Global Furfural Market 2017-2021
Furfural is an organic compound derived from agricultural wastes such as corncobs, wheat bran, sugarcane bagasse, and oats. Furfural is the building block for polymers and solid elastomers in petrochemicals products. In recent years, furfural derivatives such as furan-2,5-dicarboxylic acid (FDCA), 5-hydroxymethylfurfural (HMF), and polytetrahydrofuran (poly-THF) have gained importance as fuel resources. Furfural is manufactured by conventional methods such as the Quaker Oats process. Also, it is produced directly from grain milling and processing method. Furfural is a colorless and oily liquid with an almond-like aroma. Its properties include thermosetting, corrosion resistance, and physical stress resistance.
Technavio’s analysts forecast the global furfural market to grow at a CAGR of 12.31% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global furfural market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of furfural.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Furfural market 2017-2021
Technavio recognizes the following companies as the key players in the global furfural market: Harborchem, Hongye holding group, LENZING, Penn A Kem, and TransFurans Chemicals.
Other Prominent Vendors in the market are: Furnova, GoodRich Sugar, hebeichem, LINZI ORGANIC CHEMICAL, Silvateam, Tanin Sevnica, TCI Chemicals, Zhucheng Taisheng Chemical, and Zibo Huaao Chemical.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing demand for green building. The demand for green building constructions, which are aimed for eco-friendliness, energy-efficiency, and reduction of CO2 emissions, is growing rapidly. It is estimated that the global green building construction market in the US has grown at a CAGR of 25.38% during 2014-2016. Moreover, this expeditious growth is due to the tax benefits provided by the governments. For instance, the US government has adopted the Energy Policy Act of 2005, which includes tax incentives on energy-efficient products. As wood is one of the most energy-efficient building material, demand for wood in green buildings is growing rapidly. This is expected to fuel the demand for furfural used in the treatment of these materials.”
According to the report, one of the major drivers for this market is Growing global apparel market. The global apparel market is expected to grow at a faster pace in developing economies, such as India, China, and Brazil, than in developed economies. Growing brand consciousness and disposable income are spurring the growth of the global apparel market, encouraging garment and textile manufacturers to develop modern designs and apparel of high quality.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuation in furfural prices. Furfural is mainly manufactured by natural raw materials such as corn cob, sugarcane bagasse, and rice husk. The market is considerably dependent on environmental and climatic conditions. Fluctuations in the prices of these seasonal raw materials have a significant impact on the price of furfural. These raw materials are used in several furfural applications. This has hampered the raw materials supply and resulted in high manufacturing cost for manufacturers. Also, the economic scenario plays a crucial role in the performance of the market. The pricing structure of raw materials differs from one region to another based on import and export tariffs. The uncertainty in economic activities affects the prices of raw materials and of furfural, thereby posing a challenge to the market.
Harborchem, Hongye holding group, LENZING, Penn A Kem, TransFurans Chemicals, Furnova, GoodRich Sugar, hebeichem, LINZI ORGANIC CHEMICAL, Silvateam, Tanin Sevnica, TCI Chemicals, Zhucheng Taisheng Chemical, and Zibo Huaao Chemical.
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