International.
The global furfural solvent market is expected to reach US$153.4 million by 2022, according to a new report from Grand View Research, Inc., The growing demand for bio-based renewable chemicals due to increasing sustainability concerns is a critical determinant for the industry's growth.
The growth of key end-use industries such as paints and coatings and pharmaceuticals, along with strict regulations regarding synthetic chemicals is expected to have a positive influence on the growth of the market. The growing demand for sustainable bio-based products particularly in the developed economies of North America and Europe is also expected to fuel demand for the furfural solvent.
Some of the keys to the market are the following:
- Global market demand for furfural solvent was 89.3 kilotons in 2014 and is expected to reach 253.3 kilotons in 2022, growing at a CAGR of 16.9% from 2015 to 2022.
- China emerged as the leading consumer and accounted for more than 60% of the global volume in 2014. The region is characterized by high furfural production and the rapid growth of key end-use industries such as petrochemicals, paints and coatings, lubricants, pharmaceutical ingredients and agrochemicals.
- Growth in North America and Western Europe is characterized by regulatory policies that favor bio-based products and the restriction of hazardous chemicals. The North American market is expected to grow at an estimated CAGR of 13.4% from 2015 to 2022.
