Furfuryl Alcohol Market Size | Share | Global Analysis 2022-2028

The global furfuryl alcohol market size was valued at USD 510 billion in 2021 and is poised to grow at a significant CAGR of 7.5% during the forecast period 2022-28. Furfuryl alcohol, sometimes called 2-furylmethanol or 2-furancarbinol, is a colorless or pale yellow chemical molecule. Furfuryl alcohol, which has the molecular formula C4H3OCH2OH, is utilized in a variety of industrial processes. A hydroxymethyl group replaces the furan circle hydrogen in the chemical structure of the compound. Due to its thermal breakdown properties, the chemical furfuryl alcohol is quite reactive. The primary factor driving the market growth rate is an increase in demand from the foundry sector, particularly from China, along with expanding applications for butadiene, naptane, and other lubricants.

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Furfuryl Alcohol Market Growth Factors:
The market for furfuryl alcohol has grown as a result of the increased demand for furan resin, which is primarily made using furfuryl alcohol as a raw ingredient. Moreover, China's growing foundry industry has increased demand for furan resins there. Also, because to the unique physical and chemical characteristics of furfuryl alcohol, its use in foundry resins has increased to unprecedented levels. One of the main factors contributing to the rising global usage of furfuryl alcohol is its low product replaceability. The global market for furfuryl alcohol is anticipated to be dominated by China in terms of both production and consumption. China and India are likely to gain momentum throughout the forecast period due to the anticipated growth in the manufacturing and automotive sectors in the respective countries, while all other regions are anticipated to see moderate growth during the same time period. Researchers have found that poly (furfuryl alcohol) is employed as a precursor in the manufacture of nanocomposite and carbon materials. Thus, it is anticipated that demand for poly (furfuryl alcohol) will rise as carbon materials and nanocomposites are increasingly used in the industrial sector. This will present growth prospects for the furfuryl alcohol market. The seasonality of the agricultural raw materials utilised to make 2-(Hydroxymethyl)furan, however, restrains market expansion.

The global furfuryl alcohol market segmentation:
1) By Raw Material: Corncobs, Rice Hulls, Cotton Hulls, Sugarcane Bagasse, Others
2) By Application: Resins, Solvents, Plastics, Adhesives, Corrosion Inhibitors, Others
3) By End User: Foundry, Food & Beverages, Chemical, Energy, Agriculture, Pharmaceuticals, Others

Furfuryl Alcohol Market Regional Analysis:
Due to the steady sales of cars, Asia-Pacific now dominates the market for furfuryl alcohol and will keep doing so throughout the projection period. Due to the region's booming urbanization and development of smart cities, as well as the growth and expansion of end user verticals, abundant raw material availability, and abundant raw material supply, Asia-Pacific will continue to experience significant benefits over this period.

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Key players in the furfuryl alcohol market report are ILLOVO SUGAR AFRICA (PTY) LTD., DalinYebo, Furnova Polymers Ltd., Hebeichem, Hongye Holdings Group Corp., Ltd., Linzi Organic Chemical Inc. Ltd., NC Nature Chemical, Pennakem, LLC, Shandong Crownchem Industries Co., Ltd., Silvateam S.p.a., TransFurans Chemicals bvba, Xian Welldon Trading Co., Ltd.

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