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Furfuryl Alcohol Market Analysis: Unveiling Market Size, Share, Growth Factors & Competitive Landscape
Furfuryl Alcohol Market
As per the report, the furfuryl alcohol market size has grown strongly in recent years. It will grow from $0.55 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The furfuryl alcohol market size is expected to see strong growth in the next few years. It will grow to $0.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
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Furfuryl Alcohol Market Growth Fueled By Rising Demand In Foundries
The growing demand for foundries is expected to propel the growth of the furfuryl alcohol market going forward. A foundry is a workshop or factory where metals are melted and cast into shapes. The growing demand for foundries is driven by increased industrialization and infrastructure development, requiring more metal castings for various industries. Furfuryl alcohol in foundries is used as a binder in the production of foundry sand molds and cores, improving the strength and durability of the molds, which results in higher-quality castings. For instance, in March 2023, according to the American Foundry Society, a US-based technical and trade association for foundries and the broader metal casting industry, the U.S. foundry industry achieved casting sales of $43.3 billion in 2021, which increased to $46.3 billion in 2022. Therefore, the growing demand for foundries will drive the growth of the furfuryl alcohol market.
Automotive Industry Demand Drives Growth In Furfuryl Alcohol Market
The growing demand in automotive is expected to propel the growth of the furfuryl alcohol market going forward. The growing demand in the automotive industry is driven by advancements in technology, increasing urbanization, and the rising middle-class population seeking personal mobility. Furfuryl alcohol is increasingly used in the automotive industry due to its role in producing high-performance, heat-resistant resins and composites essential for lightweight, fuel-efficient vehicle components. For instance, in May 2024, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production reached 11.18 million units in April, representing a notable increase from the 10.64 million unit average recorded in 2023. Therefore, growing demand in automotive will drive the growth of the furfuryl alcohol market.
Advancements In Environmentally Friendly Furfuryl Alcohol Resins
Major companies operating in the furfuryl alcohol market are focusing on developing environmentally friendly resins, such as low-free furfuryl alcohol resins, to enhance sustainability and meet increasing consumer demand for eco-friendly products. Low-free furfuryl alcohol resins minimize emissions by significantly reducing the content of furfuryl alcohol while maintaining comparable casting performance to standard furan resins. For instance, in July 2022, ASK Chemicals, a Germany-based company that offers foundry consumables, introduced MAGNASET technology, a new generation of FNB binders featuring low levels of free furfuryl alcohol and formaldehyde, and improved safety classification (no skull and crossbones label). The casting performance of MAGNASET resins matches that of leading furan resins (free FA: 50-95%) while significantly lowering free FA content to below 40%, potentially reducing furfuryl alcohol emissions.
The furfuryl alcohol market covered in this report is segmented -
1) By Source Type: Sugarcane Bagasse Raw Material, Corn Cob Raw Material, Other Sources
2) By Application: Corrosion Inhibitors, Solvents, Resins, Other Applications
3) By End User: Paints And Coatings, Agriculture, Foundry, Food And Beverages, Pharmaceuticals, Other End Users
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Major companies operating in the furfuryl alcohol market are Merck Group, Indorama Ventures Public Company Limited (IVL), Illovo Sugar Africa Ltd , Central Romana Corporation, Sinochem International Corp., Lenzing AG, Ashland Inc., KRBL Limited, Wego Chemical Group Inc, Sisco Research Laboratories Pvt. Ltd., Pennakem LLC, Nacalai Tesque Inc., Silvateam S.p.a., TCI Chemicals Pvt. Ltd., Nova Molecular Technologies Inc., DynaChem Inc. , TransFurans Chemicals B.V., Hongye Chemical Co. Ltd., Aurus Specialty Company Limited, International Furan Chemicals B.V., Kanto Chemical Co. Inc., DalinYebo, Ottokemi, Junsei Chemical Co. Ltd., Leo Chemo Plast Pvt Ltd
Contents of the report:
1. Executive Summary
2. Furfuryl Alcohol Market Report Structure
3. Furfuryl Alcohol Market Trends And Strategies
4. Furfuryl Alcohol Market - Macro Economic Scenario
5. Furfuryl Alcohol Market Size And Growth
…..
27. Furfuryl Alcohol Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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