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Furfural Market - Positive Long-Term Growth Outlook 2020

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 for the global furfural market. 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.


Furfural has been identified as one of the major platform chemicals which are used to derive other industrial chemicals. 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. Obsolete production technologies affect the yield and increases the overall cost of production which is expected to remain a key challenge for market participants over the next six years.

Furfuryl alcohol was the largest application segment for furfural market and accounted for more than 86.3% of the total market in 2013. Increasing furan resins 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. Increasing furfural demand in markets such as Thailand, Indonesia, Malaysia and India is expected to augment the global market growth.

To Know More About Furfural Market Please Visit Us @ https://www.grandviewresearch.com/industry-analysis/furfural-market 

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. Western European furfural market is expected to grow at an estimated CAGR of 10.3% from 2014 to 2020.

Top Players of Furfural Market:

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.

Market Segmentation of Furfural Market:

The Global Furfural Market segmented on the basis of Application and Region.

By Application:

Furfuryl Alcohol
Solvents

By Region:

North America
Western Europe
Central & Eastern Europe
China 
Rest of Asia Pacific
RoW

Inquire about Furfural Market with Our Experts @ https://www.grandviewresearch.com/inquiry/670/ibb 
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