Furfural Market Size is valued at approximately USD 693.5 million in 2021 and is predicted to exceed a significant CAGR of 5.2 percent between 2022 and 2028. Furfural is widely used as a solvent or intermediate in various end-use industries such as foundry, agriculture, paints and coatings, pharmaceuticals, refineries, chemicals, automotive, and construction. Over the forecast period, the expanding construction sector is expected to supplement the demand for the product in several refractory materials, including ceramics, bricks, and fiberglass composites. Furfuryl alcohol is a chemical that is derived from furfural. Furfuryl alcohol plays a vital role in producing foundry sand binders due to its high reactivity. This alcohol has been extensively used for making cores and mold for metal for many decades. This is also used in the production of tetrahydrofurfuryl alcohol (THFA), widely used in the pharmaceutical industry. The increasing applications of furfuryl alcohol in various sectors are anticipated to drive the market’s growth over the forecast years. Market participants have observed an increase in the use of furfural-based products in the agrochemical industry as insecticides, nematicides, and fungicides. It is a component of several nematicides, including crop protectors and crop guards, which are also used as weed killers in horticulture. As an agrochemical, furfural is comparatively very harmless and easy to apply. In 2019, the Corn Cob segment accounted for a larger revenue share and is projected to grow with a CAGR of 5.0% from 2022 to 2028. Corncob is the most desired product because it has the highest hemicellulose content (30.0-35.0%) of any proven raw material for furfural. It has a higher economic value because it yields more than other products.
Recent Market Developments:
In June 2020, Origin Materials, a US- and Canada-based material development company, committed to the commercial manufacture of the versatile and sustainable chemical 5-chloromethyl furfural (CMF). At a commercial scale, Origin’s process produces CMF with a high carbon-negative cradle-to-gate footprint.
In June 2017, Tannin Corporation finalized an agreement to purchase Marden Wild Corporation. Marden Wild will continue to operate as a stand-alone company.