Shift in trend towards reducing reliance on conventional petrochemicals is expected to drive furfural demand.
San Francisco, California (PRWEB) January 06, 2015
The Global Furfural Market is expected to reach USD 1,200.9 million by 2020, according to a new study by Grand View Research, Inc. An industry shift towards minimizing dependence on conventional petrochemicals on account of growing environmental concerns and volatile prices is expected to remain a key driving factor in the global furfural market. Furfural has been identified as one of the major platform chemicals which are used to derive other industrial chemicals. The emergence of novel furfural application to manufacture THF, furfuryl alcohol resins and furanics is also expected to have a positive influence on the market growth. Technology innovation, particularly aimed at reducing production cost, is expected to remain a key challenge for market participants over the next six years.
Browse full report on Global Furfural Market at - http://www.grandviewresearch.com/industry-analysis/furfural-market
Furfuryl alcohol was the largest application market for furfural and accounted for over 86.3% of the total demand in 2013. Increasing furan resin demand in foundry applications such as sand binders is expected to remain a key driving factor for this segment. Global furfural demand for solvents is expected to grow at an estimated CAGR of 13.3% from 2014 to 2020.
Further key findings from the study suggest:
- Global furfural market demand was 300 kilotons in 2013 and is expected to reach 652.5 kilotons by 2020, growing at a CAGR of 11.9% from 2014 to 2020.
- China emerged as the leading regional market for furfural and accounted for 72.6% of total market volume in 2013. China along with being the largest consumer is also the largest producer of furfural which has been a major factor for the growth of the domestic market. Low production cost of furfural in China is expected to remain a key driving factor in the domestic market. However, tight raw material supply continues to remain a concern for market participants. The prices of corn cob have witnessed an upward trend in the recent past which has prompted the government agencies to stockpile corn cob.
- Increasing furfural demand in markets such as Thailand, Indonesia, Malaysia and India is expected to augment the global market growth. Growth of major end-use industries such as chemicals, pharmaceuticals and foundry industries, particularly in emerging markets of Asia Pacific is expected to be a major factor contributing to the market growth. The western European furfural market is expected to grow at an estimated CAGR of 10.3% from 2014 to 2020.
- Global furfural market is fragmented with a presence of a large number of small scale manufacturers in China. Major companies are integrated along the value chain and are involved in the production of furfural derivatives such as furfuryl alcohol. Some of the major companies operating in the global market include Teiling, Central Romana Corp., International Furan Chemicals, TransFurans Chemicals, Penn A Kem LLC and Sugar Illovo Ltd.
For the purpose of this study, Grand View Research has segmented the furfural market on the basis of application and region:
Global Furfural Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
- Furfuryl Alcohol
Global Furfural Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
- North America
- Western Europe
- Central & Eastern Europe
- Rest of Asia Pacific
More information on Furfural Market at - http://www.grandviewresearch.com/industry-analysis/furfural-market
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
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