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Furfural Market Size, Share, and Industry Analysis, By Raw Material (Sugarcane Bagasse, Corncob, Rice Husk, and Others), By Application (Furfuryl Alcohol, Solvent, Intermediate, and Others), By End-use Industry (Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverages, and Others), and Regional Forecast, 2024-2032

Report Format: PDF | Published Date: Ongoing | Report ID: FBI109668 | Status : Upcoming

Furfural, a versatile organic compound derived from agricultural waste, has found a substantial application within the paints and coatings segment, driving innovation and sustainability in this industry. Its unique properties, such as high reactivity and the ability to readily undergo condensation reactions, make it a valuable component in the synthesis of resins and other binding agents used in paint formulations. The paints & coatings segment primarily drives the furfural market.


The pharmaceutical sector also drives the furfural market. Furfural serves as a precursor in the manufacture of furan-based antibiotics, a class of compounds known for their effectiveness in combating bacterial infections. Additionally, it is instrumental in the synthesis of antimalarial drugs, contributing to the global fight against malaria. The pharmaceutical industry leverages furfural to produce vitamin B1, essential for maintaining a healthy nervous system.



  • The government of China provides grants and subsidies to encourage the establishment of furfural production facilities, especially those utilizing waste biomass from agricultural activities, thus promoting waste valorization and circular economy principles.


The application of furfural-based products in paints and coatings extends to various sectors, including automotive, marine, and industrial machinery, where the demand for durable and resistant coatings is particularly high. In the automotive industry, furfural derivatives are used in underbody coatings and primer surfacers, offering enhanced protection against corrosive elements and contributing to vehicle longevity.



  • In 2022, Asia Pacific dominated the furfural market with approximately 50% of the market share.


The major furfural market consumers by region are China, Japan, and India in Asia Pacific, the U.S. and Canada in North America, Germany and France in Europe, and Saudi Arabia and UAE in the Middle East.



  • In 2021, total pharmaceutical sales in North America accounted for 49% globally.

  • Europe accounted for around 24% of the total pharmaceutical sales in 2021.


Segmentation


















By Raw Material



By Application



By End-use Industry



By Geography




  • Sugarcane Bagasse

  • Corncob

  • Rice Husk

  • Others



 



  • Furfuryl Alcohol

  • Solvent

  • Intermediate

  • Others



 



  • Agriculture

  • Paints & Coatings

  • Pharmaceuticals

  • Food & Beverages

  • Others


 




  • North America (U.S. and Canada)

  • Europe (Germany, France, Italy, the U.K., and the Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (GCC, South Africa, and the Rest of Middle East & Africa)



Key Insights


The report covers the following key insights:



  • Key Emerging Trends – For Major Regions

  • Key Developments: Mergers, Acquisition, and Partnerships

  • Latest Technological Advancement

  • Insights on Sustainability

  • Porters Five Forces Analysis

  • Impact of COVID-19 on the Market


Analysis by Raw Material


By raw material, the market is segregated into sugarcane bagasse, corncob, rice husk, and others. The sugarcane bagasse segment holds a significant share of the global furfural market.



  • Furfural, an organic compound derived from biomass, plays a significant role in valorizing sugarcane bagasse, a byproduct of the sugar industry. Its production from sugarcane bagasse represents a sustainable approach to waste utilization, turning agricultural residues into valuable chemicals.

  • As a key intermediate in the manufacture of bio-based chemicals and materials, furfural enhances the economic viability of the sugarcane industry by diversifying its product portfolio.


Analysis by Application


By application, the market is divided into furfuryl alcohol, solvent, intermediate, and others. The solvent segment holds a considerable share of the global furfural market.



  • The application of furfural in the solvent segment marks a significant stride in industrial and chemical processes, offering an eco-friendly alternative to traditional petroleum-based solvents.

  • As a highly selective solvent, furfural is integral in refining lubricating oils and removing unsaturated components, improving the quality and efficiency of lubricants.


Analysis by End-use Industry


By end-use industry, the market is classified into agriculture, paints & coatings, pharmaceuticals, food & beverages, and others. The agriculture segment holds a considerable share of the global furfural market.



  • The furfural market significantly contributes to the agriculture sector, serving as a key component in various agricultural applications.

  • Its role in producing furfuryl alcohol, a precursor for creating bio-based, resistant agricultural chemicals, showcases its versatility.


Regional Analysis



The global market is geographically segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific holds a considerable share of the furfural market. Rapid industrialization across countries, such as China and India, fuels demand for furfural in various applications, including solvents, pharmaceuticals, and chemicals. The growing emphasis on sustainability and eco-friendly products further accelerates the adoption of furfural, aligning with global environmental goals.


Global Paints & Coatings Production, 2022



  • China – 35%

  • European Union – 18%

  • North America- 15%

  • Rest of world – 32%


Key Players Covered


The report will include the profiles of key players, such as Silvateam, Illovo Sugar, Hongye Holding Corporation Limited, KRBL Limited, Lenzing AG, Merck KGaA, and Central Romana Corporation.


Key Industry Developments



  • In 2022, The Numaligarh refinery planned to establish a biorefinery with a capacity of USD 212 million to produce bioethanol using 5 million metric tonnes of bamboo annually. The refinery will also receive chipped bamboo from these units to produce 49 metric tonnes of ethanol, 19 MT of furfural, 11 MT of acetic acid, and other related products.

  • In 2021, Sappi started working on the expansion of the furfural pilot plant, which will be operational in 2022. Pending successful results and further approvals, Sappi may construct a commercial furfural plant at the mill.

  • Global
  • 2023
  • 2019-2022
  • PRICE
  • $ 4850
    $ 5850
    $ 6850
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