Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Furfuryl Alcohol Market Size is Expected to Grow from USD 459.4 Million in 2023 to USD 891.97 Million by 2033, at a CAGR of 6.86% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Furfuryl Alcohol Market Size, Share, and COVID-19 Impact Analysis, By Application (Resins, Solvents, and Corrosion Inhibitors), By End-Use (Foundry, Agriculture, and Food & Beverages), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Furfuryl alcohol is an organic compound synthesized from furfural and finds most of its applications as an intermediate in the production of resins, adhesives, and coatings. Its reactivity and polymerization potential make it a vital raw material in industries like foundry, agriculture, and pharmaceuticals. Furfuryl alcohol is widely applied in the production of furan resins, which are quite important in the foundry industry for mold and core production. It also has applications in the production of specialty chemicals, such as pharmaceutical drugs, in which it serves as a precursor for drugs with various therapeutic functions. Furthermore, several factors are contributing to the growth of the furfuryl alcohol market. Rising demand for environmentally friendly and bio-based chemicals is a primary driver for the shift towards furfuryl alcohol, as it is produced from renewable agricultural feedstocks. Also, the increasing adoption of furfural-based resins in the foundry industry is on the rise, especially in developing markets, which is anticipated to fuel market growth. Technological advancements in the production processes of furfuryl alcohol will also improve its market potential. However, certain challenges may hinder the growth of the furfuryl alcohol market. The volatility in raw material prices, particularly furfural, could impact the overall cost structure of furfuryl alcohol production.
The resins segment is predicted to hold the greatest market share through the forecast period.
Based on the application, the furfuryl alcohol market is classified into resins, solvents, and corrosion inhibitors. Among these, the resins segment is predicted to hold the greatest market share through the forecast period. This is primarily due to the widespread use of furfuryl alcohol in the production of furan resins, which are integral to the foundry industry for making molds and cores. Furan resins, known for their high thermal stability and excellent corrosion resistance, are extensively used in metal casting, particularly in the production of steel and iron.
The foundry segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the end-use, the furfuryl alcohol market is divided into foundry, agriculture, and food & beverages. Among these, the foundry segment is anticipated to hold the greatest market share during the projected timeframe. Furfuryl alcohol is primarily used in the production of furan resins, which are crucial for making molds and cores in the foundry industry. These resins offer excellent thermal stability, resistance to corrosion, and strength, making them highly suitable for metal casting applications, especially in the production of steel, iron, and other alloys.
Asia-Pacific is estimated to hold the largest furfuryl alcohol market share over the forecast period.
Asia-Pacific is estimated to hold the largest furfuryl alcohol market share over the forecast period. This is due to the strong industrial profile and rising demand from several industries. In addition, the region's automobile industry fuels the requirement for high-performance furan resins that are applied in metal casting applications. Also, abundant agricultural by-products, including corncobs and rice husks, are available to be used in the production of furfuryl alcohol.
North America is predicted to have the fastest CAGR growth in the furfuryl alcohol market over the forecast period. The primary driving factors behind this growth include increased sustainability and eco-friendly focus. On the other hand, the region's automotive industries are also focusing on fuel-efficient lightweight materials. For instance, furan resins, derived from furfuryl alcohol, find a positive momentum in this sector. Pressures of VOCs stimulate manufacturers to use bio-based alternatives, and thus, this application will provide an ideal setting for furfuryl alcohol in North America.
Competitive Analysis
Major key players in the furfuryl alcohol market are ILLOVO SUGAR AFRICA (PTY) LTD., Linzi Organic Chemical Inc. Ltd., TransFurans Chemicals bvba, DalinYebo, Hebeichem, SilvateamS.p.a., Shandong Crownchem Industries Co., Ltd., Hongye Holdings Group Corp., Ltd., Xian Welldon Trading Co., Ltd., Furnova Polymers Ltd., and NC Nature Chemicals.
Key Target Audience
Market Segment
This study forecasts global, regional, and country revenue from 2023 to 2033. Spherical Insights has segmented the furfuryl alcohol market based on the below-mentioned segments:
Global Furfuryl Alcohol Market, By Application
Global Furfuryl Alcohol Market, By End-Use
Global Furfuryl Alcohol Market, By Regional Analysis
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