FURFURAL AND FURFURYL ALCOHOL MARKET
OVERVIEW
Furfural and furfuryl alcohol are crucial organic compounds widely utilized in various industries, including agriculture, pharmaceuticals, and chemicals.
Furfural serves as a precursor to furfuryl alcohol, which is predominantly used in the production of resins and as a solvent.
MARKET SIZE AND GROWTH
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MARKET SIZE (2023):
APPROXIMATELY USD 719.80
MILLION PROJECTED MARKET SIZE (2035): AROUNDUSD 1,165.42
MILLION
COMPOUND ANNUAL GROWTH RATE (CAGR): 5.50% DURING THE FORECAST PERIOD.
MARKET SEGMENTATION
By Type
Furfural: An organic compound derived from agricultural by-products like corncobs and sugarcane bagasse, primarily used as a solvent and in the production of other chemicals.
Furfuryl Alcohol: Produced from furfural, it is mainly utilized in manufacturing resins for foundry molds and cores.
By Application
Resins: Furfuryl alcohol is extensively used in producing furan resins for foundry applications.
Solvents: Both furfural and furfuryl alcohol serve as solvents in various industrial processes.
Corrosion Inhibitors: Utilized in formulations to prevent corrosion in different systems.
Others: Includes applications in pharmaceuticals, agriculture, and food industries.
REGIONAL ANALYSIS
Study focuses on evaluating the market landscape, consumer trends, and competition pertinent to the new product.
MIDDLE EAST & AFRICA
Emerging demand due to expanding chemical and manufacturing industries.
EUROPE
Significant demand from chemical, automotive, and construction sectors.
NORTH AMERICA
Driven by applications in plastics, resins, and industrial solvents
ASIA-PACIFIC
Largest market, led by China; abundant raw materials and strong industrial demand.
KEY PLAYERS
Illovo Sugar
Africa
Henan
Huilong Chemical
Silvateam
Penn A Kem Central Romana Corporation
