The global furfural
market was valued at US$ 416.97 Mn in 2017 and is anticipated
to expand at a CAGR of 5.5% from 2018 to 2026, according to a new report titled
‘Furfural
Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2018–2026’ published by Transparency Market Research (TMR).
Rise in demand for furfuryl alcohol is driving the global furfural market. Asia
Pacific accounts for major share of the global furfural market, led by the
increase in usage of furfural in the manufacture of furfuryl alcohol in the
region.
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Substitution
of Fossil Fuel Resources with Renewable Alternatives
Increase in concerns
about the adverse effects of fossil resources has led to the need for
replacement of these fuels with renewable alternatives. Of late, furfural has
gained renewed attention as a potential platform for the production of biofuels
and biochemicals. U.S. Department of Energy selected furfural as one of the top
30 platform chemicals that can be derived from biomass. Furfural possesses
attractive thermosetting properties such as physical strength and corrosion
resistance. Furfural is mainly manufactured from biomass. Furfural is less
costly and abundantly available. The yield and production of furfural and its
derivatives need to improve significantly for the chemical to compete with
petroleum-based products. Companies have developed a new technology to produce
furfural. This has led to better yield and lower steam consumption vis-à-vis
the traditional process. The technology is anticipated to gain wide acceptance
in the market in the near future. This is estimated to lower the cost of furfural
in the next few years.
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Rise in Demand for Furfuryl Alcohol
Furfuryl alcohol is a
commonly derived chemical from furfural. It accounts for almost 80% of the
total consumption of furfural. Furfuryl alcohol is the major ingredient in
furan foundry binders. This reactive alcohol plays a vital role in the
production of foundry sand binders. It has been extensively used to produce
cores and molds for metal casting since more than 40 years. Large portion of
furfuryl alcohol is purchased by foundry binder suppliers. The chemical
possesses properties such as low viscosity, high reactivity, and excellent
solvent characteristics. This has boosted its usage in other fields. Furfuryl
alcohol is employed in the production of abrasive wheels and adhesives based on
urea–formaldehyde resins due to its wetting-dispersant property. It is also
used in the production of tetrahydrofurfuryl alcohol (THFA), which is employed
as a solvent in the pharmaceutical industry. Furfuryl alcohol is primarily
employed in the production of furan resins employed for foundry sand binders in
the metal casting industry. Currently, furfuryl alcohol is used widely in
binders for traditional furan no-bake systems. In smaller quantities, it is
employed in furan hot-box, warm-box, and gas-hardened processes. In its key
application, i.e. the foundry sector, furfuryl alcohol competes primarily with
phenol, the feedstock for phenolic resins. Thus, increase in demand for
furfuryl alcohol in foundry applications is boosting the furfural market.
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Inefficient Production Leading to Low Yield and High
Product Price
Currently, furfural is
commercially produced by any of the following major manufacturing processes:
Quaker batch process, Chinese batch process, and Rosenlew continuous process.
Modern commercial production processes are inefficient (25–35 t steam t−1
furfural) and also give low yield (<50 mol% of theoretical). The cost of
running plants is high, as the yield from production processes is less than
50%. This results in high product price. The price of furfural needs to be low
for it to achieve higher penetration in various end-user industries.
Production processes
generate significant quantities of wastewater. This wastewater, which is
contaminated with acetic acid and other organic compounds, is expensive to
treat. Several China-based furfural plants are compelled to either treat their
effluents or cease production.
Asia
Pacific Dominates Global Furfural Market
In terms of demand, Asia
Pacific is expected to hold dominant share of the furfural market during the
forecast period. The furfural market in the region is anticipated to expand at
a faster pace than that in other regions during the forecast period owing to
the rise in consumption of furfural in foundry and chemical industries in the
region. The furfural market in Middle East & Africa is anticipated to expand
due to the rise in demand for furfural in the metal casting industry in the
region. Latin America, especially Brazil, is projected to be an emerging region
of the global furfural market during the forecast period. The market in Europe
and North America is estimated to expand at a substantial pace during the
forecast period due to the presence of well-established fertilizer and chemical
manufacturing industries in these regions.
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