Furfuryl Alcohol Market Size Worth $821.6 Million By 2028

 Furfuryl Alcohol Industry Overview

The global furfuryl alcohol market size is estimated to reach USD 821.6 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.2% from 2021 to 2028. Factors such as rising demand for furfuryl alcohol resins from the construction and automotive sectors are expected to drive the market in the near future.

The product has witnessed high demand over the past decade, owing to its growing usage in the foundry, agriculture, and construction industries, among others. The product is broadly utilized in resins and plastics applications. A surge in research and development activities in the area of rocket fuel is estimated to trigger the demand. The products also play an essential role in manufacturing in the foundry sector in the formulation of molds for metal casting.

Asia Pacific is the largest producer as well as consumer of furfuryl alcohol due to increasing concerns regarding renewable products and growing population resulting in high demand for consumer products. The majority of the furfural manufactured in China, more than 85%, is utilized in the production of furfuryl alcohol. Consequently, the growing demand from various end-use industries, in regions such as Europe, is estimated to boost the furfural market growth over the forecast period.

 

Manufacturers compete on the basis of competitive pricing owing to the presence of price-sensitive buyers. Furthermore, the recent COVID-19 impact causing logistic disruption along with production shutdowns, especially in China have negatively influenced the pricing dynamics. However, the rapid growth of end-use industries along with recovering the production of furfuryl alcohol which is inclined toward bridging the gap between demand and supply is projected to stabilize the prices over the forecast period.


Furfuryl Alcohol Market Segmentation

Grand View Research has segmented the global furfuryl alcohol market on the basis of application, end-use, and region:

Based on the Application Insights, the market is segmented into Resins, Solvent, Corrosion Inhibitors, and Others.

  • The resins application segment dominated the market for furfuryl alcohol and accounted for the largest revenue share of more than 87.0% in 2020. This is attributed to the growing demand for furfuryl alcohol resins from the construction and automotive sectors. It is used as a critical component in furan foundry binders.

 

  • Furfuryl alcohol is used as a solventin petrochemical refining, chemical feedstock for 5-membered oxygen heterocycles, and for refining lubricating oils. In chemical feedstock for 5-membered oxygen heterocycles, it is used in the formulation of tetrahydrofuran, which is an essential industrial solvent.

 

Based on the End-use Insights, the market is segmented into Foundry, Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverages, and Others.

  • The foundry end-use segment dominated the market for furfuryl alcohol and accounted for the largest revenue share of more than 82.0% in 2020. This is attributed to the surge in metal casting production. As furfuryl alcohol is derived from furfural, it is not an oil-based chemical, thus playing an important role in the formulation of foundry sand binders.

 

  • The product is used in anti-corrosive paint applications and as a solvent in alkaline paint strippers. It is also used in the formulation of cleaning compounds and paint thinners. It is compatible with high-temperature applications, stable in highly basic formulations, and is water-miscible.

 

Furfuryl Alcohol Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Market participants focus on third-party agreements with professional distributors and also sell distribution rights to these merchants in order to reach developed markets. Growing concerns regarding the toxicity of chemical-based products have created a significant demand for products derived from environment-friendly raw materials. Key players compete to gain market share by adopting various strategies such as setting up new manufacturing facilities and expansion in production capacity. Key manufacturers have in-house research and development laboratories for analysis of finished products, semi-finished products, and raw materials.

Manufacturers are inclined toward collaborations with key players, research institutes, and universities to obtain durable bio-based solutions. Companies are expected to focus on forward integration to reduce logistics & operational costs and acquire a higher market share. For instance, key players are engaged in the production of both furfural and furfuryl alcohol. Companies are focusing on mergers to acquire a larger market share. This helps them increase their client base as well as product portfolio. Some of the prominent players in the furfuryl alcohol market include:

  • ILLOVO SUGAR AFRICA (PTY) LTD.
  • Linzi Organic Chemical Inc. Ltd.
  • TransFurans Chemicals bvba
  • DalinYebo
  • Hebeichem
  • p.a.
  • Shandong Crownchem Industries Co., Ltd.
  • Hongye Holdings Group Corp., Ltd.
  • Xian Welldon Trading Co., Ltd.
  • Furnova Polymers Ltd.
  • NC Nature Chemicals

 

Order a free sample PDF of the Furfuryl Alcohol Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

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