The global Furfuryl Alcohol market size is expected to be worth around US$ 772.5 million by 2027, according to a new report by Vision Research Reports.
The global Furfuryl Alcohol market size was valued at US$ 479.0 million in 2019 and is anticipated to grow at a CAGR of 6.1% during forecast period 2020 to 2027.
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The growth in the market can be attributed to increasing product demand for the synthesis of furan resins and in the formulation of thermoset polymer matrix compounds, cement, adhesives, coatings, and casting resins. At present, approximately 85% of the global furfural produced is converted to furfuryl alcohol, accredited to the latter’s demand in the manufacturing of furan resins. It is also widely used in the pharmaceutical, food, and polymer industries. Numerous uses of furfuryl alcohol comprise chemical structure block for drug synthesis, cleaning composites production, paint stripper, wood modification, and viscosity condenser for It is used as a chemical building block for medical drug synthesis, specifically Ranitidine, which goes into the production of anti-ulcer drugs.
The growth in the market can be attributed to mounting demand for furfuryl alcohol from furan foundry binders. The principal use of the product is as a monomer in resins synthesis for bonding foundry sands in the conventional FURAN-NO-BAKE method and production of molds and cores, such as Warm-box, Hot-box, and gas hardened processes.
Resins led the market and accounted for more than 85.0% share of the global revenue in 2019. Furfuryl alcohol is predominantly used in resinous mortars for joining corrosion inhibiting bricks or tiles in the fabrication of storage tanks, reactors, floors, and fume stacks.
The segment is expected to witness the fastest 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 foundry sector led the market and accounted for more than 80.0% share of the global revenue in 2019 and is anticipated to maintain its lead over the forecast period. Presently, furfuryl alcohol is utilized in binders for the regular furan no-bake system and in reduced quantities in furan gas-hardened, warm-box, and hot-box processes.
Furfuryl alcohol is used in agricultural applications, especially in pesticide formulations, as a cosolvent for active ingredients, such as gibberellic acid, mefenoxam, and propiconazole. It is also used as an adjuvant to support herbicides to penetrate the leaf structure.
Asia Pacific dominated the market and accounted for 67.1% share of global revenue in 2019 and is expected to maintain its lead over the forecast period. 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.
According to the International Agency for Research on Cancer (IARC), in 2018, China dominated the global furfuryl alcohol production with 80-85% production capacity. China also emerged as a prominent consumer of furfuryl alcohol across the globe.
Europe emerged as the second largest regional market for furfuryl alcohol in 2019, both in terms of volume and revenue. TransFurans Chemicals bvba is the only prominent manufacturer in Europe.
- ILLOVO SUGAR AFRICA (PTY) LTD.
- Linzi Organic Chemical Inc. Ltd.
- TransFurans Chemicals bvba
- Silvateam S.p.a.
- Shandong Crownchem Industries Co., Ltd.
- Hongye Holdings Group Corp., Ltd.
- Xian Welldon Trading Co., Ltd.
- Furnova Polymers Ltd.
- NC Nature Chemicals
- Pennakem, LLC
- Application Outlook
- Corrosion Inhibitor
- End-use Outlook
- Paints & Coatings
- Food & Beverage
- Regional Outlook
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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