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Furfuryl Alcohol Market: Trends and Sustainability Insights for 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to agricultural byproduct availability, increased use of furfuryl alcohol in various industries, increased use of furan resins in various applications, environmental regulation, and economic growth.
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%. The growth in the forecast period can be attributed to sustainable practices, regulatory support, changes in the availability and cost of raw materials, increasing adoption of green chemistry, and growth in the foundry industry. Major trends in the forecast period include technological advancements, increasing R&D investments, the adoption of green chemistry, supply chain improvements, and consumer preference.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Furfuryl Alcohol Market 2024 Key Insights:
• 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%.
• Furfuryl Alcohol Market Growth Fueled By Rising Demand In Foundries
• Advancements In Environmentally Friendly Furfuryl Alcohol Resins
• Asia-Pacific was the largest region in the furfuryl alcohol market in 2023
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