In a recent published report, Kenneth Research has updated the market report for Furfural Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Furfural Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Furfural Market is estimated to reach $1,739 million by 2024; growing at a CAGR of 11% from 2016 to 2024. Furfural (C5H4O2) is an organic compound originated from a variety of agricultural byproducts such as oat, corncobs, rice husk, wheat bran, and saw dust. It is a clear colorless or a slight yellowish liquid in nature. It is a natural precursor to furan-based chemicals. Some properties of furfural include thermosetting, corrosive resistance and physical resistance, which have led to its around 70% contribution to production of resin. Rising awareness regarding the renewable substitutes has obliged companies to increase production of biomass based chemicals including furfural to produce resins, additives, and fuels to replace non-renewable resources such as petrochemicals.
Growing environmental awareness to renewable alternatives in order to replace fossil resources, and increasing production of furfural in emerging economies are the major factor to fuel the growth of global furfural market. However, increase in overall cost production is the major hindrance for the market growth. Moreover, development of efficient and new technologies, and demand for furfural in pharmaceutical industry is likely to disclose new avenues for the market in the forecast period.
The global furfural market is bifurcated on the basis of raw material, application, and geography. Raw material is divided into rice husk, corn cobs, bagasse, and other raw materials. While, furfuryl alcohol, pharmaceutical agents, solvents, and other applications are the bifurcation of application segment.
On the basis of geography, the global furfural market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of Germany, Italy, Scandinavia & CIS Region, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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Prominent players in the global market include Arcoy Biorefinery Pvt. Ltd., Hongye Holding Group Corporation Ltd., TransFuran Chemicals bvba, Central Romana Corporation, Illovo Sugar (Pty) Ltd, Silvateam S.P.A., KRBL Ltd., Nutrafur S.A., Tieling North Furfural (Group) Co., and Xingtai Chunlei Furfuryl Alcohol Co., Ltd., among others.
The key takeaways from the report
The report will provide detailed analysis of Global Furfural Market with respect to major segments such as raw material, application, and geography
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Furfural Market has been included in the report
Profile of the key players in the Global Furfural Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Furfural Market
Raw Materials Segments
Other Raw Materials
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Scandinavia & CIS Region
Rest of Europe
Rest of Asia-Pacific
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