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:
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.
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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.
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.
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.
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.
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 Sugarcane Bagasse
q Rice Husk
q Sunflower Hull
By Production Process the global Furfural Market has been divided into:
q Chinese Batch Process
q Quaker Batch Process
q Rosenlew Continuous Process
By Application the global Furfural Market has been divided into:
q Paints and coatings
q Foods and Beverages
q Furfuryl Alcohol
By End Usage the global Furfural Market has been divided into:
By Distributional Channel the global Furfural Market has been divided into:
q Supermarkets and Hypermarkets
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 Shandong Crownchem Industries
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.
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, 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.
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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:
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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
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