According to the business intelligence report titled ‘Global Furfural Market 2022-2028’, available with MarketStudyReport, global furfural market which stood at a valuation of USD 1,108 million in 2021 is anticipated to grow at a CAGR of 6.3% and subsequently amass USD 1,699 million by the end of the analysis timeframe.

Growing inclination towards bio-based solvents and sustainable products as a consequence to rising environmental concerns is likely to boost global furfural market development.

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In addition, increasing product utilization across several end-use verticals, primarily the construction, will uncover new opportunities for market expansion over the forecast duration.

For those unaware, furfural refers to a heterocyclic aldehyde that can be derived from agricultural raw materials containing some amount of pentosans and lignocellulosic feedstock. It is a vital ingredient to produce furfuryl alcohol and furan.

Mainly utilized as an intermediary across industries, its current state of manufacturing technique is outdated involving high acid consumption and high steam usage leading to considerably low output, which is a major challenge for industry players to
overcome.  

Apart from growth drivers, the research literature illustrates key trends at a macro level to facilitate a clear understanding of worldwide furfural market dynamics during the study period. Additionally, an intricate analysis of current and upcoming challenges, along with precise solutions to tackle them is encompassed in the document.

Speaking of segmentation, the market space is segregated in terms of source (rice husk, bagasse, corncobs, others), application spectrum (furfuryl alcohol, solvents, pharmaceuticals, chemical intermediates, others), end user (agricultural formulations, chemicals, pharmaceuticals, food & beverages, others), and regional extent (North America, Asia Pacific, Europe).

Considering the competitive framework, TransFurans Chemicals BVBA, Silvateam S.p.A., Lenzing AG, KRBL Ltd., Henan Huilong Chemicals Co., Ltd., Tanin dd Sevnica, Minafin Group, Hebei Xingtai Chunlei Furfuryl Alcohol Co. Ltd.,  Xingtai Chunlei Furfuryl Alcohol Co. Ltd., Central Romana Corporation, Aurus Speciality Company Ltd., Shanxi Province Gaoping Chemical Co. Ltd., Shandong Yino Biologic Materials Co. Ltd.,  Hongye Holding Group Corporation Ltd., and Shandong Longxin Chemical Group Co. Ltd. are the leading players influencing global furfural market trends.