Furfural Market Latest Trends and Forecast Analysis up to 2023

The overall opportunity in furfural, worldwide, will increase from US$450 mn in 2014 to US$1.35 bn by 2023, says an analyst at TMR. The market is expected to rise at a healthy CAGR of 13.10% during the period from 2015 to 2023.

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The growing concerns over adverse environmental effect of fossil fuels, due to high carbon content, have led to an increased requirement for their ecofriendly renewable alternatives, such as biofuels, across the world. Furfural, over the past few years, has gained significant popularity as a renewable platform molecule for the synthesis of fuels and chemicals to produce biofuels and biochemicals from the low-cost and widely available biomass. This amplified popularity has rocketed its demand in the recent times.

North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the key regional markets for furfural. Among these, Asia Pacific has emerged as the leading consumer of furfural. In 2014, the region accounted for a share of 78% in the overall demand for this compound. By 2023, this demand share is likely to witness a rise of 4.5%, owing to the growing demand for furfural-based agrochemicals as well as herbicides and pesticides. Asia Pacific is likely to present an opportunity of US$1.08 bn in the furfural market by 2023, increasing at a CAGR of 13.80% during the period of 2015-2023.

China has emerged as the key contributor to the consumption of furfural in Asia Pacific. The demand for furfural is expected to rise at a CAGR of 11.50% in China during the forecast period. The leading players in the global furfural market are Xingtai Chunlei Furfuryl Alcohol Co. Ltd., Tieling North Furfural (Group) Co. Ltd., Tanin Sevnica d.d., Silvateam S.p.A., Penn A Kem LLC, Nutrafur S.A., Linzi Organic Chemicals Inc. Ltd., Lenzing AG, KRBL Ltd., Illovo Sugar Ltd., Hongye Holding Group Corp. Ltd., Central Romana Corp. Ltd., and Arcoy Biorefinery Pvt. Ltd.

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