HS Code:
2-Furaldehyde, also known as Furfuraldehyde or Furfural, is an organic compound derived from agricultural byproducts such as corncobs, oat hulls, and sugarcane bagasse. It falls under HS Code 293212. Furfural is primarily used as a solvent in petrochemical refining, as a precursor for other chemicals, and in the production of resins, fungicides, and other industrial applications. Its production is closely tied to the availability of biomass feedstocks, making it a key component in the bio-based chemical industry.
Total Trade Volume
Approximately $250 million USD
Data from 2022
Source
UN Comtrade Database, International Trade Centre (ITC)
$100 million USD
40% of total trade of total trade
Increasing
$40 million USD
16% of total trade of total trade
Stable
$30 million USD
12% of total trade of total trade
Increasing
$25 million USD
10% of total trade of total trade
Stable
$20 million USD
8% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements such as EU-US trade agreements)
Rising demand for bio-based chemicals
Increased production and trade of furfural as industries shift toward sustainable alternatives, driving market growth in biomass-rich regions.
2021-2023
Fluctuations in raw material availability
Variations in agricultural output due to climate change and supply chain disruptions have led to price volatility in the furfural market.
2020-2022
Technological advancements in production
Improved extraction and refining processes have reduced production costs, making furfural more competitive against petroleum-based solvents.
2019-2023
China announced investments in new furfural production facilities to meet growing domestic and international demand for bio-based chemicals.
March 2023
Expected to reinforce China's position as the leading exporter, potentially lowering global prices due to increased supply.
The European Union introduced new regulations on the import of furfural, requiring detailed sustainability certifications for bio-based chemicals.
July 2022
May increase compliance costs for exporters but also promote sustainable production practices in the long term.
A consortium of US universities and companies launched a project to explore new industrial applications for furfural, focusing on green solvents and polymers.
September 2023
Could drive future demand in the US market, potentially reversing the declining trade trend.