Global Furfuryl Alcohol Market by End Use (Foundry, Agriculture), by Application (Solvent, Resins, Corrosion Inhibitor) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global furfuryl alcohol market was valued at USD 479.0 millions in 2019. It is expected to grow at 6.2% compound annual growth rate (CAGR), between 2020 and 2027. This market growth can be attributed to increased demand in the production of furan resins as well as in the formulation of thermoset polymer matrix compound compounds, cement, adhesives, coatings and casting resins. Around 85% of global furfural production is currently converted to furfuryl Alcohol, which is attributed to the demand for furan resins. It is widely used in the polymer, pharmaceutical, and food industries. There are many uses for furfuryl alcohol, including chemical structure block for drug synthesizer, cleaning composites production and paint stripper. It also has viscosity condenser epoxy resins. It is used in the manufacture of anti-ulcer drugs, Ranitidine being one example.

To prevent leakage, furfuryl alcohol can be used in tanks, containers and valves. This product is a well-known biobased chemical that can be used as a raw materials. It can also be used to make virtuous solutions of dye and vanish. It is also useful in the production of pesticides, rubber, and synthetic fabrics. Market growth is influenced by the development of green chemistry, sustainability programs and innovative biobased value chain. The 12 principles of green Chemistry are being used by chemical manufacturers to produce sustainable biobased/green chemicals. In terms of producing green chemicals, there has been a paradigm shift. This includes the development of biotechnological methods such as biocatalysis and fermentation. These factors have significantly contributed to the rise of the green chemical market.

Green chemical manufacturing is likely to be encouraged by a variety of government initiatives and regulatory support. In Europe, REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) provides support to manufacturers of biobased/green chemicals by offering them opportunities to create and market sustainable biobased/green substitutes. Manufacturers must comply with REACH's registration exemptions.

The market has seen positive growth because of the preference for biobased and environmentally-friendly products by key end users in developed North America and Europe. The spread of COVID-19, a disease in Wuhan, China has caused disruptions to energy supply chains and chemical trade. This has also altered demand patterns and lowered raw material prices. The major developed countries in North America and Europe rely on South Africa, China, and the Dominican Republic to obtain furfuryl alcohol. The supply chain for furfuryl alcohol has been negatively affected by shipping and production restrictions. In addition, supply chain issues and staff shortages are forcing manufacturing companies to reduce their production. This is expected to slow down market growth.

Application Insights

Resins dominated the market, accounting for over 85.0% of global revenue in 2019. Furfuryl alcohol is primarily used in resinous mortars to join corrosion-inhibiting bricks or tiles for the fabrication of storage tanks and reactors, floors, fume stacks, and floors. It is used in corrosion-resistant mortars, cement, and fiber-reinforced polymers. Segment growth is likely to be triggered by increasing awareness of the product's effectiveness as a corrosive inhibitor and its growing demand as an inhibitor for cement, grout, mortar, and other materials.

The segment solvent is expected to experience the greatest growth during the forecast period. This is due to the extensive use of the product in industrial solvents and as a precursor of chemical products such as furfurylcyanide, halides and methyl furan. Over the forecast period, the segment will see a surge in demand for non-toxic solvents and low volatile organic compounds.

End-use Insights

Market leader in 2019, the foundry sector accounted for over 80.0% of global revenue. This market share is expected to continue during the forecast period. Furfuryl alcohol is used in binders in the furan no bake system, as well as in smaller quantities in hot-box, warm-box and furan gas-hardened processes. It competes with phenol in the foundry application. This is the raw material for the phenolic resins. Furfuryl alcohol will see a rise in demand due to an increase in steel casting production. The segment will also be boosted by the presence of many foundries in China and India, as well as increasing inclusion of products for manufacturing moulds.

Furfuryl alcohol can be used in agriculture, particularly in pesticide formulations as a cosolvent with active ingredients like gibberellic acid and mefenoxam. It can also be used to adjuvant herbicides in their penetration of the leaf structure. The formulation of plant protection products is based on tetrahydrofurfuryl alcohol. The forecast period will also see an increase in agricultural production and a rise in demand for these products in other countries like China, India, Brazil, Turkey Turkey, Russia, France and Mexico.

