Thursday, June, 20, 2019 11:09:22

Furfural Market will witness substantial growth in the pharmaceutical sector by 2024

Increase in consumption of pesticides and fungicides in agriculture sector in various countries has flourished the furfural market. Rise in demand of the product in pharmaceutical sector is one of the prime indicators in boosting the industry growth. Moreover, furfural market is expected to escalate with changing trend in food & beverages in customers is expected to have a positive impact on the market size.

Growing awareness regarding using eco-friendly products and supporting regulations regarding the same created by Registration Evaluation Authorization and Restriction of Chemicals (REACH) and Environmental Protection Agency (EPA) will augment the furfural market. However, ineffective production process yielding low product quality and utilization of expensive technologies may restrict the future market growth.

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Increasing investment done in research & development activities by several market leaders will fuel the furfural market. Corrosive & physical resistance and thermosetting properties are few other key drivers to boost the market size. Basic raw materials used in manufacturing this product are almond husk, oat husk, cotton husk, bagasse, rice husk, bran and corn cobs.

Furfural market is used in various industries which include intermediaries, pharmaceuticals, solvents and furfural alcohol. Some other applications of the product market are herbicides, insecticides, pesticides and flavours & fragrances. Among this, furfuryl alcohol dominates the application segment due to its growing use as a binder in foundry industry as it offers superior binding properties and mechanical strength which are most needed in sand molds and cores of foundries.

The product is used in many end-use industries into pharmaceuticals, paints & coatings, agricultural formulations and petroleum refineries. Amongst, pharmaceutical and agriculture sector is expected to drive the product demand owing to its wide range of furan based solvents and chemicals.

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Europe is second largest furfural market due to rising regulations created by REACH in using eco-friendly chemical products. Rising awareness regarding furfural among customers has accelerated the market demand. Moreover, furan derivatives are used in various applications including production of construction material, textiles and polymers which will augment the furfural market.

Global furfural market is fragmented and highly competitive in nature with presence of numerous regional and international players, worldwide. Several key industry players are Tanin Sevnica, Silvateam, Penn A Kem, Lenzing, KRBL, Illovo, Hongye Holding, Central Romana and Arcoy. Other prominent players are Hebei Furan International, Zhucheng Taisheng, Novel Organic, Furnova Polymers, Shangdong Ruide Chemical, Welldon Trading and Zibo Xinye Chemical.

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