Furfural comes from the Latin word furfur which mean bran. Furfural (C5H4O2) is a clear, colourless or a little yellowish liquid. It is a natural precursor to furan-based chemicals. Furfural has potential to become a major renewable chemical for the production of biochemical and biofuels. Few properties of furfural include corrosive resistance, thermosetting properties and physical resistance, which have led to its around 70% contribution to production of resin. Primarily, furfural is composed of agricultural byproducts such as oat, bran, husks, sawdust and corncobs. Furfural manufacturing activity is based on pentosan containing residues, obtained from the processing of various agricultural or forest products, since no commercial synthetic process is discovered. Furfural market deals in B2B trade where furfural is widely used in industries as a base material for synthesizing a family of derived solvents such as tetrahydrofuran, furfuryl alcohol and in the production of resins for metal coatings and moulded plastic. In addition, it is used in the manufacture of insecticides and in the food industry for flavouring purpose. Different raw materials such as, corn cobs, rice husk, bagasse, cotton husk, oat husk, almond husk, almond husk, and olive press cake are used to manufacture furfural.
Global Furfural Market Segmentation:
On the basis of application global furfural market is segmented into furfuryl alcohol, solvents, pharmaceuticals and chemical intermediates. Apart from this furfural market is used as flavors & fragrance, herbicides and pesticides. Among all the applications, furfuryl alcohol holds highest market share in the global furfural market.
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Geographically, furfural market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan. The price of furfural varies region to region owing to manufacturing process and raw material availability. In terms of volume, China is the largest supplier of furfural worldwide. The other two major commercial producers are Dominican Republic and the Republic of South Africa. Demand for furfural in Asia Pacific region is expected to grow highest in the forecast years.
Global Furfural Market Dynamics:
Globally, demand for furfural is anticipated to grow significantly owing to increasing demand for green chemical. Other factors driving the demand for furfural includes environmental awareness to renewable alternatives in order to replace fossil resources and increasing production in developing countries. Raw materials such as agro products and wastes are widely available in developing countries such as India, China, Indonesia and Malaysia with a low production cost. This is in turn expected to lead towards efficient raw material procurement from these countries leading to increasing availability of furfural across the globe. Demand for furfural in pharmaceutical industry is expected to witness significant increase in the near future. However, inefficient technological advancement and lack of production process framework, restrain the furfural market globally. Furfural being renewable in nature is anticipated to witness increased adoption among various end use industries. Also, development of efficient and new technologies is a key factor leading to create furfural product possibilities in chemical industry.
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Global Furfural Market Key Players:
Some of the key players in the furfural market are Hongye Holding Group Corporation Ltd., Arcoy Biorefinery Pvt. Ltd., Corporation, Ltd., Central Romana, KRBL Ltd., Illovo Sugar Ltd., Lenzing AG, Penn A Kem LLC, Tanin Sevnica d.d., Linzi Organic Chemicals Inc. Ltd., Tieling North Furfural (Group) Co., Ltd., Silvateam S.p.A., and Xingtai Chunlei Furfuryl Alcohol Co., Ltd.