The furan resin market size has seen impressive growth in recent years. It is projected to grow from $18.71 billion in 2024 to $19.87 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. Factors like end-user preferences, renewable energy sector, and global economic conditions have contributed to this growth trend.
Further, the furan resin market size is anticipated to witness substantial expansion in the coming years, reaching $25.85 billion in 2029 at a CAGR of 6.8%. Growth during this period can be attributed to economic growth impacts, market expansion strategies, and a shift in consumer preferences, among other factors.
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What Are The Key Drivers Influencing The Growth Of The Furan Resin Market?
The furan resin market is being propelled by the global demand for lightweight and fuel-efficient automobiles. Furan resins and their derivatives improve the tensile strength and reduce the overall weight of the automobile parts. For example, in April 2024, the International Energy Agency reported a 35% YoY increase in electric car sales. This rising trend in lightweight and fuel-efficient automobiles is expected to continue driving the furan resin market in the future.
Overview Of The Key Segments In The Furan Resin Market:
1) By Type: Furfuryl Alcohol Resin, Furfural Resin, Bran Ketone Resin, Branone Formaldehyde Resin
2) By Application: Adhesive and Sealant, Automobile, Paint and Coating, Plastic, Foundry
3) By End-User: Construction, Chemical Industries
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Who Are The Prominent Players In The Furan Resin Market?
Major players 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., and others.
What’s Trending In The Furan Resin Market?
Strategic partnerships among major companies to enhance their supply chains and expand their market reach are a prevalent trend in the furan resin market. For instance, in December 2022, TRB Lightweight Structures Ltd. and the University of Bristol collaborated to advance research and development in innovative composite materials.
Which Region Is Experiencing Rapid Growth In The Furan Resin Market?
Asia-Pacific held the largest share in the furan resin market in 2024 and is forecasted to be the fastest-growing region during the coming years. Other regions covered in the report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Furan Resin Market Report 2025 Offer?
The Furan Resin Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Furan resin refers to resins made from derivatives of furan, and they find significant use in adhesives and coating compositions, among others.
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