction, and industrial cleaning applications. They remove oils, greases, and contaminants from various surfaces and equipment. Similarly, furfural-based solvents are utilized to formulate pesticides, herbicides, and fungicides in the agricultural sector. They help dissolve active ingredients and facilitate the application of these chemicals onto crops and soil.

Full Report: https://www.kbvresearch.com/furfural-market/

The Asia Pacific region dominated the Global Furfural Market, by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $559.1 million by 2030. The Europe region is anticipating a CAGR of 4.9% during (2023 - 2030). Additionally, The North America region would exhibit a CAGR of 5.1% during (2023 - 2030).