USD 509.21 million
Report ID: SQMIG30F2031 | Region: Global | Published Date: August, 2023 | Pages: 157 | Tables: 67 | Figures: 66
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.
Global Market Size
USD 509.21 million
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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.
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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.
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Furfuryl Alcohol Market Drivers
Renewable Resources and Sustainability:
Growing Demand in Foundry and Automotive Industries:
Furfuryl Alcohol Market Restraints
Furfuryl Raw Material Availability and Price Volatility:
Health and Environmental Concerns:
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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
Furfuryl Alcohol Market Recent Developments
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:
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.
|Market size value in 2021||USD 509.21 million|
|Market size value in 2030||USD 904.36 million|
|Forecast Unit (Value)||USD Million|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Furfuryl Alcohol Market:
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