Furfural Market Size (2024 - 2029)

The furfural market is projected to experience growth over the forecast period, driven by increasing demand in sectors such as pharmaceuticals, agricultural chemicals, and biofuels. The market's expansion is supported by a rising interest in sustainable and bio-based chemicals, with furfural's origin from agricultural residues playing a key role. Despite challenges like fluctuating raw material prices, the market is poised for growth due to the growing adoption of bio-based chemicals. The Asia-Pacific region is anticipated to dominate in terms of market share and growth rate.

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Market Size of Furfural Industry

Furfural Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 3.57 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Furfural Market Major Players

*Disclaimer: Major Players sorted in no particular order

Furfural Market Analysis

The Furfural Market size is estimated at 388.55 kilotons in 2024, and is expected to reach 463.03 kilotons by 2029, growing at a CAGR of 3.57% during the forecast period (2024-2029).

The COVID-19 pandemic initially disrupted the furfural market due to supply chain interruptions and reduced industrial activities. However, as global economies gradually recovered, there was an increased demand for furfural, particularly in sectors like pharmaceuticals, agricultural chemicals, and biofuels. The growth was driven by the rising interest in sustainable and bio-based chemicals, with furfural being derived from agricultural residues.

  • Over the mid-term, the significant factors driving the growth of the market studied are the increasing demand for furfuryl alcohol and the rising usage of furfural for industrial chemical manufacturing.
  • However, fluctuations in raw material prices are expected to hinder market growth.
  • Nevertheless, the increasing adoption of bio-based chemicals represents a significant opportunity for the furfural market, given that their derivation from biomass sources aligns with the growing demand for sustainable alternatives in various industries.
  • During the forecast period, Asia-Pacific is expected to capture the largest market share and the highest CAGR.

Furfural Industry Segmentation

Furfuryl alcohol, tetrahydrofurfuryl alcohol, furoic acid, furfuryl amine, methyl furan, and furan are produced exclusively from furfural. Aromatics and other unsaturated olefins dissolve in furfural, which is a rare property. This hetero-aromatic aldehyde is a selective solvent for processing lubricating oils due to its exceptional physical properties.

The furfural market is segmented by raw material, application, and geography. By raw material, the market is segmented into corn cobs, rice hulls, cotton hulls, sugarcane bagasse, and other raw materials (wood, oat hulls, and others). By application, the market is segmented into furfuryl alcohol, solvents, intermediates, and other applications (agricultural chemicals, pharmaceutical compounds, and others). The report also covers the market size and forecasts for the furfural market in 27 countries across major regions. For each segment, market sizing and forecasting are done on the basis of volume (tons).

Raw Material
Corncobs
Rice Hulls
Cotton Hulls
Sugarcane Bagasse
Other Raw Materials
Application
Furfuryl Alcohol
Solvent
Intermediate
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Nordic
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle-East and Africa
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Furfural Market Size Summary

The furfural market is poised for growth, driven by increasing demand in sectors such as pharmaceuticals, agricultural chemicals, and biofuels. The market's expansion is fueled by the rising interest in sustainable and bio-based chemicals, with furfural being derived from agricultural residues. Despite initial disruptions due to the COVID-19 pandemic, the market has rebounded as global economies recovered. The primary application of furfural is in the production of furfuryl alcohol, which is extensively used in ferrous metal foundries, plastics, and resins. This versatility, along with its application in the fragrance industry, underscores furfural's significance in various industrial processes.

Asia-Pacific is expected to dominate the furfural market, with China, India, and Japan playing pivotal roles due to their growing economies and robust chemical industries. China's position as a global chemical manufacturing hub and India's expanding chemical sector contribute significantly to the market's growth prospects. The region's demand for bio-based chemicals further bolsters the market, with furfural's application in pesticide production enhancing its appeal. The market is partially consolidated, with key players like Central Romana Corporation, Illovo Sugar Africa, KRBL, LENZING AG, and Pennakem LLC influencing its dynamics. As the demand for sustainable alternatives continues to rise, the furfural market is expected to experience steady growth over the forecast period.

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Furfural Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Furfuryl Alcohol

      2. 1.1.2 Increasing Demand from Industrial Chemicals Manufacturing

      3. 1.1.3 Others

    2. 1.2 Restraints

      1. 1.2.1 Fluctuations in Raw Material Prices

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Raw Material

      1. 2.1.1 Corncobs

      2. 2.1.2 Rice Hulls

      3. 2.1.3 Cotton Hulls

      4. 2.1.4 Sugarcane Bagasse

      5. 2.1.5 Other Raw Materials

    2. 2.2 Application

      1. 2.2.1 Furfuryl Alcohol

      2. 2.2.2 Solvent

      3. 2.2.3 Intermediate

      4. 2.2.4 Other Applications

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Malaysia

        6. 2.3.1.6 Thailand

        7. 2.3.1.7 Indonesia

        8. 2.3.1.8 Vietnam

        9. 2.3.1.9 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Spain

        6. 2.3.3.6 Nordic

        7. 2.3.3.7 Turkey

        8. 2.3.3.8 Russia

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Colombia

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Nigeria

        4. 2.3.5.4 Qatar

        5. 2.3.5.5 Egypt

        6. 2.3.5.6 United Arab Emirates

        7. 2.3.5.7 Rest of Middle-East and Africa

Furfural Market Size FAQs

The Furfural Market size is expected to reach 388.55 kilotons in 2024 and grow at a CAGR of 3.57% to reach 463.03 kilotons by 2029.

In 2024, the Furfural Market size is expected to reach 388.55 kilotons.

Furfural Market Report Snapshots

Furfural Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)