The global Furfural market is forecasted to reach USD 793.3 Million by 2027, according to a new report by Reports and Data. Growing demand for the market is due to the rise in demand for green chemicals. An increase in concern for the environment and shift to renewable alternatives to replace fossil fuels will propel the growth of the industry. The growing demand in the pharmaceutical sectors will also propel the demand for the product.The driving factor of the market is the stringent regulations with regards to the air pollution standards. The market products are extracted from the lignocellulosic and agricultural feedstock. The adhesives segment is witnessing increased demand due to its usage in the automotive industry as weight-reducing components. Moreover, the demand for non-toxic Furfural in petroleum refineries is also encouraging the growth of the market. High demand from the food and beverage industries is also supporting market demand.
However, slow technological advancement and lack of production process frameworks are expected to fuel the demand for the market. Moreover, the development of new technologies is also creating ample opportunities for growth. Raw materials for Furfural are available in Asia Pacific regions such as India, China, Malaysia, and Indonesia, and the cost of production is also quite low.
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Further key findings from the report suggest
• Corncob is the middle part of the maize in which kernels grow. It is used to produce Furfural and has the desired content of hemicellulose. It also offers higher economic value and greater yield as compared to other raw materials.
• Furfuryl alcohol is applicable in thermoset polymer matrix composites, adhesives, cement, casting, coating resins. The segment is forecasted to grow with a CAGR of 4.0% during the forecast period.
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