Overview and Scope
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
Sizing and Forecast
The furfuryl alcohol market size has grown strongly in recent years. It will grow from $0.55 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. 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 $0.79 billion in 2028 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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Automotive Industry Demand Drives Growth In Furfuryl Alcohol Market
The growing demand in automotive is expected to propel the growth of the furfuryl alcohol market going forward. The growing demand in the automotive industry is driven by advancements in technology, increasing urbanization, and the rising middle-class population seeking personal mobility. Furfuryl alcohol is increasingly used in the automotive industry due to its role in producing high-performance, heat-resistant resins and composites essential for lightweight, fuel-efficient vehicle components. For instance, in May 2024, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production reached 11.18 million units in April, representing a notable increase from the 10.64 million unit average recorded in 2023. Therefore, growing demand in automotive will drive the growth of the furfuryl alcohol market.
Key Industry Players
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
The furfuryl alcohol market report table of contents includes:
1. Executive Summary
2. Furfuryl Alcohol Market Characteristics
3. Furfuryl Alcohol Market Trends And Strategies
4. Furfuryl Alcohol Market – Macro Economic Scenario
5. Global Furfuryl Alcohol Market Size and Growth
…
32. Global Furfuryl Alcohol Market Competitive Benchmarking
33. Global Furfuryl Alcohol Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Furfuryl Alcohol Market
35. Furfuryl Alcohol Market Future Outlook and Potential Analysis
36. Appendix
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