USD 509.21 million
Furfuryl Alcohol Market Size, Share, Growth Analysis, By Application(Resins, Solvent, Corrosion Inhibitors, and Others), By End user(Foundry, Agriculture, Paints & Coatings, Pharmaceuticals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30F2031 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
67
|Figures:
66
Furfuryl Alcohol Market Insights
Furfuryl Alcohol Market size was valued at USD 509.21 million in 2021 and is poised to grow from USD 542.99 million in 2022 to USD 904.36 million by 2030, growing at a CAGR of 6.59% in the forecast period (2023-2030).
The global furfuryl alcohol market has witnessed substantial growth owing to its widespread applications and increasing demand from various industries. Furfuryl alcohol, a renewable and versatile chemical, is primarily derived from agricultural byproducts like sugarcane bagasse and corn cobs. Its key applications span the foundry, resin, and pharmaceutical sectors. In the foundry industry, furfuryl alcohol is utilized as a binder in the production of sand molds and cores due to its excellent binding properties, high thermal stability, and reduced emissions compared to conventional binders. This has led to a rising demand for furfuryl alcohol in foundry operations, driving market growth. The resin industry also plays a pivotal role in driving furfuryl alcohol demand. It serves as a precursor for the production of furan resins, which find application in corrosion-resistant coatings, adhesives, and composite materials. The increasing focus on eco-friendly and bio-based materials in various industries further bolsters the demand for furfuryl alcohol. Furthermore, the pharmaceutical sector has witnessed a surge in furfuryl alcohol use for the synthesis of pharmaceutical intermediates, contributing to market expansion.
US Furfuryl Alcohol Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Resins
Fastest Growth
Resins
Growth Rate
6.59% CAGR
Global Furfuryl Alcohol Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Furfuryl Alcohol Market Segmental Analysis
The global furfuryl alcohol market is segmented on the basis of Application, End user, and region. By Application, the market is segmented into Resins, Solvent, Corrosion Inhibitors, and Others. By End user, the market is segmented into Foundry, Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverages, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Furfuryl Alcohol Market Analysis By Application
Among the applications of furfuryl alcohol, the most dominant segment is Resins. Furfuryl alcohol is extensively utilized in the production of furan resins, which find widespread use in the foundry industry for manufacturing sand casting molds and cores. The exceptional binding properties of furan resins contribute to their dominance in this application.
On the other hand, the fastest growing segment is Corrosion Inhibitors. Furfuryl alcohol is increasingly being employed as a corrosion inhibitor in various industries, including oil and gas, marine, and infrastructure. Its ability to form a protective film on metal surfaces, thereby preventing or slowing down corrosion, has led to its rapid adoption in this sector. The need for effective corrosion protection solutions is driving the accelerated growth of furfuryl alcohol's application as corrosion inhibitors.
Furfuryl Alcohol Market Analysis By End user
Among the various end-user segments of the furfuryl alcohol market, the Foundry industry emerges as the dominant segment. Furfuryl alcohol is extensively used as a binder in foundry sand molds, enhancing their strength and heat resistance during metal casting processes. Its ability to produce high-quality castings has established it as a crucial component in the foundry sector, driving its dominance in the market.
On the other hand, the Paints & Coatings segment stands out as the fastest-growing sector. Furfuryl alcohol's unique properties, such as excellent adhesion, chemical resistance, and low VOC emissions, make it an attractive choice for formulating environmentally-friendly coatings. The growing emphasis on sustainable and eco-friendly coatings solutions has propelled the demand for furfuryl alcohol in this segment, leading to its rapid growth.
Global Furfuryl Alcohol Market By Application
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Furfuryl Alcohol Market Regional Insights
The global furfuryl alcohol market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In the furfuryl alcohol market, Asia-Pacific stands as the most dominant region, owing to robust industrial growth and increasing demand from countries like China and India. The region's expanding infrastructure and manufacturing sectors contribute to its dominance.
On the other hand, the fastest growing segment, North America is witnessing notable growth due to its focus on sustainable practices and the increasing adoption of bio-based resins. Furfuryl alcohol's eco-friendly properties align with these trends, making it a sought-after choice in various applications, including coatings and composite materials. The region's emphasis on reducing environmental impact fuels the rapid growth of furfuryl alcohol usage.
Global Furfuryl Alcohol Market By Geography
- Largest
- Fastest
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Furfuryl Alcohol Market Dynamics
Furfuryl Alcohol Market Drivers
Renewable Resources and Sustainability:
- Furfuryl alcohol is derived from renewable sources like agricultural residues and lignocellulosic biomass. With increasing emphasis on sustainable practices and a shift towards bio-based chemicals, furfuryl alcohol is gaining traction as a green alternative in various industries, including foundry resins, coatings, and pharmaceuticals.
