The supply of furfural raw materials is sufficient and the market size maintains a growth trend

Furfural, also known as furanformaldehyde, is an organic compound with a chemical formula of C5H4O2 and a colorless, transparent oily liquid with a special odor.

The upstream of the furfural industry chain is the supply of raw materials such as rice husks, corn cobs, and sugarcane bagasse; the midstream is the production and production of products; the downstream can directly or indirectly synthesize thousands of chemicals, which are widely used in food, medicine, textiles, dyes, and pesticides , daily chemicals and other fields.

According to the “Furfural Industry In-depth Market Research and Investment Strategy Suggestions Report 2023-2027” released by the Industrial Research Center, from the upstream market It seems that corn is the largest food crop in my country, and it is also an important feed and industrial raw material. As my country’s agricultural planting structure continues to improve, management levels continue to improve, and variety structure continues to optimize, my country’s corn output has maintained a growth trend in recent years, and the furfural industry has sufficient supply of raw materials. According to data released by the National Bureau of Statistics, my country’s corn output will reach 277.2 million tons in 2022, a year-on-year increase of 1.7%.

From the perspective of the downstream market, in the food field, furfural, as a natural food preservative, can increase the nutritional value of food and improve the taste of food while extending the shelf life of food; in the pharmaceutical field, furfural is an important pharmaceutical intermediate. It can be used to make antibacterial agents, antioxidants, etc.; in the industrial field, furfural can be used to prepare industrial solvents such as furfuryl alcohol, pyrrole, tetrahydrofuran, and tetrahydropyrrole. In general, furfural is widely used in various fields and has a broad consumer market.

With the continuous development of my country’s economy, the continuous improvement of national living standards, the continuous increase in expenditures in food, medicine and other fields, the continuous expansion of superimposed industrial production scale, the continuous development of textile, pesticide and other industries, the scale of my country’s furfural market has maintained a growth trend in recent years, and the industry The development prospects are good. my country’s furfural market size will be approximately 5 billion yuan in 2022, and it is expected that the market size will exceed 5.5 billion yuan in 2023.

After a period of development in my country’s furfural industry, the number of companies has continued to increase, the scale of production has continued to expand, and production technology has continued to advance. Products are exported to overseas markets while meeting domestic market demand. At present, China has become the world’s largest furfural producer and exporter. In 2022, my country’s furfural production will be approximately 530,000 tons, and the export volume will be approximately 7,000 tons.

At this stage, there are a large number of furfural production enterprises in my country, the industry concentration is not high, the market competition is fierce, and the problem of overcapacity is gradually emerging. Domestic furfural production companies mainly include Jinan Shengquan Group Co., Ltd., Hongye Biochemical Co., Ltd., Shijiazhuang Shiyi Furfural Furfuryl Alcohol Co., Ltd., etc.

Industry analysts said that with the continuous advancement of production technology, the quality and performance of furfural will be further improved, and the product types will be more abundant. , the application scope will be further expanded, and the industry has good development prospects. Domestic furfural production companies need to improve their independent innovation capabilities, develop new technologies and products, and expand their competitive advantages.