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Furan Resin Market to Record 6.5% CAGR Growth Through 2029 | Global Analysis Report
Furan Resin
Furan Resin Market Outlook: How is the Market Expected to Grow by 2025?
The market size of furan resin has experienced constant growth over the past few years. The anticipated expansion from $18.71 billion in 2024 to $19.6 billion in 2025 is forecasted to occur at a compound annual growth rate (CAGR) of 4.7%. Factors that contributed to the growth in this historic period include preferences of end-users, the renewable energy sector, worldwide economic conditions, competition within the market, industrial demand, and a growing demand for composites.
Furan Resin Market Forecast: What Size Will It Reach By 2029?
The market for furan resin is predicted to experience robust growth in the ensuing years, reaching a worth of $25.2 billion in 2029 with a compound annual growth rate (CAGR) of 6.5%. This anticipated growth during the prediction period is due to aspects such as the impact of economic growth, changes in consumer preferences, the execution of market expansion tactics, sustainability programs, and a surge in demand within end-use industries. Key trends predicted during this period encompass industry demand, ecological regulations, the use of substitute materials, competitive dynamics in the market, and the development of infrastructure.
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Which Key Market Drivers Will Shape Furan Resin Industry Trends in 2025-2029?
The global increase in preference for light and fuel-efficient cars is projected to drive the expansion of the furan resin market. Light and fuel-effective cars incorporate cutting-edge lightweight structural components which enhance fuel economy while sustaining safety and effectiveness. Various car constituents are amalgamated or covered with furan resins and their derivatives, boosting their tensile toughness and diminishing the overall weight of the vehicle. This offers several advantages such as lightweight, resistance against corrosion, and robust strength. Therefore, the global surge in demand for light and fuel-efficient cars is augmenting the sales of furan resin. For example, as per the International Energy Agency, a French intergovernmental agency, electric car sales experienced a rise by 3.5 million units in 2023 as compared to 2022, recording a 35% year-on-year growth. Consequently, the global upsurge in demand for lightweight and fuel-efficient vehicles is fueling the expansion of the furan resin market.
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What Are the High-Growth 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
Which Global Trends Are Driving Furan Resin Market Expansion?
Key players in the furan resin market are capitalizing on strategic alliances to broaden their market penetration, boost their product portfolios, and fortify their supply chains. Such alliances denote a mechanism wherein businesses capitalize on each other's expertise and resources for mutual growth and triumph. For example, in December 2022, TRB Lightweight Structures Ltd., a UK-based firm that concentrates on light composite materials and structures, formed an alliance with the University of Bristol, a renowned UK educational entity, to enhance R&D in cutting-edge composite materials for various uses, thereby boosting both academic understanding and industrial proficiencies. This alliance aims to expand the poly(furfuryl alcohol) (PFA) resin range via the creation of state-of-the-art lightweight composite materials that bring augmented functionality and ecological advantages.
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Who Are the Fastest-Growing Companies in the Furan Resin Industry?
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.
What Is the Regional Outlook for the Furan Resin Market by 2029?
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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