Growing Demand in Foundry and Automotive Industries:
- Furfuryl alcohol is a key ingredient in foundry resins, which are used in the casting process for metals. The growth of the automotive and construction sectors is driving demand for cast metal products, boosting the consumption of furfuryl alcohol. Its superior binding properties, low emissions, and ease of use in casting applications contribute to its popularity.
Furfuryl Alcohol Market Restraints
Furfuryl Raw Material Availability and Price Volatility:
- The production of furfuryl alcohol depends on the availability and price of feedstock, such as agricultural residues. Fluctuations in the agricultural market, crop yields, and weather conditions can impact the raw material supply chain, leading to potential price volatility and supply constraints.
Health and Environmental Concerns:
- Furfuryl alcohol has been classified as possibly carcinogenic to humans by some health organizations. As regulatory agencies tighten restrictions on chemical substances with potential health risks, there could be increased scrutiny and limitations on the use of furfuryl alcohol in various applications. Additionally, concerns about its environmental impact and biodegradability may influence its acceptance in certain markets.
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Furfuryl Alcohol Market Competitive Landscape
The global furfuryl alcohol market’s competitive landscape is characterized by intense rivalry among a range of established and emerging players. Companies are focusing on research and development to enhance product quality, expand application areas, and meet evolving consumer preferences. Strategic collaborations, technological advancements, and sustainable production methods are key focal points. Market participants are also concentrating on efficient distribution networks and responsive customer service to gain a competitive edge. The drive for eco-friendly solutions and stringent regulatory requirements are encouraging innovation in the sector. This landscape showcases a dynamic interplay of factors influencing market growth, differentiation, and adaptation to changing market trends.
Furfuryl Alcohol Market Top Player’s Company Profile
- ILLOVO SUGAR AFRICA (PTY) LTD.: South Africa
- Linzi Organic Chemical Inc. Ltd.: China
- TransFurans Chemicals bvba: Belgium
- DalindYebo: South Africa
- Hebei Chem: China
- Silvateam S.p.a.: Italy
- Shandong Crownchem Industries Co., Ltd.: China
- Hongye Holdings Group Corp., Ltd.: China
- Xian Welldon Trading Co., Ltd.: China
- Furnova Polymers Ltd.: India
- NC Nature Chemicals: India
Furfuryl Alcohol Market Recent Developments
- In July 2022, Furnova Polymers Ltd. announced the expansion of its furfuryl alcohol production capacity in the United Kingdom.
- In June 2022, DynaChem South Africa (Pty) Ltd. announced the launch of a new line of furfuryl alcohol products for the African market.
Furfuryl Alcohol Key Market Trends
Furfuryl Growing Demand in Renewable Chemicals: Furfuryl alcohol, derived from agricultural waste and biomass, is gaining traction as a sustainable and renewable chemical feedstock. The trend towards environmentally friendly and bio-based products is driving increased adoption of furfuryl alcohol in various applications such as resins, solvents, and foundry castings.
Expanding Applications in Foundry and Automotive Industries:
- Furfuryl alcohol's excellent binding properties and low emission characteristics make it a preferred choice in the foundry industry for producing sand molds and cores. Additionally, its use in manufacturing lightweight composites for automotive components, driven by the automotive industry's focus on fuel efficiency and reduced emissions, is contributing to the market's growth.
Furfuryl Alcohol Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global furfuryl alcohol market analysis, the market is witnessing significant growth driven by its wide-ranging applications in industries such as resins, foundry, and pharmaceuticals. As a key ingredient in furan resins and as a foundry sand binder, furfuryl alcohol's demand is on the rise. Asia-Pacific stands as the most dominant region, owing to robust industrial growth and increasing demand from countries like China and India. Additionally, its eco-friendly and renewable characteristics make it an attractive choice for sustainable products. Growing emphasis on green technologies and the shift towards bio-based chemicals further bolster its prospects. However, challenges related to feedstock availability and competitive pricing dynamics may influence market trends. Overall, the furfuryl alcohol market is expected to thrive due to its versatile applications and alignment with sustainable trends.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 509.21 million |
| Market size value in 2031 | USD 904.36 million |
| Growth Rate | 6.59% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Furfuryl Alcohol Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Furfuryl Alcohol Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Furfuryl Alcohol Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Furfuryl Alcohol Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Furfuryl Alcohol Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Furfuryl Alcohol Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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