Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Furfural Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Furfural Market. The research
also emphasizes on the impact of restraints, drivers, and macro indicators on
the regional and global Furfural Market over the short as well as long period of time. A detailed
presentation of forecast, trends, and dollar values of global Furfural
Market is offered. In
accordance with the report, the global Furfural Market is projected to expand by a healthy CAGR of 6.9%
over the period of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Furfural is an organic,
renewable, nonpetroleum-based, colorless liquid chemical compound with the
formula C4H3OCHO and is famous for its thermosetting properties, corrosion resistance and physical
resistance. It has an aldehyde
group attached to the furan and it is usually derived from lignocellulosic
biomasses or non-food and non-oil or non-coal based things. Agricultural
by-products and agricultural residues like sugarcane bagasse, corn cobs, rice
husk, cotton husk, almond husk, oat husk etc. are widely used as source for
furfural production. Though furfural is colorless when it is made, the sold
product has a brown tinge to it as it gets darkened once exposed to air. These
products are usually used as pesticides or insecticides in agriculture, solvent
to refine lubricating oils, fuels and polymers in the production of synthetic
rubbers.
Market Drivers
The
expanding agricultural and fuel refining sectors are the main drivers behind
the rapid growth of furfural market. The use of furfural as pesticides,
fungicides and specially nematicides is contributing a lot to the rising growth
of the said market. Its increasing use in various sectors such as painting and
coating, automotive, industrial and pharmaceutical sectors are also playing a
big role to drive this growth rate upward.
Beside
this, growing population, rising demand for more foods and purified petroleum
and fuels and rising per capita income are also some of the key players behind
the rapid growth of the Furfural Market.
Aside
from these, different government subsidies to the farmers is increasing the
production of sugarcane and other crops and thus increasing the production of
agricultural residues and increase in foreign investments in the said sector are
also adding fuel to this increasing market growth.
The
regular introduction of different and brand-new types of end product from
furfurals with better qualities and more beneficial properties and in different
price range to satisfy the varying tastes and consumption abilities of the
customers is also attracting new consumers and thus helping the growth rate of Furfural
Market to rise high. The convenience and efficiency of furfural is also helping
in the expansion of the said market.
Market Restraints
The Furfural Market has a huge potential. Though it is expanding very
fast day by day, many things are preventing it from using its full potential.
Some of these restraints are–
? Unpredictable
production and fluctuating prices of raw materials.
? High import cost and high tariff as raw
materials are not produced everywhere.
? High cost of R&D activities.
? High cost of the premium quality end products.
? Overconsumption causes respiratory, liver and
nervous system problems and inflammation for the high presence of toxicity in
furfurals.
?
Emission of harmful chemicals and pollutants during production process.
? Availability of better and less toxic substitutes.
? Unavailability of these products in many
regions.
? Inability of Furfural to penetrate the markets
in the developed countries.
Opportunities
The Furfural Market growth is mainly based on the
consumption of these products in various sectors as intermediate or raw
materials. Due to the increase in spandex segments of textile industries, the
furfural products as a raw material in rubber industries has a very high
demand.
Trends
During
the forecast period, Asia Pacific is expected to have the largest share of Furfural
Market. The demand for these
products in the Asia Pacific region specially in China, India, Japan, Thailand
etc. is driven by its growing need in the
expanding agricultural, oil refining, pharmaceutical and textile sectors of
these countries. Rising population, high per capita income and rapid
urbanization are also driving this market growth. It is also believed that on the basis of
source, the corncob segment will have the largest share for its high hemicellulose
content, demand and efficiency and convenience. Though the Quaker Batch Process
is the oldest, it is expected that by production process Chinese Batch Process
will see a very high growth rate in future for its low cost and better
technology but for large scale production, Rosenlew Continuous Process is
preferred for its simplicity and usage of large quantity of steam.
Segment Covered:
This market
intelligence report on the global Furfural Market encompasses market segments based on source, production
process, application, end usage, distributional channel and country.
By Source
the global Furfural Market has been divided into:
q Corncob
q Sugarcane
Bagasse
q Rice
Husk
q Sunflower
Hull
q Others
By
Production Process the global Furfural Market has been divided into:
q Chinese
Batch Process
q Quaker
Batch Process
q Rosenlew
Continuous Process
q Others
By Application
the global Furfural Market has been divided into:
q Agriculture
q Paints
and coatings
q Pharmaceuticals
q Refineries
q Foods
and Beverages
q Furfuryl
Alcohol
q Solvent
q Intermediate
q Others
By End
Usage the global Furfural Market has been divided into:
q Personal
q Commercial
By Distributional
Channel the global Furfural Market has been divided into:
q Supermarkets
and Hypermarkets
q Online
q Others
By country/region,
the global Furfural Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Transfuran Chemicals
q Illovo Sugar
q Central Romana Corporation
q Hongye Holding Group
Corporation
q Pennakem
q Lenzing
q KRBL
q Shandong Crownchem
Industries
q Tanin
q Silvateam
q Hebeichem
q Linzi Organic Chemical Inc.
Ltd.
q Tieling North Furfural
(Group) Co. Ltd.
q Arcoy Industries Pvt. Ltd.
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Furfural Market related
investment & spending and developments by major players of the market are
tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
Transfuran Chemicals
TransFuran
Chemicals, the leading furfural manufacturer in the world is known for its
furfural production as the primary raw material for the production of furfuryl
alcohol, the most significant derivative of furfural. The Belgian company has
been dominating this industry for over 30 years. Since 1972 the company has
been focusing on producing different furfural based products such as resins and
other furanic resins, such as biocarb and biorez formulations and furfural-based
chemicals. The company has also appointed new research teams to develop new
technologies to produce more furfural in order to expand their product range
and thus the business.
Tieling North Furfural (Group) Co. Ltd.
The Chinese company, Tieling North Furfural Group, another leading
furfural producing industry is also specializes in the production of furfural
as the raw material of furfuryl alcohol. This company also produces furfural as
the intermediate and raw material for different chemicals and pesticides and
solvent for fuel refineries.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Furfural Market, size of the market (US$ Mn), and Compound Annual Growth
Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019
as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Furfural Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of different type of models,
government initiatives, marketing tactics and expansion, and technical up
gradation
Ø
The world
market for Furfural caters to the needs
of various stakeholders pertaining to this industry, namely suppliers, manufacturers,
investors, and distributors for Furfural Market. The research also caters to the rising needs of consulting
and research firms, financial analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Furfural Market
v
Identification
of key factors driving investment opportunities in the Furfural Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop strategies
based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants