Furfural market growth is driven by ease in availability of raw material and surge in awareness regarding benefits. However, lack of advancements in technology to develop better products and varying prices of raw materials hinder the market growth. On the other hand, untapped potential in emerging economies creates new opportunities in the coming years.
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Based on region, Asia-Pacific held the largest share, accounting for more than three-fourths of the total market share in 2019, and is expected to maintain its dominant share during the forecast period. Moreover, this region is expected to grow at the largest CAGR of 7.1% from 2020 to 2027. The report also analyzes segments including North America, Europe, and LAMEA.
According to the report published by Allied Market Research, the global furfural market garnered $1.2 billion in 2019, and is expected to garner $2.0 billion by 2027, witnessing a CAGR of 6.9% from 2020 to 2027. The report offers a detailed analysis of market size & estimations, top winning strategies, value chain, business performance, major segments, and competitive landscape.
Based on application, the furfuryl alcohol segment contributed to the highest share in 2019, accounting for around three-fourths of the total share, and is expected to maintain the dominant position during the forecast period. In addition, this segment is estimated to witness the highest CAGR of 7.1% during the forecast period. The research also discusses segments such as solvent and others.
Based on raw material, the rice husk segment accounted for the highest share in 2019, accounting for nearly three-fifths of the total revenue, and is expected to maintain its lead position during the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 7.2% from 2020 to 2027. The report also analyzes segments including corn cob, sugar bagasse, and others.
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Covid-19 scenario:
- Production facilities in some of the regions have been closed due to lockdown. Owing to disruption of the supply chain, the raw material availability has been affected.
- Interruption in new production and disruption in the supply chain also affected the manufacturing of resins, for which, furfural was one of the vital raw materials.
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Key Market Players
- Arcoy Industries Pvt. Ltd.
- Central Romana Corporation, Ltd.
- Hongye Holdings Group Co., Ltd.
- ILLOVO SUGAR AFRICA (PTY) LTD
- KRBL Ltd.
- Lenzing AG
- Penn A Kem LLC
- Silvateam
- Tanin Sevnica d.d.
- Tieling North Furfural (Group) Co.
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