Press release
Furan Resin Global Market Report 2024 - By Report, Size, Share, Demand, Outlook By 2033
Furan Resin Market
The furan resin market size is expected to see strong growth in the next few years. It will grow to $23.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to economic growth impact, shift in consumer preferences, market expansion strategies, sustainability initiatives, rising demand in end-use industries. Major trends in the forecast period include industry demand, environmental regulations, substitute material utilization, market competition, infrastructure development.
Market Overview -
Furan resin refers to resins made from derivatives of furan, such as furfuryl alcohol or furfural, and used in adhesives and in infusing and coating compositions. Furan resins are mainly used as chemically resistant types of cement and binders for explosives, wood adhesives, and fiber composites.
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The Impact Of Global Demand For Lightweight And Fuel-Efficient Automobiles On The Furan Resin Market
The rising demand for lightweight and fuel-efficient automobiles globally is expected to propel the growth of the furan resin market. 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. For instance, in April 2022, according to the European Automobile Manufacturers Association, a Belgium-based standards group of the automobile industry, 79.1 million motor vehicles were produced worldwide in 2021. Further, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6,600,000 units from 2,980,000 units. Therefore, the rising demand for lightweight and fuel-efficient automobiles globally is driving growth of the furan resin market.
Competitive Landscape -
Major companies operating in the furan resin market report are Dyna Chem Inc., HongYe Chemical Co. Ltd., The Chemical Company, Novasyn Organics Pvt. Ltd., NeuChem Inc., Sweet Lake Chemical Ltd., ShuHang Industrial Development Co. Ltd., BASF SE, Jinan Shengquan Group Co. Ltd., Covestro Deutschland AG, Hitachi Automotive Systems Ltd., Toray Industries Inc., HINDUSTAN Adhesive & Chemicals Ltd., International Furan Chemicals BV, Sauereisen Inc., ASK Chemicals GmbH, Hüttenes-Albertus Chemische Werke GmbH & Co. KG, Vesuvius plc, Suzhou Xingye Materials Technology Co. Ltd., Chang Chun Group, Fenolit d.d., Forace Group, IVP Limited, Continental Industries Group Inc., Penn A Kem LLC, Nova Molecular Technologies Inc., Shenzhen Shu Hang Industrial Development Co. Ltd., SolvChem Inc., International Process Plants & Equipment Corp., CKE Inc., D.R. Coats Ink & Resins Pvt. Ltd., Helios TBLUS d.o.o., Les Dérives Résiniques Et Terpéniques SA, SPEFORM Metall-Chemie GmbH, SQ Deutschland GmbH, FuranFlex Ltd., Sileather Inc.
Solvay's Launch Of Reactsurf 0092 Revolutionizes Furan Resin Market
Product innovations are a key trend gaining popularity in the furan resin market. Companies operating in the furan resin market are developing innovative products to sustain their position in the market. For instance, in November 2021, Solvay S.A., a Belgium-based chemical company, launched Reactsurf 0092. Reactsurf 0092 is a non-ionic, APE-free material intended for use in industrial binders and coatings. It makes it possible to create highly effective aqueous epoxy-based coatings that dramatically lower volatile organic compounds (VOCs) while matching or outperforming solvent-based coatings in terms of performance. The emulsifier is developed to offer outstanding application performance, emulsion stability, and particle size management, in order to achieve optimal emulsion coalescence and consistency without sacrificing strength.
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Key Segments -
The furan resin market covered in this report is segmented -
1) By Type: Furfuryl Alcohol Resin, Furfural Resin, Bran Ke*tone Resin, Branone Formaldehyde Resin
2) By Application: Adhesive and Sealant, Automobile, Paint and Coating, Plastic, Foundry
3) By End-User: Construction, Chemical Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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