QY Research recently published a research report, titled, “Global Furfural Market Research Report 2019”. The report analyses the global furfural market by studying the market using primary and secondary research methodologies. The report deeply analyses the market by focussing on elements such as market size, drivers and restrains, segment analysis, geographical outlook, major manufacturers, and the competitive landscape.
The global furfural market was valued at US$731 mn in 2018 is expected to reach US$1048.88 mn by the end of 2025, surging at a CAGR of 4.96% during 2019-2025.
Global Furfural Market: Drivers and Opportunities
There are multiple factors contributing towards the growth of global furfural market. Furfural is produced from the hemicellulose fraction of agriculture residue, which makes it environment friendly. In order to replace non-renewable resources it is used for the production of foundry adhesives, resins, and wetting agents. This is attributed to its properties to dissolve aromatics and other unsaturated olefins. It is also used for extraction of butadiene, lubrication oils, and chemical extraction processes. Other features include excellent chemical, mechanical, thermal properties. Low viscosity and high reactivity gives it an edge over other materials. This material is also used in binding refractory materials and resin-bonded grinding. The construction industry is increasingly demanding furfural for the production of ceramics, fiberglass composites, and bricks.
There is a high demand for sustainable products to replace non-renewable resources. Furfural offers properties that can significantly reduce the use of fossil fuels. These factors are expected to increase the future demand of global furfural market.
Global Furfural Market: Segment Analysis
The global furfural market contains two segment, type and application. The type segment includes purity 99%, purity 98.5%, and others. The application includes solvent, furfural alcohol, and others.
Global Furfural Market: Geographical Outlook
The global furfural market has been divided into various regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. China holds the largest share in the market owing to the growth of metal industry. The country also exports the material to various other regions. Thus, it is a significant consumer as well as manufacturer. North America and Middle East & Africa are expected to hold decent market shares in the near future.
Global Furfural Market: Major Manufacturers
The key players in the global furfural market are Hongye Chemical, Lenzing, Penn A Kem, Central Romana, Illovo Sugar, Zhongkang, Hebei Xingtai Chunlei, Silvateam, Shijiazhuang Guangxin Weiye, Zhucheng Taisheng Chemical, Zibo Huaao Chemical, Henan Huilong Chemical, and Pingquan Fengsheng Chemica.
Global Furfural Market: Competitive Landscape
Companies are increasingly moving towards furfural due to its various advantages. This has increased the competition in the market. To combat the same, companies are developing new strategies like product development, investments in innovative technologies, and joint ventures to boost their businesses. The research report provides a comprehensive understanding to the reader about all these strategies.
This report is expected to give the reader all the necessary understanding of the market. It will also help the reader to focus on the current market trends to make the well-researched business decisions.
Full Report Overview@ https://www.qyresearch.com/index/detail/1243624/global-furfural-market