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Furan Resin Market Expected to Achieve 6.8% CAGR by 2029: Growth Forecast Insights
Furan Resin
How Large Will the Furan Resin Market Size By 2025?
In recent times, the market size for furan resin has expanded significantly. It is projected to increase from a value of $18.71 billion in 2024 to $19.87 billion in 2025, which equates to a compound annual growth rate (CAGR) of 6.2%. The growth during the historic period is primarily due to factors like consumer preferences, the renewable energy sector, worldwide economic circumstances, market competition, industrial requirement, and an escalating demand for composites.
How Big Is the Furan Resin Market Size Expected to Grow by 2029?
In the coming years, the furan resin market is predicted to experience robust expansion, increasing to a size of $25.85 billion in 2029, with a compound annual growth rate (CAGR) of 6.8%. The growth in the prediction period can be linked to factors such as the impact of economic growth, changing consumer choices, strategies for market expansion, sustainability initiatives, and increased demand in end-use industries. Key trends for the forecast period encompass industry demand, environmental rules, the use of alternative materials, market competition, and development of infrastructure.
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Which Key Market Drivers Powering Furan Resin Market Expansion and Growth?
The global increase in preference for lightweight and fuel-efficient cars is anticipated to stimulate the development of the furan resin market. Cars that are lightweight and fuel-efficient utilize advanced lightweight structural materials enhancing fuel efficiency while ensuring safety and performance are maintained. Several automobile components are either amalgamated or coated with furan resins and their derivatives which bolsters their tensile strength and decreases the ultimate weight of the vehicle. This provides numerous advantages such as lightweight characteristics, resistance to corrosion, and high strength. Thus, the escalating global demand for lightweight and fuel-efficient autos is enhancing furan resin sales. For instance, as the International Energy Agency, a France-based intergovernmental agency reported in April 2024, the sales of electric cars soared by 3.5 million units in 2023 in comparison to 2022, indicating a year-on-year rise of 35%. Consequently, the global surge in demand for lightweight and fuel-efficient cars is propelling the growth of the furan resin market.
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Which Fast-Growing Trends Are Poised to Disrupt the Furan Resin Market?
In the furan resin market, strategic partnerships are a growing trend. For example, in December 2022, UK-based TRB Lightweight Structures Ltd. collaborated with the University of Bristol to advance composite material R&D, enhancing the poly(furfuryl alcohol) resin product range with better functionality and sustainability.
What Are the Emerging Segments in the Furan Resin Market?
The furan resin market covered in this report is segmented -
1) By Type: Furfuryl Alcohol Resin, Furfural Resin, Bran ket*one Resin, Branone Formaldehyde Resin
2) By Application: Adhesive and Sealant, Automobile, Paint and Coating, Plastic, Foundry
3) By End-User: Construction, Chemical Industries
Subsegments:
1) By Furfuryl Alcohol Resin: Phenolic Furfuryl Alcohol Resin, Thermosetting Furfuryl Alcohol Resin
2) By Furfural Resin: Furfural-Based Phenolic Resin, Furfural-Based Polyurethane Resin
3) By Bran ket*one Resin: Bran ket*one Formaldehyde Resin, Bran ket*one Urea Resin
4) By Branone Formaldehyde Resin: Branone Phenolic Resin, Branone Urea Resin
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Who Are the Global Leaders in the Furan Resin Market?
Major companies operating in the furan resin market include 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., 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., CKE Inc., D.R. Coats Ink & Resins Pvt. Ltd., Les Dérives Résiniques Et Terpéniques SA, SPEFORM Metall-Chemie GmbH, SQ Deutschland GmbH, FuranFlex Ltd.
Which are the Top Profitable Regional Markets for the Furan Resin Industry?
Asia-Pacific was the largest region in the furan resin market in 2024 and is expected to be the fastest-growing region in the global furan resin report during the forecast period. The regions covered in the furan resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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