LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global furfural market is expected to grow at a CAGR of more than 12% during the forecast period.
This research report titled ‘Global Furfural Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global furfural market into the following type of application:
- Furfural alcohol
- Solvent
- Others
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The top two revenue-generating segments are discussed below:
Furfural alcohol
Furfural is an intermediate for producing various chemicals and is widely used in manufacturing furfural alcohol. Furfural alcohol produces furan resins which is used in the metal casting industry as sand binders. Due to rapid industrialization, developing countries are driving the demand for foundries which will increase the furan resins demand. End-user industries such as construction, plastics, and textiles use furfural alcohol. Corrosion resistance, low viscosity, and high reactivity are some of the characteristics of furfural. Furfural is also used in the manufacture of corrosion-resistant fiber-reinforced plastics, corrosion-resistant cement and mortar, and reactive solvent for phenolic resins in the refractory industry.
According to Kshama Upadhyay, a lead analyst at Technavio for specialty chemicals research, “Furfural alcohol is used in the manufacture of bio-based eco-friendly fibers or textiles. Manufacturers are differentiating their products based on a wide range of fabric goods with improved properties for various end-user applications. Moreover, as bio-based textiles are replacing synthetic textile, it is expected to drive the demand for furfural alcohol.”
Solvent
In the global furfural market, furfural solvent is one of the fastest-growing application segments. The growth can be attributed to the increasing demand from various applications such as pharmaceutical, agricultural formulations, and paints and coatings. Furfural solvents are widely used in the petroleum refining and extraction process. Its high demand is due to properties such as low VOC content and low toxicity.
In the pharmaceutical industry, it is used in a broad range of medical device applications due to its properties of biocompatibility, biodegradability, low toxicity, and resistance to temperature and chemicals. This has resulted in an improved sterilization performance, leading to various applications related to orthopedics, diagnostics, surgical devices, medical tubing for drug delivery, medical intermediates, and sterilization of medical equipment.
Others
Some of the other applications of furfural are manufacturing flavors and fragrance ingredients, soil conditioning, timber treatment, and biofuel applications. These applications consume a small amount of furfural, leading the global market for other applications to grow at a slower rate than other segments.
“The global fragrance ingredients market is likely to grow at a fast pace, due to the demand from end users such as the cosmetics, toiletries, soaps, and detergents industries. Increasing concern toward health and changing lifestyle of consumers has triggered the demand for bio-based chemicals in manufacturing food flavors and enhancers. Furfural is used to manufacture eco-friendly food-grade flavors,” says Kshama.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Harborchem
- Hongye holding group
- LENZING
- Penn A Kem
- TransFurans Chemicals
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