Furfural Market Analysis, Key Players, and Forecasts Till 2030

Furfural Industry Overview

The global furfural market size was estimated at USD 522.60 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030. 

The rising importance of bio-based solvents as a consequence of increasing environmental concerns is anticipated to boost the product demand in solvent applications over the forecast period. The market observed a dip in 2020 owing to the outbreak of the COVID-19 pandemic. There was a change in production volume due to social distancing norms and lockdowns. Disruption in the supply chain and the logistic facility also impacted the furfural production.

Gather more insights about the market drivers, restrains and growth of the Global Furfural Market

Furfural is broadly used as a solvent or intermediate in several end-use industries, including foundry, agriculture, paints & coatings, pharmaceuticals, refineries, chemicals, automotive, and construction. The growing construction sector is projected to supplement the product demand in several refractory materials including ceramics, bricks, and fiberglass composites over the forecast period. In addition, the rising demand for sustainable products due to the depletion of fossil fuel resources is estimated to drive the demand. 

At present, furfural production is characterized by outdated manufacturing technologies, high steam usage, and high acid consumption, which lead to considerably low product yield or output. As a result, many companies are focusing on the development of new processes to decrease the overall energy consumption and increase the product yield during the purification step. Manufacturers are inclined toward using a combination of the most effective biomass to chemical techniques occasioning a significant decline in operational costs.

Browse through Grand View Research’s Renewable Chemicals Industry Research Reports.

• Cellulose Esters And Ethers Market: The global cellulose esters and ethers market size was valued at USD 5.7 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030.
• Hydroxyethyl Cellulose Market: The global hydroxyethyl cellulose market size was valued at USD 813.9 million in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030.

Market Share Insights

• January 2021: The company Illovo Sugar Africa (Pty.) Ltd. took initiative and planted 3,000 hectares of sugarcane on communal land through the ‘Illovo small-scale growers project.

Key Companies profiled:

Some of the prominent players in the global furfural market include:

• Illovo Sugar Africa (Pty.) Ltd.
• Central Romana Corporation
• TransFurans Chemicals bvba
• Pennakem, LLC
• Hebeichem
• Silvateam S.p.a
• Lenzing Ag
• Linzi Organic Chemical Inc. Ltd.

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