The North America Furfural Market would witness market growth of 5.1% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 257.19 hundred tonnes, showcasing a growth of 4.3% (2019-2022).
Collaboration between industry stakeholders, research institutions, and government agencies has played a crucial role in promoting the adoption of furfural. Joint research projects, technology transfer initiatives, and funding programs support the development of furfural-based solutions and foster knowledge exchange and innovation in the market. It serves as a crucial chemical intermediate in synthesizing various organic compounds. It is used to produce furfuryl alcohol, which finds applications in manufacturing foundry resins, lubricants, plastics, and adhesives. Its derivatives are also utilized to synthesize pharmaceutical intermediates, agrochemicals, and specialty chemicals.
Furthermore, it is widely employed as a solvent in different industrial processes due to its excellent solvent properties. It is used for the extraction of oils, separation of hydrocarbons, and purification of chemicals. Furfural-based solvents are valued for their ability to dissolve a wide range of substances and their low volatility compared to conventional solvents. Additionally, furfural and its derivatives have various applications in the pharmaceutical industry. It is a starting material for synthesizing pharmaceutical intermediates and active pharmaceutical ingredients (APIs). Furfuryl alcohol, derived from furfural, produces pharmaceutical coatings, solvents, and drug delivery systems.
Mexico has significant agricultural resources, including corn, sugarcane, and other crops that can serve as feedstocks for furfural production. The abundance of these raw materials can support the country’s furfural production growth. Furthermore, the growing availability of raw materials from the agriculture sector may attract investment in furfural production facilities in Mexico. This investment could lead to establishing new production plants or expanding existing ones, thereby increasing the overall capacity and output of furfural in the country. In addition, Mexico’s industrial sector is expanding, providing opportunities for the incorporation of furfural and its derivatives into various industries such as chemicals, pharmaceuticals, and agriculture. Thus, the growing agriculture sector in the region is driving the market’s growth.
The US market dominated the North America Furfural Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $69,547.5 Thousands by 2030. The Canada market is exhibiting a CAGR of 7.2% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 6.5% during (2023 - 2030).
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
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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