Regional Insights

Asia Pacific was the dominant market, accounting for 67.1% of global revenue in 2019. It is expected to continue its dominance over the forecast period. This growth can be attributed largely to the growing demand from the end-use industries such as agriculture, cement, paints and coatings, and construction. Stable economic growth, increased industrial production and consistent growth of automotive sales in countries such as China, Japan and India are all expected to drive product demand in the region.

The International Agency for Research on Cancer (IARC) reports that China was the world's largest producer of furfuryl alcohol in 2018, with 80-85% production. China emerged as the world's largest consumer of furfuryl alcohol. China has 400 factories that produce furfural, which makes it easy to obtain raw materials. This has helped boost furfuryl alcohol production. The country's most prominent manufacturers include Linzi Organic Chemical, Inc. Ltd., Hebeichem, Shandong Crownchem Industries Co., Ltd., Hongye Holdings Group Co., Ltd., Xian Welldon Trading Co., Ltd.

Europe was the second-largest regional market for furfuryl alcohol in 2019 in both revenue and volume. TransFurans Chemicals Bvba is Europe's only major manufacturer. Silvateam S.p.a. and other players do not make a significant contribution to the region's high demand. To meet the needs of several industries, the majority of the product is imported to China. ASK Chemicals and Dynea AS are the main European consumers of furfuryl alcohol. Dynea AS provides various engineered woods, interior woods, wood-based panel adhesives, specialty adhesives, polymers and surfacing solutions.

Market Share Insights & Key Companies

China's market is somewhat fragmented, with many small- and medium-sized companies dominating the majority of market share. TransFurans Chemicals bvba and ILLOVO SUGAR AFRICA(PTY) LTD. are some of the top players in this market.

The market's key players are integrated throughout the value chain, and they are also focusing their attention on third-party distribution agreements, particularly in North America and Europe. TransFurans Chemicals Bvba, for example, has entered into a distribution agreement to International Furan Chemicals B.V. as a European distributor to ensure an uninterrupted supply of furfuryl alcohol. ILLOVO SUGAR AFRICA LTD, a South African manufacturer of furfural, focuses on backward integration and uses furfural to make furfuryl alcohol.

For the sake of meeting growing agricultural, pharmaceutical, and foundry demand, manufacturers are more inclined to invest in capacity expansion and process improvements. Market players also focus on lowering final operational costs, aiming to reduce utility consumption, maintainable downtime, and better utilization of resources. The following are some of the most prominent players in global furfuryl alcohol markets:

• ILLOVO SUGAR AFRICA (PTY) LTD.

• Linzi Organic Chemical Inc. Ltd.

• TransFurans Chemicals Bvba

• DalinYebo

• Hebeichem

• Silvateam S.p.a.

• Shandong Crownchem Industries Co., Ltd.

• Hongye Holdings Group Corp.

• Xian Welldon Trading Co. Ltd.

• Furnova Polymers Ltd.

• NC Nature Chemicals

• Pennakem, LLC

Up Market Research published a new report titled “Furfuryl Alcohol Market research report which is segmented by End Use (Foundry, Agriculture), by Application (Solvent, Resins, Corrosion Inhibitor), By Players/Companies Pennakem LLC, TransFurans Chemicals bvba, Hebeichem, Shandong Crownchem Industries Co Ltd, Hongye Holdings Group Corp Ltd, Silvateam Spa, DalinYebo, Linzi Organic Chemical Inc Ltd, Xian Welldon Trading Co Ltd, NC Nature Chemicals, ILLOVO SUGAR AFRICA (PTY) LTD, Furnova Polymers Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Furfuryl Alcohol Market Report Segments:

The market is segmented by End Use (Foundry, Agriculture), by Application (Solvent, Resins, Corrosion Inhibitor).

Furfuryl Alcohol Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Furfuryl Alcohol Market

Overview of the regional outlook of the Furfuryl Alcohol Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Furfuryl Alcohol Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Furfuryl Alcohol Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Foundry

                2. Agriculture

                1. Solvent

                2. Resins

                3. Corrosion Inhibitor

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Furfuryl Alcohol Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Furfuryl Alcohol Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.