Press release
Furan Resin For Casting Market Poised for 8% Growth, Set to Hit $9.48 Billion by 2029
Furan Resin For Casting Market Size
The market for furan resin for casting has witnessed a robust growth in the past few years. The market, which was worth $41.17 billion in 2024, is forecasted to expand to $44.77 billion in 2025, representing a compound annual growth rate (CAGR) of 8.7%. This substantial growth during the historical period can be credited to the growing requirement for durable, heat-resistant materials, its varied uses in numerous sectors such as the automotive industry, surging demand for lightweight and long-lasting materials in industrial applications, and the rising demand in the aerospace sector for light materials.
The market size for casting furan resin is anticipated to experience robust growth in the upcoming years, escalating to $61.89 billion by 2029 with a compound annual growth rate (CAGR) of 8.4%. This projected growth during the forecast timeframe can be credited to the rising usage of furan resins for producing casting molds and cores in foundries, their prevalent application in the foundry industry, and the use of these resins by the aerospace sector for making lightweight components. Additionally, the expansion of the infrastructure and construction industries, and the increasing focus on lighter materials in the automotive and aerospace sectors also contribute to this growth. Foreseen trends during this period encompass technological advancements, enhanced performance of the resin, an expansion in their range of application, innovation in the manufacture of resin, and the incorporation of sustainable practices.
What Are the Key Drivers Behind the Growth of the Furan Resin For Casting Market?
The escalating need for lightweight materials in the aerospace sector is projected to propel the expansiveness of the furan resin for castings market. Businesses in the aerospace industry, including aircraft, spacecraft and related systems production and service, both commercially and defensively, are witnessing a surge in demand for lightweight materials. This need stems from the quest for fuel efficiency as lighter aircraft consume less fuel, thereby reducing expenses and lessening environmental impact. Furan resin is uniquely suited to aid the aerospace sector by facilitating casting of lightweight yet robust components, thereby contributing to weight reduction through the creation of intricate, hard-wearing parts. For example, the Aerospace Industries Association, a US-based body for aerospace and defense, reported in September 2023 that American global leadership in the aircraft and aerospace industry heightened in 2022. The A&D sector realized over $952 billion in total sales, which marked an upswing of 6.7% from 2021 figures. Hence, the escalating demand for lightweight materials from the aerospace sector is serving as a growth catalyst for the furan resin for castings market.
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Who Are the Major Industry Players Fueling Furan Resin For Casting Market Expansion?
Major companies operating in the furan resin for casting market are ASK Chemicals GmbH, Jinan Shengquan Group Co. Ltd, ChemPoint Inc., Suzhou Xingye Material Technology Co. Ltd., Steuler Industrial Solution, Penn A Kem LLC, HA-International LLC, DynaChem Inc., Forace Polymers Private Limited, Hongye Chemical Group Co Ltd., International Furan Chemicals BV, Central Drug House Ltd., Kanto Chemical Co. Inc., Galaxy Enterprises Private Limited, EUSKATFUND SL, Hindusthan Adhesive & Chemicals, Junsei Chemical Co. Ltd., Globe Carbon Industries, Huangshi Yucheng Trade Co. Ltd., Resitan
How Is the Furan Resin For Casting Market Evolving?
Key players in the furan resin for castings market are creating eco-friendly furan resins as part of an effort to minimise harmful emissions, enhance workers' safety, and adhere to stricter environmental regulations. The new age, green furan resins are thermosetting polymers obtained from agriculture waste products like corn husks and rice hulls and are produced by acid hydrolysis of available natural resources. ASK Chemicals GmbH, a foundry chemicals firm based in Germany, designed MAGNASET 2.0 in August 2022 as a next-gen furan resin offering massive environmental advantages compared to customary resins. MAGNASET 2.0 resins possess a substantially lower free furfuryl alcohol (FA) content of less than 40% compared to regular furan resins that have a 50-95% FA content. Thereby, reducing the free FA presents the opportunity to lower furfuryl alcohol emissions during casting. The free formaldehyde amount in MAGNASET 2.0 isn't more than 0.1%, which paves the way to lower emissions significantly and better the overall eco-friendly attributes of the resin system.
How Is the Segmentation of the Furan Resin For Casting Market Defined?
The furan resin for casting market covered in this report is segmented -
1) By Type: Furfuryl Alcohol Resin; Furfural Resin; Furfural ket*one Resin
2) By Application: Cast Steel; Cast Iron; Alloy Production
3) By End User: Automotive; Aerospace; Construction; Manufacturing
Subsegments:
1) By Furfuryl Alcohol Resin: Chemical Grade Furfuryl Alcohol Resin; Foundry Grade Furfuryl Alcohol Resin; High-Performance Furfuryl Alcohol Resin; Specialty Furfuryl Alcohol Resin
2) By Furfural Resin: Foundry Grade Furfural Resin; Chemical Grade Furfural Resin; High-Temperature Resistant Furfural Resin; Low-Emission Furfural Resin
3) By Furfural ket*one Resin: High-Temperature Furfural ket*one Resin; Automotive-Grade Furfural ket*one Resin; Aerospace-Grade Furfural ket*one Resin; Industrial Furfural ket*one Resin
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What Is the Leading Region in the Furan Resin For Casting Market?
North America was the largest region in the furan resin for castings market in 2024. The regions covered in the furan resin for casting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Furan Resin For Casting Global Market Report?
- Market Size Analysis: Analyze the furan resin for casting Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the furan resin for casting Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the market.
- Market Contribution: Evaluate contributions of different segments to the overall furan resin for casting market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the furan resin for casting market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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