The Global Furfural Market size is expected to reach $8,67.7 million by 2030, rising at a market growth of 5.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,659.68 hundred tonnes, experiencing a growth of 4.8% (2019-2022).
Many countries in the Asia Pacific region have large agricultural sectors producing significant biomass residues such as rice husks, corn cobs, and sugarcane bagasse. Thus, the Asia Pacific region acquired $3,60,648.5 thousand revenue in 2022. The growth of India's pharmaceutical industry may drive investments in chemical plants and infrastructure for furfural production or processing.
Advanced production processes enable furfural manufacturers to achieve higher yields and improve overall efficiency. Higher yields also translate into higher output volumes, meeting the growing demand for furfural in various industries. Thus, the technological advancements in production processes propel the market's growth.
Additionally, furfural possesses a unique aromatic profile with a sweet, almond-like scent, making it suitable for use as a flavoring and fragrance agent. Its distinctive aroma adds depth, complexity, and richness to various food products, beverages, perfumes, cosmetics, and household products. Hence, increasing use in the flavor and fragrance industry is driving the market's growth.
However, Furfural production relies on specific raw materials, primarily agricultural residues and biomass, which may have volatile prices and limited availability. Variations in the cost of these raw materials can immediately impact furfural production costs. In conclusion, the high production costs of furfural are impeding the growth of the market.
By Raw Material Analysis
Based on raw material, the market is divided into corn cobs, rice husk, sugarcane bagasse, and others. In 2022, the corn cobs segment garnered a 19% revenue share in the market. Corn cobs are a renewable and sustainable source of biomass. The abundant supply of corn cobs makes them an attractive feedstock for furfural production, especially in regions where corn cultivation is prevalent.
By End User Analysis
Based on end user, the market is categorized into petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others. The pharmaceuticals segment procured a remarkable 21% revenue share in the market in 2022. To fill gaps in the medical field, enhance patient outcomes, and develop novel drug combinations, pharmaceutical companies are continuously innovating.
By Application Analysis
On the basis of application, the market is segmented into furfuryl alcohol, solvent, and others. The furfuryl alcohol segment recorded 81% revenue share in the market in 2022. Furfuryl alcohol is a versatile chemical with various applications across various industries. The diverse applications of furfuryl alcohol contribute to its increasing demand in the market.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed a 12% revenue share in the market in 2022. In North America, strict environmental laws push industries to use more sustainable and clean production methods. As a result, industries in North America are increasingly turning to furfural as an environmentally friendly option.
List of Key Companies Profiled
- TANIN d.d. Sevnica.
- KRBL Ltd.
- Silvateam S.p.a.
- Merck KGaA
- Central Romana Corporation, Ltd.
- Arcoy Industries Pvt. Ltd.
- Lenzing AG (B & C Industrieholding GmbH)
- Hongye Holding Group Co., Ltd.
- Illovo Sugar Africa Proprietary Limited (Associated British Foods plc)
- Pennakem, LLC (Minafin Group)
