Furfural Market - Global Industry Report, 2026
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.
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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.
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 fura