Albany, NY, Jan. 11, 2016 (GLOBE NEWSWIRE) -- According to the Research Report, the global furfural market was valued at US$ 450.0 Million in 2014 and is likely to reach US$ 1,355.1 Million by 2023, expanding at a CAGR of 13.1% between 2015 and 2023.
Growing awareness regarding usage of renewable materials instead of petrochemicals among industry players is driving the global furfural market. Environmental awareness regarding replacement of non-renewable resources such as petrochemicals with renewable alternatives has compelled manufacturers to increase production of biomass-based platform chemicals.
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This has boosted the potential of furfural as a platform for the production of biofuels and biochemicals. Furfural offers attractive thermosetting properties, physical strength, and corrosion resistance. It is a source of natural precursor to a wide range of furan-based chemicals and solvents such as methylfuran, furfuryl alcohol, tetrahydrofurfuryl alcohol, tetrahydrofuran, methyltetrahydrofuran, dihydropyran, and furoic acid. Growing penetration of furfural in various new applications is boosting the global furfural market. However, inefficient production process of furfural with low yield acts as a major restraint of the market. Lower yield leads to high operating costs, thus increasing the final product cost. Owing to high product cost the commercial application of furfural is limited. Low cost of furfural is likely to result in higher penetration in these industries.
Furfuryl alcohol was the major application segment of the furfural market, accounting for more than 80% share in 2014. Furfuryl alcohol is anticipated to be the fastest-growing application segment of the furfural market during the forecast period. Furfuryl alcohol is primarily utilized in resins used as binders in the foundry industry. It offers excellent binding properties and mechanical strength as required in sand molds and cores in foundries. Solvents is another major application of furfural. Furfural is used as a solvent during the manufacture of refractory materials, resin-bonded grinding wheels, and butadiene extraction due to its excellent physical properties.
In terms of volume, Asia Pacific held the largest share of the furfural market in 2014. The trend is likely to continue during the forecast period. Asia Pacific accounted for more than two third share of the global furfural market in terms of volume. China is the largest producer and consumer of furfuryl alcohol due to strong industrial and manufacturing base. The significant growth in the foundry industry in India and Japan are anticipated to propel demand for furfural in the near future. The furfural market in Europe is expected to witness sluggish growth during the forecast period due to slow economic growth in the region. Growth of the furfural market in regions such as North America, Latin America, and Middle East & Africa is likely to remain moderate due to high furfural cost and limited commercial application.
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Key manufacturers of furfural include ArcoyBiorefinery Pvt. Ltd., Central Romana Corporation, Ltd., Hongye Holding Corporation Ltd., Illovo Sugar Ltd., KRBL Ltd., Lenzing AG, Linzi Organic Chemical Inc. Ltd., Nutrafur S.A., Penn A Kem LLC, SilvateamS.p.A., TaninSenvicad.d., Tieling North Furfural (Group) Co., Ltd., and XingtaiChunlei Furfuryl Alcohol Co. Ltd.
The Global Furfural Market has been segmented into:
Furfural Market - Application Analysis
- Furfuryl Alcohol
- Chemical Intermediates
- Others (flavors & fragrance, herbicides, pesticides, etc.)
Furfural Market - Regional Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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Source:Transparency Market Research