The Asia Pacific Furfural Market would witness market growth of 5.7% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 1,400.90 hundred tonnes, showcasing a growth of 4.9% (2019-2022).
Furfural possesses a versatile set of properties that make it suitable for various applications. Its ability to dissolve various substances, high boiling point, and chemical reactivity make it a valuable chemical intermediate and solvent in pharmaceuticals, agriculture, paints and coatings, and renewable energy industries. It is derived from renewable biomass sources such as agricultural residues (e.g., corn cobs and rice husks) and forestry byproducts. As industries and consumers increasingly prioritize sustainability and environmental responsibility, the adoption of furfural provides a viable alternative to petroleum-based chemicals, reducing reliance on finite fossil fuel resources and mitigating environmental impact.
In recent years, it has become increasingly popular in various industries because of the growing market need for sustainable solutions and eco-friendly products. Growing consumer awareness of environmental issues has pressured industries to provide goods and services that adhere to sustainability standards. Moreover, furfural-based products and formulations address this demand and cater to evolving market trends favoring bio-based and renewable chemicals. Ongoing research and innovation efforts in furfural production technologies, process optimization, and product development have contributed to the adoption of furfural in new and emerging applications. Innovations such as enzymatic hydrolysis, catalytic conversion processes, and waste valorization strategies have enhanced furfural production’s efficiency, yield, and sustainability, making it a more attractive option for industries seeking sustainable alternatives.
The growth of India’s pharmaceutical industry may drive investments in chemical plants and infrastructure for furfural production or processing. As per the data released in 2023 by the India Brand Equity Foundation, it is expected that the Indian pharmaceuticals sector will attain a value of US$65 billion by 2024 and US$130 billion by 2030. Over $25 billion of the projected $50 billion worth of the Indian pharmaceutical business comes from exports. The market is anticipated to increase due to India's developing pharmaceutical sector, which will impact domestic and international trade dynamics, production, pricing, and demand. Therefore, the expansion of the region’s pharmaceutical industry is propelling the market’s growth.
The China market dominated the Asia Pacific Furfural Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $149,483.4 Thousands by 2030. The Japan market is experiencing a CAGR of 5% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 6.4% during (2023 - 2030).
Free Valuable Insights: The Global Furfural Market is Predict to reach $867.7 Million by 2030, at a CAGR of 5.6%
Based on Raw Material, the market is segmented into Rice Husk, Corn Cobs, Sugarcane Bagasse, and Others. Based on End User, the market is segmented into Agricultural Formulations, Petroleum Refineries, Paints & Coatings, Pharmaceuticals, and Others. Based on Application, the market is segmented into Furfuryl Alcohol, Solvent, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Raw Material (Volume, Hundred Tonnes, USD Million, 2019-2030)
By End User (Volume, Hundred Tonnes, USD Million, 2019-2030)
By Application (Volume, Hundred Tonnes, USD Million, 2019-2030)
By Country (Volume, Hundred Tonnes, USD Million, 2019-2030)
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