Global Furfural Solvent Industry Assessment 2020-2025 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Furfural Solvent Market - Growth, Trends and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.

The global market for the furfural solvent is expected to grow at a CAGR of about 5% during the forecast period.

The major factor driving the market studied is the non-toxicity and low volatile organic compound (VOC) content of the furfural solvent. On the flip side, the limited availability of raw material and unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market are hindering the growth of the market.

• The development of various new furfural derivatives is expected to offer various opportunities for the growth of the market.
• The agrochemicals sector is expected to dominate the furfural solvent market over the forecast period.
• Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.

Key Market Trends

Increasing Demand from Agrochemicals Segment

• Furfural solvent is used in formulating the various agrochemicals like pesticides, fungicides, herbicides, etc. Furfural solvent has replaced harmful components present in the abovementioned agrochemicals.
• As of 2019, there remain some 2.7 billion hectares of land with potential for crop production in the world, concentrated in Asia-Pacific, South and Central American and Sub-Saharan Africa.
• To meet the growing food demands for the ever-increasing global population, demand for agrochemicals is also increasing, with the market anticipated to grow at a CAGR of approximately 4% during the forecast period.
• Therefore, the growing demand from the agrochemicals segment is expected to boost the demand for the furfural solvent market during the forecast period.

Asia-Pacific to Dominate the Global Market

• Asia-Pacific is expected to be the largest market for furfural solvent, during the forecast period. This is because the region dominates the market for end-user industries such as petroleum refining, agrochemicals, paints & coatings, and pharmaceuticals.
• The Asian chemical processing market is anticipated to reach USD 1,300 billion in 2020, with China, Japan and India dominating the market, globally. Furfural as a chemical intermediate is used to produce many important industrial chemicals.
• The paints & coatings industry in the Asia-Pacific region is expected to grow at a healthy CAGR of approximately 6%. This is because, in Asia-Pacific, China is expected to witness the highest growth in the construction activities, followed by India. In China, government spending on constructing affordable housing facilities has been increased to cater to the housing demand. In addition, the public-private partnership (PPP) projects have also been increasing in the domestic construction sector. Furfural is used as a solvent in paints & coatings.
• Some of the major companies operating in the Asia-Pacific region are Shandong Crownchem Industries Co., Ltd and Xing Tai Chunlei Furfural Alcohol Ltd., etc.,

Competitive Landscape

The global furfural solvent market is fragmented with the presence of both international and domestic players in the market. The major companies include Pennakem, LLC, Xing Tai Chunlei Furfural Alcohol Ltd., Silvateam S.p.a., ILLOVO SUGAR AFRICA (PTY) LTD, Shandong Crownchem Industries Co., Ltd.

Key Topics Covered

1 Introduction

1.1 Study Assumptions

1.2 Scope of Study

2 Research Methodology

3 Executive Summary

4 Market Dynamics

4.1 Drivers

4.1.1 Non Toxicity and Low Volatile Organic Compound Content of Furfural Solvent

4.1.2 Other Drivers

4.2 Restraints

4.2.1 Limited Availability of Raw Material

4.2.2 Unfavorable Conditions Arising due to COVID-19 Outbreak

4.3 Industry Value Chain Analysis

4.4 Porters Five Forces Analysis

4.5 Regulatory Policies

5 Market Segmentation

5.1 End-user Industry

5.1.1 Petroleum Refining

5.1.2 Agrochemicals

5.1.3 Paints & Coatings

5.1.4 Pharmaceuticals

5.1.5 Others

5.2 Geography

5.2.1 Asia-Pacific

5.2.2 North America

5.2.3 Europe

5.2.4 South America

5.2.5 Middle-East and Africa

6 Competitive Landscape

6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share (%)/Ranking Analysis

6.3 Strategies Adopted by Leading Players

6.4 Company Profiles

6.4.1 Alchem Chemical Co.

6.4.2 Furfural Espanol SA

6.4.3 Goodrich Sugar & Chemical

6.4.4 Harborchem

6.4.5 ILLOVO SUGAR AFRICA (PTY) Ltd.

6.4.6 Linzi Organic Chemical

6.4.7 Pennakem, LLC

6.4.8 Shandong Crownchem Industries Co. Ltd.

6.4.9 Silvateam S.p.A.

6.4.10 Teijing North Furfural Co.

6.4.11 The Good Scents

6.4.12 Transfurans Chemicals

6.4.13 Xing Tai Chunlei Furfural Alcohol Ltd.

7 Market Opportunities and Future Trends

7.1 Development of Various New Furfural Derivatives

7.2 Other Opportunities

For more information about this report visit https://www.researchandmarkets.com/r/yu4gjx