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What is Furfural Industry?
The furfural industry is a sector of the chemical industry that involves the production of furfural, a chemical compound derived from agricultural waste materials such as corn cobs, rice husks, oat hulls, and other similar materials. Furfural is an organic compound with the chemical formula C5H4O2, and it is a colorless or pale yellow liquid with a characteristic almond-like odor. Furfural is a versatile chemical that is used as a solvent in various industries, as well as a precursor for the production of other chemicals such as furan resins, tetrahydrofuran, and levulinic acid.
According to the latest report by MNM, titled, “Furfural Market: Global Industry Trends, Share, Size, Growth, Opportunity, furfural market projections and Forecast. The global furfural market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities and upcoming challenges and about the competitors.
The furfural market size is estimated to grow from USD 551 million in 2019 and to USD 700 million by 2024, at a CAGR of 4.9% during the forecast period. The increasing usage of various derivatives of furfural in different industries and shift toward green chemicals are propelling the market.
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Furfural Market Demand & Drivers
The furfural market is expected to experience moderate growth over the next few years, driven by factors such as increasing demand from the pharmaceutical, agricultural, and chemical industries, as well as the growing popularity of furfural as a bio-based alternative to petrochemicals. Other drivers of market growth include rising environmental concerns, government support for bio-based products, and advancements in furfural production technology. However, factors such as the fluctuating prices of raw materials and the availability of substitutes may limit the growth of the furfural market in some regions.
Furfural Market Segmentation
Based on application:
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The derivatives application is expected to register the fastest growth during the forecast period
Furfural, a chemical derived from agricultural waste, has several derivatives that find application in various industries. For example, furfuryl alcohol, a derivative of furfural, is used in foundry resins, composites, and adhesives. Furoic acid, another derivative, is used in the production of nylon, plastics, and pharmaceuticals. Tetrahydrofurfuryl alcohol, a third derivative, is used as a solvent and in the manufacture of resins, coatings, and flavors.
Based on raw material:
Corncob is the largest raw material segment of the furfural market
The furfural market has a segment for corncobs, which are a source of raw material for producing furfural through acid hydrolysis. Corncob-based furfural is used in various industries, including pharmaceuticals, food and beverage, plastics, and lubricants, among others. The demand for corncob-based furfural is expected to increase due to its sustainable and eco-friendly nature, as corncobs are a waste product from the corn industry.
Based on region:
The furfural market in China is expected to experience moderate growth over the next few years due to increasing demand for furfural-based chemicals in various industries, such as pharmaceuticals, agrochemicals, and plastics. The market is also driven by the growth of the Chinese economy and the increasing focus on renewable and sustainable resources.
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The furfural market is expected to experience growth globally, with increasing demand for furfural derivatives in industries such as pharmaceuticals, agriculture, and food. Asia Pacific is expected to see the highest growth due to the presence of key market players and increasing demand from the chemical and pharmaceutical industries. North America and Europe are also expected to see steady growth due to increasing demand for renewable and bio-based chemicals. However, the growth rate may be impacted by factors such as raw material availability, government regulations, and the availability of substitutes.
Key Players in This Report Include:
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