Furfuryl alcohol market will witness a CAGR of 6.50%, Size, Share, Future Strength, Opportunities and challenges

Data Bridge Market Research analyses that the furfuryl alcohol market will witness a CAGR of 6.50% for the forecast period of 2021-2028. Increasing demand for optical devices by almost every end user industry especially in the developing economies like India and China, growing use of furfuryl alcohol by a wide range of end user verticals such as foundry, paint and coatings, pharmaceuticals, agriculture, food and beverages and other end user verticals and surge in industrialization especially in the developing countries are the major factors attributable to the growth of the furfuryl alcohol market. Therefore, the furfuryl alcohol market value, which was USD 501 million in 2019, will rocket up to USD 883.04 million by 2028.  

Also known as 2-furylmethanol or 2-furancarbinol, furfuryl alcohol is an organic compound that is colourless or pale yellow in appearance. Having a chemical formula of C4H3OCH2OH, furfuryl alcohol is used for a wide range of industrial applications. In its chemoical composition, the furan circle hydrogen is substituted by a hydroxymethyl group. The furfuryl alcohol compound is extremely reactive owing to its thermal decomposition properties.

Rise in demand by foundry sector especially from China coupled with growing application in butadiene, naptane and other lubricants is the root cause fuelling up the market growth rate. Rising industrialization coupled with growth and expansion of various end user verticals such as pharmaceutical and food and beverages industries especially in the developing economies will also directly and positively impact the growth rate of the market. Growth in the buildings and constructions activities coupled with surge in the technological advancements in industrial chemical manufacturing process will further carve the way for the growth of the market.

However, insufficiency in raw material supply owing to the lockdown and restrictions will pose a major challenge to the growth of the market. Fluctuations in the prices of raw materials will dampen the market growth rate. Also, seasonality of the agricultural raw materials will further derail the market growth rate. Dearth of skilled professionals in the underdeveloped economies will also impede the market growth rate.

Market Scope:

The furfuryl alcohol market is segmented on the basis of raw material, application and end user industry. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.

On the basis of raw material, the furfuryl alcohol market is segmented into corncobs, rice hulls, cotton hulls, sugarcane bagasse and others.
On the basis of application, the furfuryl alcohol market is segmented into resins, solvents, plastics, adhesives, corrosion inhibitors, polymers, wetting agent and others.
On the basis of end user industry, the furfuryl alcohol market is segmented into foundry, paint and coatings, pharmaceuticals, agriculture, food and beverages and others.

Explore DEtailed Report@ https://www.databridgemarketresearch.com/reports/global-furfuryl-alcohol-market

Major Players In Market:

The furfuryl alcohol market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to furfuryl alcohol market.

The major players covered in the furfuryl alcohol market report are DynaChem South Africa (Pty) Ltd., The Chemical Company, Dow, BASF SE, Pennakem, LLC, Nova Molecular Technologies., Continental Industries Group, Inc.., SHENZHEN SHUHANG INDUSTRIAL DEVELOPMENT CO.,LTD., SolvChem., Neuchem., Novasynorganics., International Process Plants, TransFurans Chemicals bvba, Illovo Sugar Africa Proprietary Limited, Linzi Organic Chemical Inc. Ltd., DalinYebo, hebeichem, Silvateam S.p.a., Shandong Crownchem Industries Co., Ltd and Furnova Polymers Ltd among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

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About Data Bridge Market Research (DBMR):

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This release was published on openPR.