As per the recently published report by MarketsandMarkets™, The “Furfural Market by Raw Material (Sugarcane Bagasse, Corncob, Rice Husk), Application (Derivatives, Solvents), End-Use Industry (Agriculture, Paint & Coatings, Pharmaceuticals, Food & Beverages, Refineries), and Region – Global Forecast to 2028″, size is projected to grow from USD 662 million in 2023 to USD 767 million by 2028, at a CAGR of 2.9% from 2023 to 2028.
The furfural market encompasses the production, distribution, and consumption of furfural, an organic compound derived primarily from agricultural by-products such as corncobs, rice husks, and sugarcane bagasse. Furfural is a versatile chemical with applications in various industries, including pharmaceuticals, agriculture, and chemicals. As a platform chemical, furfural serves as a precursor for manufacturing derivatives such as furfuryl alcohol, tetrahydrofuran (THF), and furan resins.
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- 304 Market data Tables
- 40 Figures
- 242 Pages and in-depth TOC on “Furfural Market – Global Forecast to 2028”
This report also provides a comprehensive analysis of the companies listed below:
The furfural market comprises a multitude of companies that thrive in their respective domestic markets. Among the prominent players are Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation Limited (China), KRBL Limited (India), Lenzing AG(Austria), and Merck KGaA (Germany), and others. These key industry participants have employed diverse strategies for growth, including mergers and acquisitions, investment initiatives and expansions, collaborations, partnerships, joint ventures, and the development of new products, all aimed at bolstering their market presence and expanding their product offerings.
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In 2022, the Asia-Pacific (APAC) region led the global furfural market, with China playing a pivotal role as the primary driver of growth. China holds the majority share in both the production and consumption of furfural on a global scale. This surge in demand can be primarily attributed to the burgeoning foundry and pharmaceutical industries within the country. The robust growth in these sectors has propelled the need for furfural, given its versatile applications. Notably, Thailand has also emerged as a significant player. The dynamic industrial landscape and increasing demand for furfural-based products in these key nations underscore the region’s leadership in the overall furfural market.
Central Romana Corporation: Established in 1912, Central Romana Corporation has become a prominent force in the furfural and furfuryl alcohol industry. Originating in the Dominican Republic as “Romana By-Products,” the company’s growth has been significant. In 1973, it underwent a substantial expansion, boosting furfural production to 90 million pounds annually, solidifying its position as one of the world’s largest furfural plants. A key milestone occurred in 1995 with the acquisition of TransFurans Chemicals (TFC), a furfural processing plant based in Belgium. TFC specializes in converting furfural into furfuryl alcohol, adding another dimension to Central Romana’s global presence.
Lenzing AG, a company engaged in textile fiber and pulp manufacturing, as well as the production of chemicals, paper, films, and plastics, operates through three distinct business segments: Division Fiber, Division Pulp, and Others. Setting itself apart, Lenzing manufactures furfural as a biorefinery product, uniquely utilizing wood as its raw material. With a robust global footprint, the company boasts production sites and sales offices spanning Europe, the Americas, the Middle East & Africa, and North Asia.
Hongye Holding Group Corporation Limited: Established in 1998 and headquartered in Puyang City, China, Hongye Holding Group Corporation Limited has transformed into a comprehensive enterprise group. Operating across diverse industries such as biochemical engineering, new energy, new materials, vegetable functional beverages, logistics, and international trade, the company has established an extensive production infrastructure. Hongye Holding Group manufactures a range of products, including sodium percarbonate, thiourea dioxide, furfuryl alcohol, furfural, ester alcohol C-12, and canned beverages.
The companies have initiated the following developments:
- Fortum announced a new biorefinery project in Assam, India. It is expected to start production in 2024. The biorefinery is a joint venture of the Indian oil refinery company Numaligarh Refinery Limited (NRL), Chempolis and Fortum.
- In June 2023, Origin Materials announced startup of origin 1, world’s first commercial CMF (chloromethyl furfural) plant.
- In May 2021, The Kilombero Sugar Company, in which Illovo Sugar Africa holds 75% of the share share announced a major expansion project. This new development will increase the company’s sugar production from 127 000 tons of sugar per annum, to 271 000 tons.
- In May 2019 Pennakem, LLC, obtained the approval of use of its renewable solvent Viridisol M as a raw material authorized for natural detergents and natural detergents made with organic raw materials.
- In May 2017, The U.S. Department of Agriculture granted its “biobased” certificate to Lenzing Group’s acetic acid, furfural. This highlighted a significant strength in the company’s commitment to sustainability.
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