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.
In depth research report on Furfural Market
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
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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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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