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Furfural Market Growth Drivers, Component Analysis and Growth Forecast to 2024

Author : Ronak Bora | Published Date : 2019-05-20 

Furfural Market report gives attention to market segmentation, market size, and forecast of 2018-2024 to help stakeholders in making a good decision for the future investments. The industry report segmented into types, application, and regions with providing production, revenue, import/export.

Furfural Market size has witnessed significant growth due to up surge in demand for renewable sources which has increased the demand for bio-based chemicals among manufacturers.

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Increase in consumption of pesticides and fungicides in agriculture sector in various countries has flourished the furfural market. Rise in demand of the product in pharmaceutical sector is one of the prime indicator in boosting the industry growth. Moreover, furfural market is expected to escalate with changing trend in food & beverages in customers is expected to have a positive impact on the market size.

Growing awareness regarding using eco-friendly products and supporting regulations regarding the same created by Registration Evaluation Authorization and Restriction of Chemicals (REACH) and Environmental Protection Agency (EPA) will augment the furfural industry. However, ineffective production process yielding low product quality and utilization of expensive technologies may restrict the future market growth.

Increasing investment done in research & development activities by several market leaders will fuel the market. Corrosive & physical resistance and thermosetting properties are few other key drivers to boost the market size. Basic raw materials used in manufacturing this product are almond husk, oat husk, cotton husk, bagasse, rice husk, bran and corn cobs.

Furfural market is used in various industries which include intermediaries, pharmaceuticals, solvents and furfural alcohol. Some other applications of the product market are herbicides, insecticides, pesticides and flavours & fragrances. Among this, furfuryl alcohol dominates the application segment due to its growing use as a binder in foundry industry as it offers superior binding properties and mechanical strength which are most needed in sand molds and cores of foundries.

North America market will foresee significant growth owing to increasing pharmaceutical sector in the region will raise the demand of the product market. Moreover, high number of food & beverage industry in the region has accelerated the demand for flavourings. Latin America product market is rapidly changing due to industrialization which has raised the demand for various metals, in turn, flourishing the market size.

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Europe is second largest furfural market due to rising regulations created by REACH in using eco-friendly chemical products. Rising awareness regarding furfural among customers has accelerated the market demand. Moreover, furan derivatives are used in various applications including production of construction material, textiles and polymers which will augment the market.

Global furfural market is fragmented and highly competitive in nature with presence of numerous regional and international players, worldwide. Several key industry players are Tanin Sevnica, Silvateam, Penn A Kem, Lenzing, KRBL, Illovo, Hongye Holding, Central Romana and Arcoy.

 

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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