The global furfural market size is projected to grow from USD 551 million in 2019 to USD 700 million by 2024, at a compound annual growth rate (CAGR) of 4.9% between 2019 and 2024. Increasing demand from various end-use industries such as foundry, pharmaceutical, and textile is the primary factor driving the furfural market.

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The key players in the furfural market are Transfuran Chemicals (Belgium), Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation (China), KRBL(India), Lenzing (Austria), Tanin (Slovenia), and Shandong Crownchem Industries (China).

The market for furfural is dominated by China. The presence of large manufacturing capacities in the country has resulted in lower prices of furfural, thereby affecting the other players in the market. As a result, anti-dumping duties were levied on Chinese imports by the US. EU also had anti-dumping duties against Chinese imports, but it was later removed in 2012. Thailand is also one of the key exporters of furfural in APAC.

Key questions addressed by the report

• What was the market size of furfural in 2018?
• What are the global trends in demand for furfural?
• Will the market witnessed an increase or decline in demand in the near future?
• What were the revenue pockets for furfural in 2018?
• Who are the key players in the global furfural market?

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