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

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.