The global furfural market is expected to reach USD 1,200.9 million by 2020, according to a new study by Grand View Research, Inc. Industry shift towards minimizing dependence on conventional petrochemicals on account of growing environmental concerns and volatile prices is expected to remain a key driving factor for the global furfural market. Furfural has been identified as one of the major platform chemicals which are used to derive other industrial chemicals. Emergence of novel furfural application to manufacture THF, furfuryl alcohol resins and furanics is also expected to have a positive influence on the market growth. Obsolete production technologies affect the yield and increases the overall cost of production which is expected to remain a key challenge for market participants over the next six years.
Furfuryl alcohol was the largest application segment for furfural market and accounted for more than 86.3% of the total market in 2013. Increasing furan resins demand in foundry applications such as sand binders is expected to remain a key driving factor for this segment. Global furfural demand for solvents is expected to grow at an estimated CAGR of 13.3% from 2014 to 2020.
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Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environment