Global Furfural Market Report Segmentation
By Raw Material (Volume, Hundred Tonnes, USD Million, 2019-2030)
- Rice Husk
- Corn Cobs
- Sugarcane Bagasse
- Others
By End User (Volume, Hundred Tonnes, USD Million, 2019-2030)
- Agricultural Formulations
- Petroleum Refineries
- Paints & Coatings
- Pharmaceuticals
- Others
By Application (Volume, Hundred Tonnes, USD Million, 2019-2030)
- Furfuryl Alcohol
- Solvent
- Others
By Geography (Volume, Hundred Tonnes, USD Million, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Furfural Market, by Raw Material
- 1.4.2Global Furfural Market, by End User
- 1.4.3Global Furfural Market, by Application
- 1.4.4Global Furfural Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter's Five Forces Analysis
Chapter 4.Global Furfural Market, by Raw Material
- 4.1Global Rice Husk Market, by Region
- 4.2Global Corn Cobs Market, by Region
- 4.3Global Sugarcane Bagasse Market, by Region
- 4.4Global Others Market, by Region
Chapter 5.Global Furfural Market, by End User
- 5.1Global Agricultural Formulations Market, by Region
- 5.2Global Petroleum Refineries Market, by Region
- 5.3Global Paints & Coatings Market, by Region
- 5.4Global Pharmaceuticals Market, by Region
- 5.5Global Others Market, by Region
Chapter 6.Global Furfural Market, by Application
- 6.1Global Furfuryl Alcohol Market, by Region
- 6.2Global Solvent Market, by Region
- 6.3Global Others Market, by Region
Chapter 7.Global Furfural Market, by Region
- 7.1North America Furfural Market
- 7.1.1North America Furfural Market, by Raw Material
- 7.1.1.1North America Rice Husk Market, by Country
- 7.1.1.2North America Corn Cobs Market, by Country
- 7.1.1.3North America Sugarcane Bagasse Market, by Country
- 7.1.1.4North America Others Market, by Country
- 7.1.2North America Furfural Market, by End User
- 7.1.2.1North America Agricultural Formulations Market, by Country
- 7.1.2.2North America Petroleum Refineries Market, by Country
- 7.1.2.3North America Paints & Coatings Market, by Country
- 7.1.2.4North America Pharmaceuticals Market, by Country
- 7.1.2.5North America Others Market, by Country
- 7.1.3North America Furfural Market, by Application
- 7.1.3.1North America Furfuryl Alcohol Market, by Country
- 7.1.3.2North America Solvent Market, by Country
- 7.1.3.3North America Others Market, by Country
- 7.1.4North America Furfural Market, by Country
- 7.1.4.1US Furfural Market
- 7.1.4.1.1US Furfural Market, by Raw Material
- 7.1.4.1.2US Furfural Market, by End User
- 7.1.4.1.3US Furfural Market, by Application
- 7.1.4.2Canada Furfural Market
- 7.1.4.2.1Canada Furfural Market, by Raw Material
- 7.1.4.2.2Canada Furfural Market, by End User
- 7.1.4.2.3Canada Furfural Market, by Application
- 7.1.4.3Mexico Furfural Market
- 7.1.4.3.1Mexico Furfural Market, by Raw Material
- 7.1.4.3.2Mexico Furfural Market, by End User
- 7.1.4.3.3Mexico Furfural Market, by Application
- 7.1.4.4Rest of North America Furfural Market
- 7.1.4.4.1Rest of North America Furfural Market, by Raw Material
- 7.1.4.4.2Rest of North America Furfural Market, by End User
- 7.1.4.4.3Rest of North America Furfural Market, by Application
- 7.2Europe Furfural Market
- 7.2.1Europe Furfural Market, by Raw Material
- 7.2.1.1Europe Rice Husk Market, by Country
- 7.2.1.2Europe Corn Cobs Market, by Country
- 7.2.1.3Europe Sugarcane Bagasse Market, by Country
- 7.2.1.4Europe Others Market, by Country
- 7.2.2Europe Furfural Market, by End User
- 7.2.2.1Europe Agricultural Formulations Market, by Country
