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Furfuryl Alcohol Market Analysis by Product Type, Applications, Regional Outlook and Technology Forecast by 2023
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Volatility in price of feedstock being used for production 2-(Hydroxymethyl)furan is identified as restraining factor for the furfuryl alcohol market. In addition, seasonality of the agricultural raw materials used for production of 2-(Hydroxymethyl)furan is also hampering the growth of the market.
On the basis of application, the furfuryl alcohol market has been segmented into furan resins, bio-fuel, tetrahydrofurfuryl alcohol (THFA), flavor and fragrance chemicals, solvents, pharmaceuticals, and pesticides. On the basis of both value and volume, furan foundry binders held the largest share in the market in 2017.
As a bio-fuel, the compound has been in use for providing energy supply to rocket engine. In 2012, Copenhagen Suborbitals designed a rocket, where combination of concentrated nitric acid and furfural alcohol were used as propellants.
Based on geography, the global furfuryl alcohol market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. On the basis of both value and volume, Asia-Pacific is expected to dominate the market throughout the forecast period.
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Some of the major players operating 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.
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