Furfural Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032
The Global Furfural Market was valued at USD 592.3 million in 2023 and is projected to grow at a CAGR of 6% from 2024 to 2032. Furfural, a versatile compound, is produced from agricultural by-products such as corncobs, oat hulls, and sugarcane bagasse. This chemical serves as an essential precursor in manufacturing a wide range of products and finds significant applications in sectors including pharmaceuticals, agrochemicals, and refining. Its bio-based origin highlights its relevance, particularly as the demand for sustainable and eco-friendly materials rise. One of the main drivers behind furfural market growth is the global shift toward bio-based chemicals, as industries seek greener alternatives to traditional synthetic options.
The biodegradable nature of furfural, coupled with its minimal environmental impact, makes it an attractive raw material for various applications across multiple sectors. In terms of raw materials, the furfural market is categorized into several sources, including corncobs, oat hulls, cottonseed hulls, rice hulls, bagasse, and others such as peanut shells and sunflower hulls. Corncobs dominate this segment due to their high pentosan content, which makes them ideal for furfural production. Regions abundant in corn cultivation ensure a steady supply of this key raw material, supported by established processing techniques.
When examining applications, the market is classified into furfuryl alcohol, solvents, flavoring agents, and other uses such as antacids and fertilizers. Furfuryl alcohol holds a commanding share, largely due to its critical function in the production of resins, especially for applications requiring durability and heat resistance. The growing demand for furfuryl alcohol in industries such as automotive and construction, particularly for high-performance materials, reinforces its significance in the market. The Asia Pacific region leads the furfural market, generating substantial revenue attributed to its abundance of agricultural by-products, particularly corncobs and bagasse.
The robust agrochemical and refining sectors in this region further enhance the demand for furfural, contributing to market growth. In addition, the Asia Pacific market benefits from cost-effective production processes and favorable government policies that promote bio-based chemicals. As industrialization progresses and environmental regulations become stricter, the furfural market in this region is well-positioned for sustained expansion
The biodegradable nature of furfural, coupled with its minimal environmental impact, makes it an attractive raw material for various applications across multiple sectors. In terms of raw materials, the furfural market is categorized into several sources, including corncobs, oat hulls, cottonseed hulls, rice hulls, bagasse, and others such as peanut shells and sunflower hulls. Corncobs dominate this segment due to their high pentosan content, which makes them ideal for furfural production. Regions abundant in corn cultivation ensure a steady supply of this key raw material, supported by established processing techniques.
When examining applications, the market is classified into furfuryl alcohol, solvents, flavoring agents, and other uses such as antacids and fertilizers. Furfuryl alcohol holds a commanding share, largely due to its critical function in the production of resins, especially for applications requiring durability and heat resistance. The growing demand for furfuryl alcohol in industries such as automotive and construction, particularly for high-performance materials, reinforces its significance in the market. The Asia Pacific region leads the furfural market, generating substantial revenue attributed to its abundance of agricultural by-products, particularly corncobs and bagasse.
The robust agrochemical and refining sectors in this region further enhance the demand for furfural, contributing to market growth. In addition, the Asia Pacific market benefits from cost-effective production processes and favorable government policies that promote bio-based chemicals. As industrialization progresses and environmental regulations become stricter, the furfural market in this region is well-positioned for sustained expansion
Report Content
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Key manufacturers
3.1.2 Distributors
3.1.3 Profit margins across the industry
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.2 Market challenges
3.2.3 Market opportunity
3.2.3.1 New opportunities
3.2.3.2 Growth potential analysis
3.3 Raw material landscape
3.3.1.1 Manufacturing trends
3.3.1.2 Technology evolution
3.3.1.3 Sustainability in raw materials
3.4 Sustainable manufacturing
3.4.1.1 Green practices
3.4.1.2 Decarbonization
3.5 Pricing trends (USD/Ton), 2021 to 2032
3.5.1.1 North America
3.5.1.2 Europe
3.5.1.3 Asia Pacific
3.5.1.4 Latin America
3.5.1.5 Middle East & Africa
3.6 Regulations & market impact
3.7 Porter’s analysis
3.8 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company matrix analysis
4.3 Company market share analysis
4.3.1 Company Market share analysis by region
4.3.1.1 North America
4.3.1.2 Europe
4.3.1.3 Asia Pacific
4.3.1.4 Latin America
4.3.1.5 Middle East Africa
4.4 Competitive positioning matrix
4.5 Strategic dashboard
CHAPTER 5 MARKET SIZE AND FORECAST, BY RAW MATERIAL, 2021-2032 (USD MILLION, KILO TONS)
