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Global Furan Resin Market Size, Share, Trends And Industry Forecast To 2032
Furan Resin Market Report
The Business Research Company's Furan Resin Global Market Report 2023 identifies the rising demand for lightweight and fuel-efficient automobiles as the major driver for the furan resin market's growth in the forecast period. Lightweight and fuel-efficient automobiles refer to automobiles that use advanced lightweight structural materials that increase fuel economy while maintaining safety and performance. The multiple automotive parts are mixed or coated with furan resins and their derivatives, improving their tensile strength and reducing final vehicular weight. It offers many benefits, including lightweight, corrosion resistance, and high strength. Thus, the rising demand for lightweight and fuel-efficient automobiles globally is boosting the sales of furan resin.
The global furan resin market size is expected to grow from $16.52 billion in 2022 to $17.66 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global furan resin market size is expected to reach $22.37 billion in 2027 at a CAGR of 6.1%.
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Major competitors in the furan resin market are Dyna Chem Inc., HongYe Chemical Co. Ltd., The Chemical Company, Novasyn Organics Pvt. Ltd., NeuChem Inc., Sweet Lake Chemical Ltd., ShuHang Industrial Development, BASF SE, Jinan Shengquan Group, Hitachi Automotive Systems, Toray Industries, HINDUSTHAN Adhesive & Chemicals, International Furan Chemicals (IFC) BV, and Sauereisen Inc.
A key trend in the furan resin market includes technological advancement. Companies operating in the furan resin market are adopting new technologies to sustain their position in the market. For instance, in February 2020, AVA Biochem, a Switzerland-based company that specializes in bio-based chemistry, collaborated with Michelin to establish the world's first commercial-scale production plant of 5-HMF and bring new product applications to the market. The applications improve the performance, economics, low carbon footprint, and non-toxicity of both consumer goods and manufacturing products.
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The furan resin market is segmented -
•By Type: Furfuryl Alcohol Resin, Furfural Resin, Branone Formaldehyde Resin
•By Application: Adhesive and Sealant, Automobile, Paint and Coating, Plastic, Foundry
•By End-User: Construction, Chemical Industries
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the furan resin market.
The Business Research Company's "Global Furan Resin Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Furan Resin Market Include:
1. Executive Summary
2. Furan Resin Market Characteristics
3. Furan Resin Market Trends And Strategies
4. Furan Resin Market - Macro Economic Scenario
5. Furan Resin Market Size And Growth
……
26. Africa Furan Resin Market
27. Furan Resin Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Furan Resin Market
29. Furan Resin Market Future Outlook and Potential Analysis
30. Appendix
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