Wilmington, Delaware, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global furfural market is estimated to flourish at a CAGR of 5.6% from 2022 to 2031. Transparency Market Research projects that the overall sales revenue for furfural is estimated to reach US$ 817.9 million by the end of 2031. Increasing emphasis on waste valorization and circular economy practices fosters the utilization of various waste streams, diversifying furfural feedstock sources and promoting sustainability.
Innovations in extraction technologies, such as supercritical fluid extraction and green solvents, enhance furfural production efficiency, reducing environmental impact and energy consumption in the process. The exploration of novel furfural derivatives beyond conventional applications broadens market potential. Emerging applications in polymers, specialty chemicals, and flavoring agents contribute to market expansion and diversification.
Download Sample PDF Pages Of The Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1057
Collaborations between furfural producers and industries like cosmetics, textiles, and flavor and fragrance drive cross-industry applications, expanding furfural's market footprint beyond traditional sectors. Focused geographical expansion strategies, tapping into untapped markets and diversifying distribution networks, play a role in market growth. Regional market penetration enhances accessibility and meets demand in emerging markets.
Key Findings of the Market Report
- Corncobs dominate the furfural market as a key raw material, providing a sustainable source for furfural production due to their abundance.
- Chemical intermediate leads the furfural market, driving demand for its versatile applications in pharmaceuticals, agrochemicals, and various chemical synthesis processes.
- The pharmaceutical industry is leading the furfural market, leveraging furfural's applications in pharmaceutical intermediates and active ingredient synthesis.
Furfural Market Growth Drivers & Trends
- Furfural gains traction in pharmaceutical applications, driven by its role in synthesizing various pharmaceutical intermediates and active ingredients.
- Growing emphasis on bio-based chemicals fuels furfural market growth, with applications in the production of resins, solvents, and biofuels.
- Utilization of agricultural residues for furfural production aligns with sustainability trends, promoting eco-friendly practices and contributing to circular economy principles.
- Furfural finds applications in the agrochemical sector, specifically as a key ingredient in the synthesis of herbicides and fungicides, driving market expansion.
- Ongoing investments in R&D to enhance furfural production processes and explore new applications contribute to market innovation and growth.
Global Furfural Market: Regional Profile
- In North America, the furfural market is characterized by a strong focus on bio-based chemicals. Key players like Avantium and Thomaston Biomass contribute to the region's growth, capitalizing on the demand for sustainable alternatives in industries like pharmaceuticals and agriculture.
- Europe shows a mature furfural market, with countries like Germany and the Netherlands leading in production and consumption. Companies such as Illovo Sugar Europe and Central Romana Corporation contribute to the region's prominence, aligning with the European Union's sustainability goals and stringent environmental regulations.
- In the Asia Pacific, China emerges as a major player, both in production and consumption of furfural. Robust demand from industries like petrochemicals and pharmaceuticals, along with increasing investments in bio-based chemicals, propels the market. Companies like Hongye Holding Group Corporation Ltd. and Central Romana Corporation are pivotal players in the region.
Request PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1057
Furfural Market: Competitive Landscape
The furfural market is highly competitive, with key players vying for market share and innovation. Companies like Avantium, International Furan Chemicals (IFC), and Silvateam S.p.A. lead, leveraging expertise in furfural production. The market is influenced by factors such as sustainable production methods, expanding applications in pharmaceuticals and biofuels, and evolving regulatory landscapes.
As demand for bio-based chemicals rises, the competitive landscape intensifies, prompting strategic alliances, product developments, and investments in research and development to maintain a competitive edge in this dynamic and evolving furfural market. Some prominent manufacturers are as follows:
- Central Romana Corporation
- TransFurans Chemicals bvba
- Pennakem, LLC
- Silvateam S.p.a.
- Illovo Sugar Africa (Pty) Ltd.
- Xingtai Chunlei Furfuryl Alcohol Co. Ltd.
- Lenzing AG
- Behran Oil Co.
- Henan Huilong Chemical Co. Ltd.
- Hebei Furan International Co Ltd.
- Hongye Holding Group Corporation Limited
- Shanxi Province Gaoping Chemical Industry Co. Ltd.
Product Portfolio
- Illovo Sugar Africa, a leading sugar producer, delivers a diverse product portfolio, including sugar and downstream products. With a commitment to sustainable agriculture, Illovo provides high-quality sugar solutions to meet the sweetening needs of diverse industries.
- Lenzing AG specializes in sustainable fiber innovations. Their product portfolio includes TENCEL™ and other eco-friendly fibers, contributing to the fashion and textile industry's pursuit of sustainability.
- Behran Oil Co. offers a comprehensive product range in the oil sector, including lubricants, motor oils, and industrial fluids. Committed to quality and innovation, Behran Oil meets diverse automotive and industrial lubrication needs.
Furfural Market: Key Segments
By Raw Material
- Corncobs
- Oat Hulls
- Cottonseed Hulls
- Rice Hulls
- Bagasse
- Others
By Application
- Solvent
- Flavoring Additive
- Chemical Intermediate
- Drug Intermediate
- Pesticide
- Others
By End Use
- Petrochemical
- Food & Beverages
- Personal Care
- Chemical
- Pharmaceutical
- Agriculture
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Enquire Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1057
Browse More Reports by TMR:
Recycled Metal Market- The global industry was valued at US$ 779.3 Mn in 2022. It is estimated to grow at a CAGR of 3.6% from 2023 to 2031 and reach US$ 1.1 Bn by the end of 2031.
Lubrication Systems Market- The global industry was valued at US$ 4.2 Bn in 2022. It is estimated to grow at a CAGR of 3.4% from 2023 to 2031 and reach US$ 5.9 Bn by the end of 2031.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube
