Albany, NY -- (ReleaseWire) -- 01/28/2014 -- This updated TMR report provides an overview of advanced "Furfural Market" Furfural is an organic compound made from a variety of agricultural products such as sugarcane bagasse, corncobs, oat, wheat bran, and sawdust and used in the synthesis of furan as a solvent for refining lubricating oil, and as a fungicide and weed killer. It is an important renewable building block from which plastic and other industrial and household chemicals can be synthesized.
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One of the largest applications of furfural is to convert it into tetrahydrofurfural which is used as a non-hazardous formulation in agriculture and as an adjuvant to herbicide. In the last few years as oil prices have gone sky high; furfural has gained attention because of its lower price and its application in blending with diesel.
Due to environmental factors like global warming and use of environmentally friendly products, the trend of utilization of bio-based products, which provide a strong base for increased growth in the furfural market, is growing. China is dominating the furfural market since the inception of this market. In 2011, China accounted for more than 75% of global capacity as well as over 70% of world consumption of furfural. Today, over 85 percent of furfural production is carried out in three countries, out of which China leads the market followed by South Africa and the Dominican Republic.
The demand for furfural is stable due to traditional applications where the price of furfural is increasing due to its newer applications. Furfuryl alcohol and tetrahydrofurfural are expected to be the largest application segments of this market, mainly in China. However, there are some safety issues such as furfural’s toxicity with an LD50 of 65 mg/kg, it irritates the skin and causes skin allergy as well as an unusual susceptibility to sunburn by chronic skin exposure which might hold back the furfural market.
The leaders in the furfural market are Linzi Organic Chemical Inc. Tieling North Furfural (Group) Co., NC-Nature Chemicals, the Furfural Espanol S.A, Sugar Illovo Ltd., TransFurans Chemicals bvba, Green Energy Park, International Furan Technology, and Penn Specialty Chemicals.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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