The Furfuryl Alcohol market size is forecast to reach $680.2 million by 2027, after growing at a CAGR of 6.1% during 2022-2027. Furfuryl alcohol is an organic compound manufactured by catalytic reduction of furfuran. The raw material furfuran is obtained from sugarcane bagasse, corn cobs, wheat bran and oats among others. It has application in rocketry as a hypergolic fuel which ignites readily in presence of fuming nitric acid and red fuming nitric acid. The strong shift towards the development of bio-based chemicals against the backdrop of volatile Petrochemical prices is expected to remain a key driver for the growth of the furfuryl alcohol market during the forecast period.
The report: “Furfuryl Alcohol Market- Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Furfuryl Alcohol Market Industry.
The solvent segment is expected to witness significant growth over the forecast period. The growth can be attributed to extensive usage of the product as an industrial solvent and precursor of chemical products, including furfuryl cyanide, halides, methyl furan, esters, and ethers.
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, the current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries.
Asia Pacific dominated the furfuryl alcohol market with a share of more than XX%, followed by North America and Europe The growth can be attributed to increasing demand from end-use industries, such as paints and coatings, cement, construction, and agriculture. Factors such as stable economic growth, increasing industrial production, and consistent growth in automotive sales in economies, such as China, Japan, and India, are expected to fuel the product demand in the region. In addition, easy raw material availability, along with 400 factories manufacturing furfural in China, has boosted furfuryl alcohol production in the country. Moreover, the presence of a large number of foundries in China, India, U.S., and Japan, along with the growing inclusion of product for manufacturing molds, is estimated to trigger the market growth in the near future.
Furfuryl alcohol is a chemical, which is derived from furfural. Furfuryl alcohol plays a vital role in the production of foundry sand binders due to its high reactivity. This alcohol has been extensively used for producing cores and mold for metal for many decades. It is also used in the production of tetrahydrofurfuryl alcohol (THFA), which is widely used in the pharmaceutical industry. According to the World Foundry Organization, the foundry industry is expected to grow by 13.0-14.0% until 2025 in India, which is expected to be the second-largest foundry market in the world, after China. Therefore, the growing foundry industry is leading to the demand for furfuryl alcohol, thereby boosting the market.
Volatility in the price of feedstock being used for production 2-(Hydroxymethyl)furan is identified as a restraining factor for the furfuryl alcohol market. In addition, the seasonality of the agricultural raw materials used for the production of 2-(Hydroxymethyl) furan is also hampering the growth of the market. Moreover, safety issues in regards to the transport and export of Furfuryl alcohol are the key restraint for the growth of the furfuryl alcohol market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the furfuryl alcohol market. In 2019, the market of furfuryl alcohol has been consolidated by the top five players accounting for xx% of the share. Major players in the furfuryl alcohol market are TransFurans Chemicals bvba, Tieling North Furfuryl alcohol (Group) Co. Ltd., Hongye holding group corporation limited, DynaChem Incorporated, Nova Molecular Technologies, Inc., Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Penn A Kem LLC, and Zhucheng Taisheng Chemical Co., Ltd. among others.
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Report Coverage
The report: “Furfuryl Alcohol Market- Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Furfuryl Alcohol Market Industry.
- By Raw Material: Corncobs, Rice Hulls, Cotton Hulls, Sugarcane Bagasse, and Others.
- By Application: Resins, Solvents, Plastics, Adhesives, Corrosion Inhibitors and Others.
- By End-User Industry: Foundry, Food and Beverages, Chemical, Energy, Agriculture, Pharmaceuticals and Others.
- By Geography: North America, South America, Europe, APAC, and RoW
Key Takeaways
- New product developments and increasing investments in research and development of furfuryl alcohol are expected to drive the growth of this market.
- Among the end-use industry, the agriculture segment is projected to lead the furfuryl alcohol market during the forecast period.
- Asia Pacific dominated the furfuryl alcohol market.
- By Raw Material- Segment Analysis
- By Application- Segment Analysis
The solvent segment is expected to witness significant growth over the forecast period. The growth can be attributed to extensive usage of the product as an industrial solvent and precursor of chemical products, including furfuryl cyanide, halides, methyl furan, esters, and ethers.
- By End-User Industry - Segment Analysis
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, the current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries.
Geography- Segment Analysis
Asia Pacific dominated the furfuryl alcohol market with a share of more than XX%, followed by North America and Europe The growth can be attributed to increasing demand from end-use industries, such as paints and coatings, cement, construction, and agriculture. Factors such as stable economic growth, increasing industrial production, and consistent growth in automotive sales in economies, such as China, Japan, and India, are expected to fuel the product demand in the region. In addition, easy raw material availability, along with 400 factories manufacturing furfural in China, has boosted furfuryl alcohol production in the country. Moreover, the presence of a large number of foundries in China, India, U.S., and Japan, along with the growing inclusion of product for manufacturing molds, is estimated to trigger the market growth in the near future.
Drivers - Furfuryl Alcohol Market
Growing demand for furfuryl alcohol
Furfuryl alcohol is a chemical, which is derived from furfural. Furfuryl alcohol plays a vital role in the production of foundry sand binders due to its high reactivity. This alcohol has been extensively used for producing cores and mold for metal for many decades. It is also used in the production of tetrahydrofurfuryl alcohol (THFA), which is widely used in the pharmaceutical industry. According to the World Foundry Organization, the foundry industry is expected to grow by 13.0-14.0% until 2025 in India, which is expected to be the second-largest foundry market in the world, after China. Therefore, the growing foundry industry is leading to the demand for furfuryl alcohol, thereby boosting the market.
Challenges - Furfuryl Alcohol Market
Raw material prices
Volatility in the price of feedstock being used for production 2-(Hydroxymethyl)furan is identified as a restraining factor for the furfuryl alcohol market. In addition, the seasonality of the agricultural raw materials used for the production of 2-(Hydroxymethyl) furan is also hampering the growth of the market. Moreover, safety issues in regards to the transport and export of Furfuryl alcohol are the key restraint for the growth of the furfuryl alcohol market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the furfuryl alcohol market. In 2019, the market of furfuryl alcohol has been consolidated by the top five players accounting for xx% of the share. Major players in the furfuryl alcohol market are TransFurans Chemicals bvba, Tieling North Furfuryl alcohol (Group) Co. Ltd., Hongye holding group corporation limited, DynaChem Incorporated, Nova Molecular Technologies, Inc., Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Penn A Kem LLC, and Zhucheng Taisheng Chemical Co., Ltd. among others.
Geographical Expansion
- In 2016, an India-based Company, KRBL set up a furfuryl alcohol plant at Bhasaur, Dhuri District, Sangrur in the state of Punjab at a total cost of more than US$ 2.0 Mn. The company, through this plant, intends to convert furfuryl oil into refined furfuryl alcohol, as there is a huge demand for furfuryl alcohol in India.
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Table of Contents
1. Furfuryl Alcohol - Market Overview2. Executive Summary
3. Furfuryl Alcohol Market Landscape
4. Furfuryl Alcohol - Market Forces
5. Furfuryl Alcohol Market, By Application
6. Furfuryl Alcohol Market, By Industry
7. Furfuryl Alcohol Market, By Geography
8. Furfuryl Alcohol - Market Entropy
9. Company Profiles (By- Introduction, Financials, Key Insights, Key Strategy, Product Portfolio, SWOT Analysis)
10. Appendix
Methodology
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