- 7.2.2.2Europe Petroleum Refineries Market, by Country
- 7.2.2.3Europe Paints & Coatings Market, by Country
- 7.2.2.4Europe Pharmaceuticals Market, by Country
- 7.2.2.5Europe Others Market, by Country
- 7.2.3Europe Furfural Market, by Application
- 7.2.3.1Europe Furfuryl Alcohol Market, by Country
- 7.2.3.2Europe Solvent Market, by Country
- 7.2.3.3Europe Others Market, by Country
- 7.2.4Europe Furfural Market, by Country
- 7.2.4.1Germany Furfural Market
- 7.2.4.1.1Germany Furfural Market, by Raw Material
- 7.2.4.1.2Germany Furfural Market, by End User
- 7.2.4.1.3Germany Furfural Market, by Application
- 7.2.4.2UK Furfural Market
- 7.2.4.2.1UK Furfural Market, by Raw Material
- 7.2.4.2.2UK Furfural Market, by End User
- 7.2.4.2.3UK Furfural Market, by Application
- 7.2.4.3France Furfural Market
- 7.2.4.3.1France Furfural Market, by Raw Material
- 7.2.4.3.2France Furfural Market, by End User
- 7.2.4.3.3France Furfural Market, by Application
- 7.2.4.4Russia Furfural Market
- 7.2.4.4.1Russia Furfural Market, by Raw Material
- 7.2.4.4.2Russia Furfural Market, by End User
- 7.2.4.4.3Russia Furfural Market, by Application
- 7.2.4.5Spain Furfural Market
- 7.2.4.5.1Spain Furfural Market, by Raw Material
- 7.2.4.5.2Spain Furfural Market, by End User
- 7.2.4.5.3Spain Furfural Market, by Application
- 7.2.4.6Italy Furfural Market
- 7.2.4.6.1Italy Furfural Market, by Raw Material
- 7.2.4.6.2Italy Furfural Market, by End User
- 7.2.4.6.3Italy Furfural Market, by Application
- 7.2.4.7Rest of Europe Furfural Market
- 7.2.4.7.1Rest of Europe Furfural Market, by Raw Material
- 7.2.4.7.2Rest of Europe Furfural Market, by End User
- 7.2.4.7.3Rest of Europe Furfural Market, by Application
- 7.3Asia Pacific Furfural Market
- 7.3.1Asia Pacific Furfural Market, by Raw Material
- 7.3.1.1Asia Pacific Rice Husk Market, by Country
- 7.3.1.2Asia Pacific Corn Cobs Market, by Country
- 7.3.1.3Asia Pacific Sugarcane Bagasse Market, by Country
- 7.3.1.4Asia Pacific Others Market, by Country
- 7.3.2Asia Pacific Furfural Market, by End User
- 7.3.2.1Asia Pacific Agricultural Formulations Market, by Country
- 7.3.2.2Asia Pacific Petroleum Refineries Market, by Country
- 7.3.2.3Asia Pacific Paints & Coatings Market, by Country
- 7.3.2.4Asia Pacific Pharmaceuticals Market, by Country
- 7.3.2.5Asia Pacific Others Market, by Country
- 7.3.3Asia Pacific Furfural Market, by Application
- 7.3.3.1Asia Pacific Furfuryl Alcohol Market, by Country
- 7.3.3.2Asia Pacific Solvent Market, by Country
- 7.3.3.3Asia Pacific Others Market, by Country
- 7.3.4Asia Pacific Furfural Market, by Country
- 7.3.4.1China Furfural Market
- 7.3.4.1.1China Furfural Market, by Raw Material
- 7.3.4.1.2China Furfural Market, by End User
- 7.3.4.1.3China Furfural Market, by Application
- 7.3.4.2Japan Furfural Market
- 7.3.4.2.1Japan Furfural Market, by Raw Material
- 7.3.4.2.2Japan Furfural Market, by End User
- 7.3.4.2.3Japan Furfural Market, by Application
- 7.3.4.3India Furfural Market
- 7.3.4.3.1India Furfural Market, by Raw Material
- 7.3.4.3.2India Furfural Market, by End User
- 7.3.4.3.3India Furfural Market, by Application
- 7.3.4.4South Korea Furfural Market
- 7.3.4.4.1South Korea Furfural Market, by Raw Material
- 7.3.4.4.2South Korea Furfural Market, by End User
- 7.3.4.4.3South Korea Furfural Market, by Application
- 7.3.4.5Australia Furfural Market
- 7.3.4.5.1Australia Furfural Market, by Raw Material
- 7.3.4.5.2Australia Furfural Market, by End User
- 7.3.4.5.3Australia Furfural Market, by Application
- 7.3.4.6Malaysia Furfural Market
