Kenneth Research has recently added a report titled Furfural market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Furfural market is further anticipated to grow with a CAGR of 11% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Furfural Market is estimated to reach $1,739 million by 2024; growing at a CAGR of 11% from 2016 to 2024. Furfural (C5H4O2) is an organic compound originated from a variety of agricultural byproducts such as oat, corncobs, rice husk, wheat bran, and saw dust. It is a clear colorless or a slight yellowish liquid in nature. It is a natural precursor to furan-based chemicals. Some properties of furfural include thermosetting, corrosive resistance and physical resistance, which have led to its around 70% contribution to production of resin. Rising awareness regarding the renewable substitutes has obliged companies to increase production of biomass based chemicals including furfural to produce resins, additives, and fuels to replace non-renewable resources such as petrochemicals.
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Growing environmental awareness to renewable alternatives in order to replace fossil resources, and increasing production of furfural in emerging economies are the major factor to fuel the growth of global furfural market. However, increase in overall cost production is the major hindrance for the market growth. Moreover, development of efficient and new technologies, and demand for furfural in pharmaceutical industry is likely to disclose new avenues for the market in the forecast period.
The global furfural market is bifurcated on the basis of raw material, application, and geography. Raw material is divided into rice husk, corn cobs, bagasse, and other raw materials. While, furfuryl alcohol, pharmaceutical agents, solvents, and other applications are the bifurcation of application segment.
On the basis of geography, the global furfural market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of Germany, Italy, Scandinavia & CIS Region, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Prominent players in the global market include Arcoy Biorefinery Pvt. Ltd., Hongye Holding Group Corporation Ltd., TransFuran Chemicals bvba, Central Romana Corporation, Illovo Sugar (Pty) Ltd, Silvateam S.P.A., KRBL Ltd., Nutrafur S.A., Tieling North Furfural (Group) Co., and Xingtai Chunlei Furfuryl Alcohol Co., Ltd., among others.
The key takeaways from the report
The report will provide detailed analysis of Global Furfural Market with respect to major segments such as raw material, application, and geography
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
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Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Furfural Market has been included in the report
Profile of the key players in the Global Furfural Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Furfural Market
Raw Materials Segments
Other Raw Materials
Scandinavia & CIS Region
Rest of Europe
Rest of Asia-Pacific
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