The Global furfural market is expected to reach USD 1,200.9 million by 2020,
according to a new study by Grand View Research, Inc. Industry shift towards
minimizing dependence on conventional petrochemicals on account of growing
environmental concerns and volatile prices is expected to remain a key driving
factor for the global furfural market. Furfural has been identified as one of
the major platform chemicals which are used to derive other industrial
chemicals. Emergence of novel furfural application to manufacture THF, furfuryl
alcohol resins and furanics is also expected to have a positive influence on
the market growth. Obsolete production technologies affect the yield and
increases the overall cost of production which is expected to remain a key
challenge for market participants over the next six years.
Furfuryl alcohol was the largest
application segment for furfural market and accounted for more than 86.3% of
the total market in 2013. Increasing furan resins demand in foundry
applications such as sand binders is expected to remain a key driving factor
for this segment. Global furfural demand for solvents is expected to grow at an
estimated CAGR of 13.3% from 2014 to 2020.
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Further key findings from the study suggest:
· Global furfural market demand was 300 kilo
tons in 2013 and is expected to reach 652.5 kilo tons by 2020, growing at a
CAGR of 11.9% from 2014 to 2020.
· China emerged as the leading regional
market for furfural and accounted for 72.6% of total market volume in 2013.
China along with being the largest consumer is also the largest producer of
furfural which has been a major factor for the growth of domestic market. Low
production cost of furfural in China is expected to remain a key driving factor
for the domestic market. However, the furfural industry has been facing an
issue of availability of corn cob, basic raw material to manufacture furfural.
The prices of corn cob have been witnessing an upward trend in the recent past
which has prompted the government agencies to stockpile corn cob.
· Increasing furfural demand in markets such
as Thailand, Indonesia, Malaysia and India is expected to augment the global
market growth. Growth of major end-use industries such as chemicals,
pharmaceuticals and foundry industries particularly in emerging markets of Asia
Pacific is expected to be a major factor contributing to the market growth.
Western European furfural market is expected to grow at an estimated CAGR of
10.3% from 2014 to 2020.
· Global furfural market is fragmented with a
presence of large number of small scale manufacturers in China. Major companies
are integrated along the value chain and are involved in the production of
furfural derivatives such as furfuryl alcohol. Some of the major companies
operating in the global market include Teiling, Central Romana Corp.,
International Furan Chemicals, TransFurans Chemicals, Penn A Kem LLC and Sugar
Illovo Ltd.
Grand View Research has segmented the furfural
market on the basis of application and region:
Global Furfural Application Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
·
Furfuryl Alcohol
·
Solvents
·
Others
Global Furfural Regional Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2012 - 2020)
·
North America
·
Western Europe
·
Central & Eastern Europe
·
China
·
Rest of Asia Pacific
·
RoW
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
