Global Furfural Solvent Market, By Raw Material (Corn Cob, Rice, Husk, Sugarcane Bagasse, Others), Application (Petroleum Refining, Agricultural Formulations, Paints and Coatings, Pharmaceuticals, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Over the last few years, the furfural solvent has increased demand for the non-toxicity and low volatile organic compound (VOC) content. Additionally, there has been strong development in manufacturing sector, which have significantly contributed to the furfural solvent market’s demand, thus increasing the overall growth for the market.
Global furfural solvent market was valued at USD 119.03 million in 2021 and is expected to reach USD 156.74 million by 2029, registering a CAGR of 3.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Raw Material (Corn Cob, Rice, Husk, Sugarcane Bagasse, Others), Application (Petroleum Refining, Agricultural Formulations, Paints and Coatings, Pharmaceuticals, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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TransFurans Chemicals bvba (Belgium), Central Romana Corporation (Dominican Republic), Pennakem, LLC (U.S.), Silvateam S.p.a (Italy), ILLOVO SUGAR AFRICA (PTY) LTD (South Africa), Hebeichem (Malaysia), Hongye Chemical (China), KRBL (India), Merck KGaA (Germany), Lenzing AG(Austria), Tannin Corporation (Slovenia), Hefei TNJ Chemical Industry Co.,Ltd. (China), Neste (Finland), Soltex Inc. (U.S.), Hengyi Industries Sdn Bhd (Malaysia), BASF SE (Germany), Ashland Inc., (U.S.), Adrol (U.S.) and Shandong Crownchem Industries Co., Ltd (China)
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Market Opportunities
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Market Definition
Furfural alcohol, also known as 2-furylmethanol is basically furan with a hydroxymethyl group added is the basis of the chemical molecule. Bagasse from sugarcane and corn cobs are used to make furfural. By reducing furfural with a catalyst, furfural alcohol is produced. Furfural alcohol is typically employed as a solvent, but its principal application is as a chemical intermediary in the production of numerous other compounds, including wetting agents, adhesives, and foundry resins.
Furfural Solvent Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Demand for Furfural Solvents
In refineries, furfural solvent is frequently used to extract butadiene, naptane, and other lubricants. Other industrial extraction procedures also employ furfural. Quaker batch processing and Rosenlew continuous processing are used to create furfural solvent. Tetrahydrofurfuryl alcohol (THFA), which is frequently utilized in the pharmaceutical business, is also produced using it. The World Foundry Organization predicts that the foundry market in India, which is anticipated to be the second-largest in the world after China, will expand by 13.0–14.0 percent through 2025. As a result, the market for furfural is being driven up by the expanding foundry sector's demand for furfural alcohol.
- Increased Usage Across Agrochemicals
Around 2.7 billion acres of land had the potential to be used for crop production as of 2019, mostly in Asia-Pacific, South and Central America, and Sub-Saharan Africa. Different agrochemicals, including insecticides, fungicides, and herbicides, are made using the furfural solvent. In the agrochemicals described above, furfural solvent has substituted hazardous components. The agrochemical market is expected to develop at a CAGR of roughly 4% during the projected period to keep up with the rising demand for food from the world's ever-increasing population. As a result, it is anticipated that demand for the furfural solvent market would increase throughout the projected period due to the growing demand from the agrochemicals segment.
The non-toxicity and low volatile organic compound content of furfural solvent will further propel the growth rate of furfural solvent market. Additionally, the furfural chemicals are experiencing faster market expansion due to rising consumer demand for bio-based, environmentally friendly, and renewable chemicals. The expansion and growth of the various end use industries are projected to bolster the growth of the market.
Opportunities
- Favorable Legislation and Technological Developments
Furthermore, the demand for organic chemicals across various sectors is expanding due to favorable legislation regarding the incorporation of bio-based products in certain end-use industries, which further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the technological developments in the furfural manufacturing process will significantly increase the production yield from important raw materials, producing economies of scale, which will further expand the future growth of the furfural solvent market.
Restraints/Challenges
- Availability of Furfural Alternatives
The market for furfural solvent is being constrained by the availability of crude oil-based substitute products that are substantially less expensive. In the foundry sector, furan resin is used to make binders. However, a number of primary responders stated that phenolic resin, which is made from crude oil, is less expensive than furan resin. Additionally, polytetramethylene ether glycol (PTMEG), which is used to make spandex for the textile industry, is made with butanediol (BDO). Although THF, a furfural derivative, can be used to manufacture spandex, its greater cost as a result of furfural manufacturing makes it less attractive than BDO.
- Low Furfural Yield From Conventional Technology
The most well-known process, the Quaker Oats technique, is used to convert the chemical furfural, which is generated from biomass, into a variety of chemical compounds and fuels. However, the commercial application of this technique was unable to produce the same results as the pilot tests. Additionally, several investigations have been conducted to comprehend the reaction mechanisms for furfural production from agricultural/wood residues. Scaling up these investigations is the current focus in order to increase furfural yield on a commercial scale. The low furfural yield from the conventional technology will pose as a challenge the furfural solvent market growth rate.
This furfural solvent market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the furfural solvent market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Furfural Solvent Market
The recent outbreak of coronavirus caused a disturbance in the worldwide supply chain, which had a detrimental effect on the solvents market. The market primarily depends on expansion in the construction, automotive, shipbuilding, and aviation manufacturing industries because solvents are used in paints and coatings applications in these sectors. The world's greatest market for manufacturing and construction is China. A severe lockdown in the major regions of China has impeded construction activities. The COVID-19 outbreak, which affected demand for furfural solvent, was the main cause of the decline in paint and coatings demand in the first quarter of this year.
Global Furfural Solvent Market Scope
The furfural solvent market is segmented on the basis of raw material and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Raw Material
- Corn Cob
- Rice
- Husk
- Sugarcane Bagasse
- Others
Application
- Petroleum Refining
- Agricultural Formulations
- Paints and Coatings
- Pharmaceuticals
- Others
Furfural Solvent Market Regional Analysis/Insights
The furfural solvent market is analyzed and market size insights and trends are provided by country, raw material and application as referenced above.
The countries covered in the furfural solvent market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rising global demand for different bio-based chemicals within the region.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the growth in construction activities in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Furfural Solvent Market Share Analysis
The furfural solvent market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to furfural solvent market.
Some of the major players operating in the furfural solvent market are
- TransFurans Chemicals bvba (Belgium)
- Central Romana Corporation (Dominican Republic)
- Pennakem, LLC (U.S.)
- Silvateam S.p.a (Italy)
- ILLOVO SUGAR AFRICA (PTY) LTD (South Africa)
- Hebeichem (Malaysia)
- Hongye Chemical (China)
- KRBL (India)
- Merck KGaA (Germany)
- Lenzing AG(Austria)
- Tannin Corporation (Slovenia)
- Hefei TNJ Chemical Industry Co., Ltd. (China)
- Hefei TNJ Chemical Industry Co.,Ltd. (China)
- Neste (Finland)
- Soltex Inc. (U.S.)
- Hengyi Industries Sdn Bhd (Malaysia)
- BASF SE (Germany)
- Ashland Inc., (U.S.)
- Adrol (U.S.)
- Shandong Crownchem Industries Co., Ltd (China)
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