The Global Furfuryl Alcohol Market was valued at US$ 461.8 million in 2020 and is predictable to reach US$ 921.5 million by 2030; growing at a CAGR of 7.2 % during the forecast period from 2021- 2030.
Furfuryl Alcohol is referred to as an organic composite containing furan that is colorless, clear, and smells like paint thinners. Furfuryl is derived from raw materials like waste vegetable products such as oat hulls, sugarcane bagasse, and rice hulls that undergo catalytic reduction to produce furfuryl alcohol. It is used as a solvent for the production of polymers and resins for adhesives, coatings, and other products.
The increasing need for furfuryl alcohol for the blending of furan resins and for thermoset polymer matrix compounds, adhesives, casting resins, cement, and coatings is the prime reason for the global furfuryl alcohol market growth. It plays a significant part in several issues arising with the raw materials used in the processing of the products. Increasing use of furfuryl alcohol in food & beverages, energy, pharmaceuticals, foundry, chemical, and agriculture sectors is projected to cater huge revenue for the furfuryl alcohol market during the forecast period. Rising awareness of hazardous chemicals used presently has made to shift for an alternative method such as bio-alcohols which is expected to drive the demand for the furfuryl alcohol.
Increasing research and development activities are expected to trigger the demand for furfuryl alcohol In addition, expansion of the foundry sector is projected to show significant opportunities as furfuryl alcohol is the prime ingredient for furan foundry binders which will grow at a substantial rate during the forecast period.
The Global Furfuryl Alcohol Market is segmented by raw material, application, end-use, and region. Based on raw material, it is categorized into rice hulls, sugarcane bagasse, corncobs, cotton hulls, and others. By application, it bifurcated into solvents, adhesives, resins, plastics, corrosion inhibitors, and others. End-use of furfuryl alcohol segments into food & beverages, energy, pharmaceuticals, foundry, chemical, agriculture, and others. Based on regional insights, the global furfuryl alcohol market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
By application segment, construction and automotive sectors are expected for the highest demand for the furfuryl alcohol during the forecast period. By end-use, foundry sectors project to outcast the highest share owing to an increase in metal casting production and in the agriculture sector owing to increase in farm production in economies like India, China, Indonesia, Russia, America among others. By region, Asia Pacific is projected for the highest share owing to an increase in the utilization of the product in flavoring agents such as in food products, frozen dairy, candies, beverages, meat, and others and North America region also portrays the second position owing to the rise of agriculture sector in the region.
Prominent players inducing the Global Furfuryl Alcohol Market are Linzi Organic Chemical Inc. Ltd., DalinYebo, Silvateam S.p.a., Hongye Holdings Group Corp. Ltd., Furnova Polymers Ltd., Pennakem LLC, ILLOVO SUGAR AFRICA (PTY) LTD., TransFurans Chemicals bvba, Hebeichem, Shandong Crownchem Industries Co. Ltd., Xian Welldon Trading Co. Ltd., and NC Nature Chemical among others.
Segmentation and Scope of the Global Furfuryl Alcohol Market
Global Furfuryl Alcohol Market is segmented by raw material, application, end-use, and region.
By Raw Material
Rest of World
Middle East & Africa
Prominent players in the Global Furfuryl Alcohol Market among other includes