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Global Furfural Market to reach USD XX billion by the end of 2029.

Global Furfural Market Size study & Forecast, by Raw Material (Corncobs, Rice Hulls, Cotton Hulls, Sugarcane Bagasse, and Other Raw Materials), by Application (Furfuryl Alcohol, Solvent, Intermediate, and Other Applications) and Regional Analysis, 2022-2029

Product Code: CMAM-68753534
Publish Date: 13-05-2023
Page: 200

Global Furfural Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5% over the forecast period 2022-2029. Furfural is a chemical feedstock made from agricultural by-products that are organic, renewable, and non-petroleum based. Furfural is produced mostly from agricultural waste, including maize cobs, rice husks, sugarcane bagasse, cotton husk, oat husk, almond husk, olive press cakes, and others. Chemical compound furfural is colorless or slightly yellowish and rapidly becomes black when exposed to air. Based on residues containing pentosan that are produced during the processing of various agricultural or forest products, furfural is produced. High-pressure steam is used to process furfural in a digester, and the compound is then recovered using steam distillation, water-furfural separation, and purification. The market growth is driven by key factors such as increasing demand from industrial chemicals manufacturing, increase in investment opportunities in chemical industry, and increasing demand for Furfuryl Alcohol.

India’s chemical industry is expected to expand rapidly due to the rising need for chemicals and agrochemicals. The government estimates that the chemical sector would generate USD 304 billion by 2025, with potential provided by the demand growth of around 9% per year over the following five years. With around 168 investment potential and 29 projects under development, the chemical industry offers an investment opportunity worth USD 701,97 million. It is anticipated that India’s foundry sector will expand by more than 13%, reaching 14–15 million metric tonnes by 2021 and 20 million metric tonnes by 2025. However, fluctuating raw material prices stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Furfural Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is dominating the overall market growth and is expected to be the fastest growing region due to massive furfural production, particularly in China, as well as expansion in a number of end-use industries, including agriculture, food and beverage, pharmaceuticals, and refineries in the economies of China, India, and Japan

Major market players included in this report are:
Zibo Xinye Chemical Co. Ltd
Central Romana Corporation
Silvateam SpA
Illovo Sugar Africa (Pty) Ltd
Hongye Holding Group Corporation Limited
TransFurans Chemicals bvba
Xingtai Chunlei Furfuryl Alcohol Co. Ltd (hebeichem
KRBL Limited
Pennakem LLC

Recent Developments in the Market:
Ø In June 2020, Origin Materials, a material development company with operations in the US and Canada, is dedicated to the commercial production of the adaptable and environmentally friendly chemical 5-chloromethyl furfural (CMF). Origin’s technology generates CMF with a high cradle-to-gate carbon-negative footprint on a commercial scale.

Global Furfural Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Application, Raw Material, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Raw Material:
Rice Hulls
Cotton Hulls
Sugarcane Bagasse
Other Raw Materials

By Application:
Furfuryl Alcohol
Other Applications

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Furfural Market, by Region, 2019-2029 (USD Billion)
1.2.2. Furfural Market, by Raw Material, 2019-2029 (USD Billion)
1.2.3. Furfural Market, by Application, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Furfural Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Furfural Market Dynamics
3.1. Furfural Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing Demand from Industrial Chemicals Manufacturing Increasing Demand for Furfuryl Alcohol
3.1.2. Market Challenges Fluctuating Raw Material Prices
3.1.3. Market Opportunities Growing demand for chemicals and agrochemicals Rising concerns for renewable products

Chapter 4. Global Furfural Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Furfural Market, by Raw Material
6.1. Market Snapshot
6.2. Global Furfural Market by Raw Material, Performance – Potential Analysis
6.3. Global Furfural Market Estimates & Forecasts by Raw Material 2019-2029 (USD Billion)
6.4. Furfural Market, Sub Segment Analysis
6.4.1. Corncobs
6.4.2. Rice Hulls
6.4.3. Cotton Hulls
6.4.4. Sugarcane Bagasse
6.4.5. Other Raw Materials
Chapter 7. Global Furfural Market, by Application
7.1. Market Snapshot
7.2. Global Furfural Market by Application, Performance – Potential Analysis
7.3. Global Furfural Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
7.4. Furfural Market, Sub Segment Analysis
7.4.1. Furfuryl Alcohol
7.4.2. Solvent
7.4.3. Intermediate
7.4.4. Other Applications
Chapter 8. Global Furfural Market, Regional Analysis
8.1. Furfural Market, Regional Market Snapshot
8.2. North America Furfural Market
8.2.1. U.S. Furfural Market Raw Material breakdown estimates & forecasts, 2019-2029 Application breakdown estimates & forecasts, 2019-2029
8.2.2. Canada Furfural Market
8.3. Europe Furfural Market Snapshot
8.3.1. U.K. Furfural Market
8.3.2. Germany Furfural Market
8.3.3. France Furfural Market
8.3.4. Spain Furfural Market
8.3.5. Italy Furfural Market
8.3.6. Rest of Europe Furfural Market
8.4. Asia-Pacific Furfural Market Snapshot
8.4.1. China Furfural Market
8.4.2. India Furfural Market
8.4.3. Japan Furfural Market
8.4.4. Australia Furfural Market
8.4.5. South Korea Furfural Market
8.4.6. Rest of Asia Pacific Furfural Market
8.5. Latin America Furfural Market Snapshot
8.5.1. Brazil Furfural Market
8.5.2. Mexico Furfural Market
8.5.3. Rest of Latin America Furfural Market
8.6. Rest of The World Furfural Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Zibo Xinye Chemical Co. Ltd Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.2.2. Central Romana Corporation
9.2.3. Silvateam SpA
9.2.4. Illovo Sugar Africa (Pty) Ltd
9.2.5. Hongye Holding Group Corporation Limited
9.2.6. TransFurans Chemicals bvba
9.2.7. Xingtai Chunlei Furfuryl Alcohol Co. Ltd (hebeichem
9.2.8. KRBL Limited
9.2.9. Pennakem LLC
9.2.10. LENZING AG
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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