5.1 Key trends
5.2 Corncobs
5.3 Oat hulls
5.4 Cottonseed hull
5.5 Rice hulls
5.6 Bagasse
5.7 Others (peanut shells, sunflower hulls, etc.)
CHAPTER 6 MARKET SIZE AND FORECAST, BY APPLICATION, 2021-2032 (USD MILLION, KILO TONS)
6.1 Key trends
6.2 Furfuryl alcohol
6.3 Solvents
6.4 Flavoring agent
6.5 Others (antacids, fertilizers, etc.)
CHAPTER 7 MARKET SIZE AND FORECAST, BY END USE INDUSTRY, 2021-2032 (USD MILLION, KILO TONS)
7.1 Key trends
7.2 Pharmaceuticals
7.3 Agrochemicals
7.4 Food & beverage
7.5 Chemical
7.6 Automotive
7.7 Refineries
CHAPTER 8 MARKET SIZE AND FORECAST, BY REGION, 2021-2032 (USD MILLION, KILO TONS)
8.1 Key trends
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 France
8.3.4 Italy
8.3.5 Spain
8.4 Asia Pacific
8.4.1 China
8.4.2 India
8.4.3 Japan
8.4.4 South Korea
8.4.5 Australia
8.5 Latin America
8.5.1 Brazil
8.5.2 Mexico
8.5.3 Argentina
8.6 MEA
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 South Africa
CHAPTER 9 COMPANY PROFILES
9.1 Central Romana Corporation
9.2 Hongye Holding Group Corporation Limited
9.3 Illovo Sugar Africa
9.4 International Furan Chemicals
9.5 KRBL Limited
9.6 Lenzing AG
9.7 Merck KGaA
9.8 Pennakem
9.9 Sappi Global
9.10 Silvateam
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Key manufacturers
3.1.2 Distributors
3.1.3 Profit margins across the industry
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.2 Market challenges
3.2.3 Market opportunity
3.2.3.1 New opportunities
3.2.3.2 Growth potential analysis
3.3 Raw material landscape
3.3.1.1 Manufacturing trends
3.3.1.2 Technology evolution
3.3.1.3 Sustainability in raw materials
3.4 Sustainable manufacturing
3.4.1.1 Green practices
3.4.1.2 Decarbonization
3.5 Pricing trends (USD/Ton), 2021 to 2032
3.5.1.1 North America
3.5.1.2 Europe
3.5.1.3 Asia Pacific
3.5.1.4 Latin America
3.5.1.5 Middle East & Africa
3.6 Regulations & market impact
3.7 Porter’s analysis
3.8 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company matrix analysis
4.3 Company market share analysis
4.3.1 Company Market share analysis by region
4.3.1.1 North America
4.3.1.2 Europe
4.3.1.3 Asia Pacific
4.3.1.4 Latin America
4.3.1.5 Middle East Africa
4.4 Competitive positioning matrix
4.5 Strategic dashboard
CHAPTER 5 MARKET SIZE AND FORECAST, BY RAW MATERIAL, 2021-2032 (USD MILLION, KILO TONS)
5.1 Key trends
5.2 Corncobs
5.3 Oat hulls
5.4 Cottonseed hull
5.5 Rice hulls
5.6 Bagasse
5.7 Others (peanut shells, sunflower hulls, etc.)
CHAPTER 6 MARKET SIZE AND FORECAST, BY APPLICATION, 2021-2032 (USD MILLION, KILO TONS)
6.1 Key trends
6.2 Furfuryl alcohol
6.3 Solvents
6.4 Flavoring agent
6.5 Others (antacids, fertilizers, etc.)
CHAPTER 7 MARKET SIZE AND FORECAST, BY END USE INDUSTRY, 2021-2032 (USD MILLION, KILO TONS)
7.1 Key trends
7.2 Pharmaceuticals
7.3 Agrochemicals
7.4 Food & beverage
7.5 Chemical
7.6 Automotive
7.7 Refineries
CHAPTER 8 MARKET SIZE AND FORECAST, BY REGION, 2021-2032 (USD MILLION, KILO TONS)
8.1 Key trends
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 France
8.3.4 Italy
8.3.5 Spain
8.4 Asia Pacific
8.4.1 China
8.4.2 India
8.4.3 Japan
8.4.4 South Korea
8.4.5 Australia
8.5 Latin America
8.5.1 Brazil
8.5.2 Mexico
8.5.3 Argentina
8.6 MEA
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 South Africa
CHAPTER 9 COMPANY PROFILES
9.1 Central Romana Corporation
9.2 Hongye Holding Group Corporation Limited
9.3 Illovo Sugar Africa
9.4 International Furan Chemicals
9.5 KRBL Limited
9.6 Lenzing AG
9.7 Merck KGaA
9.8 Pennakem
9.9 Sappi Global
9.10 Silvateam
