At what pace is the furfuryl alcohol market growing, and what is its estimated value?
The furfuryl alcohol market size has grown strongly in recent years. It will grow from $0.59 billion in 2024 to $0.63 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to agricultural byproduct availability, increased use of furfuryl alcohol in various industries, increased use of furan resins in various applications, environmental regulation, and economic growth.
The furfuryl alcohol market size is expected to see strong growth in the next few years. It will grow to $0.84 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to sustainable practices, regulatory support, changes in the availability and cost of raw materials, increasing adoption of green chemistry, and growth in the foundry industry. Major trends in the forecast period include technological advancements, increasing R&D investments, the adoption of green chemistry, supply chain improvements, and consumer preference.
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What are the key drivers behind the rapid expansion of the furfuryl alcohol market?
The growing demand for foundries is expected to propel the growth of the furfuryl alcohol market going forward. A foundry is a workshop or factory where metals are melted and cast into shapes. The growing demand for foundries is driven by increased industrialization and infrastructure development, requiring more metal castings for various industries. Furfuryl alcohol in foundries is used as a binder in the production of foundry sand molds and cores, improving the strength and durability of the molds, which results in higher-quality castings. For instance, in March 2023, according to the American Foundry Society, a US-based technical and trade association for foundries and the broader metal casting industry, the U.S. foundry industry achieved casting sales of $43.3 billion in 2021, which increased to $46.3 billion in 2022. Therefore, the growing demand for foundries will drive the growth of the furfuryl alcohol market.
What is the segmentation for the furfuryl alcohol market?
The furfuryl alcohol market covered in this report is segmented –
1) By Source Type: Sugarcane Bagasse Raw Material, Corn Cob Raw Material, Other Sources
2) By Application: Corrosion Inhibitors, Solvents, Resins, Other Applications
3) By End User: Paints And Coatings, Agriculture, Foundry, Food And Beverages, Pharmaceuticals, Other End Users
Subsegments:
1) By Sugarcane Bagasse Raw Material: Bagasse (Sugarcane Fiber Waste), Sugarcane Waste (Stems Or Leaves)
2) By Corn Cob Raw Material: Corn Cob Residue, Corn Stover (Stalks, Leaves, Husks)
3) By Other Sources: Rice Husk, Wood Chips, Wheat Bran, Other Agricultural Residues (Barley Straw, Sorghum)
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Who are the most influential companies in the furfuryl alcohol market?
Major companies operating in the furfuryl alcohol market are Merck Group, Indorama Ventures Public Company Limited (IVL), Illovo Sugar Africa Ltd, Central Romana Corporation, Sinochem International Corp., Lenzing AG, Ashland Inc., KRBL Limited, Wego Chemical Group Inc, Sisco Research Laboratories Pvt. Ltd., Pennakem LLC, Nacalai Tesque Inc., Silvateam S.p.a., TCI Chemicals Pvt. Ltd., Nova Molecular Technologies Inc., DynaChem Inc., TransFurans Chemicals B.V., Hongye Chemical Co. Ltd., Aurus Specialty Company Limited, International Furan Chemicals B.V., Kanto Chemical Co. Inc., DalinYebo, Ottokemi, Junsei Chemical Co. Ltd., Leo Chemo Plast Pvt Ltd
What are the most influential trends expected to drive the furfuryl alcohol market forward?
Major companies operating in the furfuryl alcohol market are focusing on developing environmentally friendly resins, such as low-free furfuryl alcohol resins, to enhance sustainability and meet increasing consumer demand for eco-friendly products. Low-free furfuryl alcohol resins minimize emissions by significantly reducing the content of furfuryl alcohol while maintaining comparable casting performance to standard furan resins. For instance, in July 2022, ASK Chemicals, a Germany-based company that offers foundry consumables, introduced MAGNASET technology, a new generation of FNB binders featuring low levels of free furfuryl alcohol and formaldehyde, and improved safety classification (no skull and crossbones label). The casting performance of MAGNASET resins matches that of leading furan resins (free FA: 50–95%) while significantly lowering free FA content to below 40%, potentially reducing furfuryl alcohol emissions.
What are the major regional insights for the furfuryl alcohol market, and which region holds the top position?
Asia-Pacific was the largest region in the furfuryl alcohol market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the furfuryl alcohol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Furfuryl Alcohol Market Report 2025 Offer?
The furfuryl alcohol market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Furfuryl alcohol is an organic compound derived from furfural, which is itself obtained from agricultural byproducts such as corn cobs, oat hulls, and sugarcane bagasse. It is a colorless liquid that can darken upon exposure to air. The primary purpose of furfuryl alcohol is that, it acts as an reactive solvent and intermediate in the production of furan resins. It is widely used in the manufacture of foundry sand binders, which are essential in metal casting processes due to their high strength and durability
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