Exploring Growth Opportunities and Trends in the Furfural Market: A Comprehensive Analysis

April 10, 2024

October 26^th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Furfural Market.

The Furfural Market report studies the market covering 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The Global Furfural Market is estimated to grow from USD 545.7 million in 2022 to USD 780.65 million by 2028 at a CAGR of 6.03% during the forecast period. Furfural (C5H4O2) is an organic substance that has an odor that is similar to almonds and is colorless or pale yellow. Through a procedure called hydrolysis, furfural is produced from a variety of agricultural wastes, including maize cobs, oat hulls, and sugarcane bagasse.

The substance is mostly produced as an initial stage for other compounds. Furfural has many uses, including the manufacture of furan derivatives such as furfuryl alcohol, which is used to make resins, polymers, and wetting agents. Tetrahydrofuran, a solvent commonly used in the chemical industry, can also be produced from furfural.

Segments Analysis

By Application Type

"Derivatives segment held the largest share of the market in 2022".

The furfural market is segmented as derivatives, solvents, and others. The derivatives segment held the largest share of the market in 2022, as furfural is used as the starting material for manufacturing various furan derivatives such as tetrahydrofuran (THF), furfuryl alcohol, maleic anhydride (MA), 2-methyl tetrahydrofuran (MTHF), and 1, 5-pentanediol, which are manufactured on a large scale.

By Raw Material Type

 "Corncob is expected to be the fastest-growing segment with a market share of >65% in 2022".

The market is segmented as corncob, rice husk, sugarcane bagasse, and others. Corncob is expected to be the fastest-growing segment with a market share in 2022.

By Region

"Asia-Pacific is estimated to be the largest as well as fastest-growing with a market share of > 70% in 2022".

Asia-Pacific is estimated to be the largest as well as fastest-growing furfural market with a market share in 2022, driven by China which is not only the largest manufacturer and consumer of furfural but also the largest exporter of furfural and furfural-based chemicals to the other regions. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.

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Features of the Report

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Furfural Market analysis report discusses the following heads in great detail:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors 

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Author : Emily