The global furfural market was valued at US$ 416.97 Mn in 2017 and is anticipated to expand at a CAGR of 5.5% from 2018 to 2026, according to a new report titled ‘Furfural Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research (TMR). Rise in demand for furfuryl alcohol is driving the global furfural market. Asia Pacific accounts for major share of the global furfural market, led by the increase in usage of furfural in the manufacture of furfuryl alcohol in the region.
Substitution
of Fossil Fuel Resources with Renewable Alternatives
Increase in
concerns about the adverse effects of fossil resources has led to the need for
replacement of these fuels with renewable alternatives. Of late, furfural has
gained renewed attention as a potential platform for the production of biofuels
and biochemicals. U.S. Department of Energy selected furfural as one of the top
30 platform chemicals that can be derived from biomass. Furfural possesses
attractive thermosetting properties such as physical strength and corrosion
resistance. Furfural is mainly manufactured from biomass. Furfural is less
costly and abundantly available. The yield and production of furfural and its
derivatives need to improve significantly for the chemical to compete with
petroleum-based products. Companies have developed a new technology to produce
furfural. This has led to better yield and lower steam consumption vis-à-vis
the traditional process. The technology is anticipated to gain wide acceptance
in the market in the near future. This is estimated to lower the cost of
furfural in the next few years.
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Rise in Demand for Furfuryl Alcohol
Furfuryl
alcohol is a commonly derived chemical from furfural. It accounts for almost
80% of the total consumption of furfural. Furfuryl alcohol is the major
ingredient in furan foundry binders. This reactive alcohol plays a vital role
in the production of foundry sand binders. It has been extensively used to
produce cores and molds for metal casting since more than 40 years. Large
portion of furfuryl alcohol is purchased by foundry binder suppliers. The
chemical possesses properties such as low viscosity, high reactivity, and
excellent solvent characteristics. This has boosted its usage in other fields.
Furfuryl alcohol is employed in the production of abrasive wheels and adhesives
based on urea–formaldehyde resins due to its wetting-dispersant property. It is
also used in the production of tetrahydrofurfuryl alcohol (THFA), which is
employed as a solvent in the pharmaceutical industry. Furfuryl alcohol is
primarily employed in the production of furan resins employed for foundry sand
binders in the metal casting industry. Currently, furfuryl alcohol is used
widely in binders for traditional furan no-bake systems. In smaller quantities,
it is employed in furan hot-box, warm-box, and gas-hardened processes. In its
key application, i.e. the foundry sector, furfuryl alcohol competes primarily
with phenol, the feedstock for phenolic resins. Thus, increase in demand for
furfuryl alcohol in foundry applications is boosting the furfural market.
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Inefficient Production Leading to
Low Yield and High Product Price
Currently,
furfural is commercially produced by any of the following major manufacturing
processes: Quaker batch process, Chinese batch process, and Rosenlew continuous
process. Modern commercial production processes are inefficient (25–35 t steam
t−1 furfural) and also give low yield (<50 mol% of theoretical). The cost of
running plants is high, as the yield from production processes is less than
50%. This results in high product price. The price of furfural needs to be low
for it to achieve higher penetration in various end-user industries.
Production
processes generate significant quantities of wastewater. This wastewater, which
is contaminated with acetic acid and other organic compounds, is expensive to
treat. Several China-based furfural plants are compelled to either treat their
effluents or cease production.
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Asia Pacific Dominates Global
Furfural Market
In terms of
demand, Asia Pacific is expected to hold dominant share of the furfural market
during the forecast period. The furfural market in the region is anticipated to
expand at a faster pace than that in other regions during the forecast period
owing to the rise in consumption of furfural in foundry and chemical industries
in the region. The furfural market in Middle East & Africa is anticipated
to expand due to the rise in demand for furfural in the metal casting industry
in the region. Latin America, especially Brazil, is projected to be an emerging
region of the global furfural market during the forecast period. The market in
Europe and North America is estimated to expand at a substantial pace during
the forecast period due to the presence of well-established fertilizer and
chemical manufacturing industries in these regions.
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High Degree of Competition among
Established Players
Key players
profiled in the report on the global furfural market include Pennakem, LLC,
Central Romana Corporation, Silvateam S.P.A., Lenzing Group, Behran Oil Co.,
ILLOVO SUGAR (PTY) LTD, Aurus Specialty Company, Henan Huilong Chemical Co.,
Ltd., Shandong Crownchem Industries Co., Ltd., and Hebei Furan International
Co., Ltd.
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