- 7.3.4.6.1Malaysia Furfural Market, by Raw Material
- 7.3.4.6.2Malaysia Furfural Market, by End User
- 7.3.4.6.3Malaysia Furfural Market, by Application
- 7.3.4.7Rest of Asia Pacific Furfural Market
- 7.3.4.7.1Rest of Asia Pacific Furfural Market, by Raw Material
- 7.3.4.7.2Rest of Asia Pacific Furfural Market, by End User
- 7.3.4.7.3Rest of Asia Pacific Furfural Market, by Application
- 7.4LAMEA Furfural Market
- 7.4.1LAMEA Furfural Market, by Raw Material
- 7.4.1.1LAMEA Rice Husk Market, by Country
- 7.4.1.2LAMEA Corn Cobs Market, by Country
- 7.4.1.3LAMEA Sugarcane Bagasse Market, by Country
- 7.4.1.4LAMEA Others Market, by Country
- 7.4.2LAMEA Furfural Market, by End User
- 7.4.2.1LAMEA Agricultural Formulations Market, by Country
- 7.4.2.2LAMEA Petroleum Refineries Market, by Country
- 7.4.2.3LAMEA Paints & Coatings Market, by Country
- 7.4.2.4LAMEA Pharmaceuticals Market, by Country
- 7.4.2.5LAMEA Others Market, by Country
- 7.4.3LAMEA Furfural Market, by Application
- 7.4.3.1LAMEA Furfuryl Alcohol Market, by Country
- 7.4.3.2LAMEA Solvent Market, by Country
- 7.4.3.3LAMEA Others Market, by Country
- 7.4.4LAMEA Furfural Market, by Country
- 7.4.4.1Brazil Furfural Market
- 7.4.4.1.1Brazil Furfural Market, by Raw Material
- 7.4.4.1.2Brazil Furfural Market, by End User
- 7.4.4.1.3Brazil Furfural Market, by Application
- 7.4.4.2Argentina Furfural Market
- 7.4.4.2.1Argentina Furfural Market, by Raw Material
- 7.4.4.2.2Argentina Furfural Market, by End User
- 7.4.4.2.3Argentina Furfural Market, by Application
- 7.4.4.3UAE Furfural Market
- 7.4.4.3.1UAE Furfural Market, by Raw Material
- 7.4.4.3.2UAE Furfural Market, by End User
- 7.4.4.3.3UAE Furfural Market, by Application
- 7.4.4.4Saudi Arabia Furfural Market
- 7.4.4.4.1Saudi Arabia Furfural Market, by Raw Material
- 7.4.4.4.2Saudi Arabia Furfural Market, by End User
- 7.4.4.4.3Saudi Arabia Furfural Market, by Application
- 7.4.4.5South Africa Furfural Market
- 7.4.4.5.1South Africa Furfural Market, by Raw Material
- 7.4.4.5.2South Africa Furfural Market, by End User
- 7.4.4.5.3South Africa Furfural Market, by Application
- 7.4.4.6Nigeria Furfural Market
- 7.4.4.6.1Nigeria Furfural Market, by Raw Material
- 7.4.4.6.2Nigeria Furfural Market, by End User
- 7.4.4.6.3Nigeria Furfural Market, by Application
- 7.4.4.7Rest of LAMEA Furfural Market
- 7.4.4.7.1Rest of LAMEA Furfural Market, by Raw Material
- 7.4.4.7.2Rest of LAMEA Furfural Market, by End User
- 7.4.4.7.3Rest of LAMEA Furfural Market, by Application
Chapter 8.Company Profiles
- 8.1TANIN d.d. Sevnica.
- 8.2KRBL Ltd.
- 8.2.1Company Overview
- 8.2.2Financial Analysis
- 8.2.3Segmental and Regional Analysis
- 8.2.4SWOT Analysis
- 8.3Silvateam S.p.A.
- 8.3.1Company Overview
- 8.3.2SWOT Analysis
- 8.4Merck KGaA
- 8.4.1Company Overview
- 8.4.2Financial Analysis
- 8.4.3Segmental and Regional Analysis
- 8.4.4Research & Development Expense
- 8.4.5SWOT Analysis
- 8.5Central Romana Corporation Ltd.
- 8.6Arcoy Industries Pvt. Ltd.
- 8.7Lenzing AG (B & C Industrieholding GmbH)
- 8.7.1Company Overview
- 8.7.2Financial Analysis
- 8.7.3Segmental and Regional Analysis
- 8.7.4Research & Development Expenses
- 8.7.5SWOT Analysis
- 8.8Hongye Holding Group Co., Ltd.
- 8.9Illovo Sugar Africa Proprietary Limited (Associated British Foods PLC)
- 8.9.1Company Overview
- 8.9.2Financial Analysis
- 8.9.3Segmental and Regional Analysis
- 8.9.4Research & Development Expenses
- 8.10.Pennakem, LLC (Minafin Group)
- 8.10.1Company Overview
- 8.10.2SWOT Analysis
Chapter 9.Winning imperative of Furfural Market