Description :
The global furfural market generated revenue of $ 663.5 million in 2015 , and is estimated to reach $ 1,434.1 million by 2022 , registering a CAGR of 11.6 % during the forecast period .
Furfural is an organic , renewable , non-petroleum-based chemical feedstock derived from agricultural by-products such as corn cobs , rice husk , sugarcane bagasse , cotton husk , oat husk , almond husk , olive press cake , and others . It is colorless or a little yellowish chemical compound that quickly darkens on exposure to air . Furfural is manufactured by using pentosan-containing residues , which are obtained from the processing of various agricultural or forest products . Furfural is processed in a digester under high-pressure steam and is recovered by steam distillation , followed by water – furfural separation and purification . It is suitable for the production of resins owing to its unique characteristics such as corrosion resistance , and thermosetting properties . Furfural is applicable as a solvent to refine lubricating oils and decolorizing agents , in purification of C4 and C5 hydrocarbons , as a reactive solvent and good wetting agent , and as a unique chemical feedstock for other furan derivatives . Moreover , it is used as flavors & fragrance agent ; for producing herbicides & pesticides and in the manufacturing of synthetic materials and plastics . It is also used as an inert polymer concrete ; perfumes , and as a solvent for cellulose esters ; as additive fuel for rockets , and to accelerate the process of manufacturing rubber tires .
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Owing to increase in demand for green chemical , environmental awareness to renewable alternatives and availability of agricultural residues in developing countries such as India , China , Indonesia , and Malaysia , there has been an increase in the consumption of furfural in these countries . Environmental regulations from agencies , such as Environmental Protection Agency ( EPA ) of U . S . and Registration Evaluation Authorization and Restriction of Chemicals ( REACH ) of Europe , concerning the development of bio-based products are also expected to have a positive impact on the market growth during the forecast period ; whereas , lack of technological advancement and fluctuations in the prices of raw material could hamper the growth of furfural market .
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The global furfural market is segmented based on raw material , application , end user , and geography . Based on raw material it includes corn cobs , rice husk , sugarcane bagasse , and others ( almond husk , cotton husk , and oat husk .) Based on application , it is bifurcated into furfuryl alcohol and solvents . Furfural alcohol is dominant product segment due to its low viscosity & high reactivity ; and excellent chemical , mechanical , and thermal properties , and is used in the production of various chemical products such as foundry resins , adhesives , and wetting agents . Based on end user , it is segmented as petroleum refineries , agricultural formulations , paints & coatings , pharmaceuticals , and others , which includes textile , foundry metal casting , and flavors & fragrance .
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