Transparency Market Research has published a market study on the global furfural market for the 2015-2023 period. The report, titled “Furfural Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023,” states that the global furfural market will rise at an impressive 13.1% CAGR from 2015 to 2023. This will result in the market’s valuation increasing from US$450.0 mn in 2014 to US$1.3 bn by 2023.
Furfural is a reddish-brown organic compound that can be derived from a number of agricultural byproducts such as oat, corncobs, wheat bran, and sawdust. With a flash point of 140 °F, furfural is denser than water and is miscible in water. It is toxic if ingested or if it comes in contact with the human system through skin absorption or inhalation.
Rising awareness about the utilization of renewable materials in place of petrochemicals across various industry verticals is driving the furfural market. Environmental deterioration due to the use of petrochemical resources has compelled manufacturers to switch to renewable alternatives such as biomass-based platform chemicals. This has bolstered the usability of furfural for the production of biofuels and biochemicals.
Furfural offers excellent physical and chemical properties of thermosetting, corrosion resistance, and physical strength. Furfural is a naturally sourced precursor for a wide range of furfural-based solvents and chemicals such as methylyfuran, tetrahydrofurfuryl alcohol, methyltetrahydrofuran, furoic acid, furfuryl alcohol, tetrahydrofuran, and dihydropyran. With increasing applications of furfural, the furfural market has expanded handsomely in the last few years.
However, factors such as inefficient production process leading to low product yield are a restraint on the market’s growth. This in turn leads to high operating costs, resulting in high cost of the final product. Due to these reasons, furfural has limited commercial applications. On the contrary, new techniques resulting in high yield and low cost will lead to higher utilization of the product in industries.
By application, furfuryl alcohol was the dominant segment and held a share of more than 80% in the global market in 2014. The application is expected to display the fastest growth in this market during the forecast period. It is used in resins as a binder in the foundry industry. Furfuryl alcohol offers excellent mechanical strength and binding properties as needed in the cores and sand molds of foundries.
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Solvents are also a key application of furfural. Furfural is used as an intermediate substance during the production of refractory materials, in butadiene extraction due to its physical properties, and resin-bonded grinding wheels. In pharmaceutical applications, furfural is used in the manufacture of active pharmaceutical ingredients and alternate pharmaceutical intermediaries.
The top companies that operate in the global furfural market are Arcoy Biorefinery Pvt. Ltd., KRBL Ltd., Linzi Organic Chemical Inc. Ltd., Penn A Kem LLC, Tanin Senvica d.d.,., Central Romana Corporation Ltd., Illovo Sugar Ltd., Lenzing AG, Nutrafr S.A., Silvateam S.p.a., and Tieling North Furfural (Group) Co. Ltd.
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