SAN FRANCISCO, March 22, 2016 /PRNewswire/ --
The global furfural solvent market is expected to reach USD 153.4 million by 2022, according to a new report by Grand View Research, Inc. Increasing demand for bio-based, renewable chemicals on account of rising sustainability concerns is a vital determinant for industry growth.
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Growth of key end-use industries such as paints & coatings and pharmaceuticals coupled with stringent regulations regarding synthetic chemicals is expected to have a positive influence on the market growth. Growing demand for bio-based sustainable products particularly in developed economies of North America and Europe is also expected to fuel demand for furfural solvent.
Petroleum refining was the largest application segment and accounted for over 55% of total volume in 2014. Increasing petroleum refining activities to meet increasing lubricant demand in automotive and industrial sectors is expected to drive the application segment. Pharmaceutical is expected to witness the highest growth of 16.1% from 2015 to 2022. Organic, non-toxic and bio-based chemicals have been rapidly replacing conventional solvents as intermediates in several drug formulations. High biocompatibility and non-reactivity has also made furfural solvents ideal in medical industry. Such factors are expected to fuel furfural solvent demand in pharmaceutical industry.
Browse full research report with TOC on "Furfural Solvent Market Analysis by Product (Systems, Tags), and Segment Forecasts To 2022" at: http://www.grandviewresearch.com/industry-analysis/furfural-solvent-market
Further key findings from the report suggest:
Grand View Research has segmented the furfural solvent market on the basis of application and region:
Global Furfural Solvent Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Global Furfural Solvent Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Browse related reports by Grand View Research:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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