Press release
Furan Resin For Casting Market Size Projected To Reach 61.89 Billion By 2034 With A Cagr Of 8.4%
Furan Resin For Casting Market Trends
What Is the Projected Growth of the Furan Resin For Casting Market?
The market size for furan resin for casting has seen significant growth in the recent past. Its expansion is projected to progress from $41.17 billion in 2024 to $44.77 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. Factors such as increasing demand for robust and heat-resistant materials, diverse utilization in a range of industries including automotive, burgeoning demand for lightweight and resilient materials in industrial settings, and mounting needs from the aerospace industry for lightweight substances, are responsible for the growth observed in the historical period.
The market size for furan resins used in casting is projected to experience considerable growth in the upcoming years, reaching $61.89 billion by 2029 with an annual growth rate (CAGR) of 8.4%.This predicted growth during the forecast period is due to the escalated use of furan resins for the manufacture of casting molds and cores in foundries, their broad usage in similar applications, their utility in the aerospace industry for creating lightweight parts, as well as the expanding infrastructure and construction sectors. There'll also be an increased focus on making use of lightweight materials in both the automobile and aerospace sectors. Expected trends over the forecast period include advancements in technology, enhancement in resin performance, emergence of new application possibilities, innovation in resin production processes, and the initiation of sustainable practices.
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What Are the Different Furan Resin For Casting Market Segments?
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 Are the Primary Drivers Shaping the Furan Resin For Casting Market?
The surge in demand from the aerospace industries for light materials is predicted to propel the expansion of the furan resin for castings market in the future. The aerospace sector encompasses companies that design, manufacture, and maintain aircraft, spacecraft, and related systems, including both commercial and defense realms. The growing need for light materials in aerospace stems from the necessity for fuel efficiency, as lighter airplanes consume less fuel, lowering expenses and reducing environmental impact. Furan resin assists the aerospace sector by enabling the casting of robust yet light components, contributing to the reduction of airplane weight through the fabrication of intricate, durable parts. For example, in September 2023, the Aerospace Industries Association, a US-based aerospace and defense organization, reported that in 2022, the global leadership of the American aircraft and aerospace industry rose, with the A&D division producing over $952 billion in total sales, a 6.7% rise from 2021 numbers. Hence, the escalating demand from the aerospace industry for lightweight materials stimulates growth in the furan resin for castings market.
Which Companies Are Leading in the Furan Resin For Casting Market?
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
What Are the Major Trends Shaping the Acellular Dermal Matrices Market?
Top firms active in the furan resin for castings market are increasingly focusing on the development of eco-friendly furan resins. This move is aimed at cutting down on detrimental emissions, enhancing worker safety, and complying with the more stringent environmental laws. The eco-friendly versions of furan resins processed are essentially thermosetting polymers that are obtained from agricultural waste products such as corn husks and rice hulls via the acid hydrolysis method. ASK Chemicals GmbH, a Germany-based foundry chemicals firm, introduced MAGNASET 2.0, a revamped version of furan resins in August 2022. This new variant showcases considerable environmental advantages over its conventional counterparts. Compared to regular furan resins which contain 50-95% of free furfuryl alcohol (FA), MAGNASET 2.0 has less than 40%. This low free FA content consequently results in a probable reduction of furfuryl alcohol emissions throughout the casting procedure. Additionally, the free formaldehyde content in MAGNASET 2.0 is held at a very low level, under 0.1%, further minimizing emissions and enhancing the overall environmental credentials of the resin system.
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What Are the Top Revenue-Generating Geographies 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Furan Resin For Casting Market?
2. What is the CAGR expected in the Furan Resin For Casting Market?
3. What Are the Key Innovations Transforming the Furan Resin For Casting Industry?
4. Which Region Is Leading the Furan Resin For Casting Market?
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