Latest News- Furfural Market: Furfuryl alcohol is expected to lead the Application segment during 2024-2028

The Furfural Market is being driven by Wide range of applications in various industries

The Furfural Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 228.2 million. In the furfural market, the availability and cost of raw materials, specifically sugar cane bagasse and corn cobs, pose significant challenges for producers. Weather conditions and crop yields can impact the supply of these raw materials, leading to potential production delays and increased costs. Additionally, regulatory requirements related to safety, environmental impact, and product quality add to the production costs and limit market opportunities. As a renewable chemical, furfural demand is influenced by its high production cost and the complex technology required for its manufacture. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Furfuryl alcohol
  • Solvent
  • Intermediate
• End-user
  • Agriculture
  • Paints and coatings
  • Pharmaceuticals
  • Food and beverages
  • Others
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Wide range of applications in various industries
• Mergers and acquisitions boosting market growth
• Increased demand for eco-friendly products

However, the market also witnesses some limitations, which are as follows:

• Cost of raw materials
• Competition from alternative chemicals
• Regulatory challenges

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Market Scope in Furfural Market Research Report

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Research Analysis Overview

The Furfural market is experiencing growth due to the increasing use of renewable sources as raw materials. Corncobs, sugarcane bagasse, oats, and rice husk are among the agricultural by-products being utilized. Derivatives like Furfuryl alcohol are in demand for green chemical production in refineries. Widespread adoption in paint and coatings, textile industries, construction, and refractory materials is driving the market. Bricks, fiberglass, ceramic composites, and environmental products also use Furfural. However, fossil fuel resources remain significant competitors. Plastics and resins are other key applications.

Market Research Overview

The global commodity chemicals market encompasses businesses primarily engaged in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably excluded are companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. Key growth drivers in this market include the escalating demand for sustainable packaging solutions, with plastic being the predominant material in the packaging industry. This demand is fueled by the need for lightweight, corrosion-resistant materials, leading to continuous innovation and the adoption of advanced chemical applications. Furthermore, the increasing trend towards green chemistry and the utilization of agricultural waste for biofuels production, solvents and adhesives, and chemical derivatives, are expected to significantly contribute to market growth. Additionally, the shift towards sustainable production processes and the exploration of alternatives to petrochemicals in the industrial chemical sector, as well as the expanding applications of furfuryl alcohol in green chemistry, flavoring agents, and biomass conversion, will further bolster market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/