Furfural Market - Trends, Forecast Analysis by Manufacturers, Regions, Type and Application Till 2023

The major growth driver identified in the furfural market is supportive regulations related to the development of bio-based products is actually boosting the penetration of this organic chemical across different application. In addition, new product developments by leading producers are also expanding the application market for the product across major geographies.

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Volatility of the raw material prices and lack of penetration of the chemicals in developed economies are identified as major restraining forces for the furfural market.

Technological advancement in the production process may drastically increase the production yield of this renewable chemical. This will also help the producers to achieve economies of scale for production. The organic compound can also be used for producing 5-(hydroxymethyl)furfural, that is a carbon neutral feed stock for fuel production.

On the basis of both value and volume, Asia-Pacific held the largest share of the market in 2017. China is the most dominant market in the Asia-Pacific region. From demand side, China contributes more than 50% share in the Asia-Pacific furfural market backed by growing demand for furfuryl alcohol in the country.

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Some of the major players operating in the global furfural market are Central Romana Corporation, Tieling North Furfural (Group) Co. Ltd., Hongye Holding Group Corp., Ltd., Illovo Sugar Ltd., Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Silvateam S.P.A., Lenzing AG, Tanin Sevnica D.D., Penn A Kem LLC, and Arcoy Biorefinery Pvt. Ltd.

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