Global Furfuryl Alcohol Market (2021 to 2028) - Featuring Illovo Sugar Africa, Lenzing and Behran Oil Among Others - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Furfuryl Alcohol Market Size, Share & Trends Analysis Report by Application (Resins, Solvents, Corrosion Inhibitors), by End Use (Foundry, Agriculture, Food & Beverages), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global furfuryl alcohol market size is estimated to reach USD 821.6 million by 2028. The market is expected to expand at a CAGR of 7.2% from 2021 to 2028.
- Illovo Sugar Africa (Pty) Ltd
- Linzi Organic Chemical Inc. Ltd.
- Transfurans Chemicals Bvba
- Central Romana Corporation
- Krbl Ltd.
- Silvateam S.P.A.
- Lenzing Ag
- Behran Oil Co.
- Shandong Crownchem Industries Co., Ltd.
- Hongye Holding Group Co., Ltd.
- Tanin D.D.
- Xian Welldon Trading Co., Ltd
- Furnova Polymers Ltd
- Nc Nature Chemicals
- Pennakem, Llc
Factors such as rising demand for furfuryl alcohol resins from the construction and automotive sectors are expected to drive the market in the near future.
The product has witnessed high demand over the past decade, owing to its growing usage in the foundry, agriculture, and construction industries, among others. The product is broadly utilized in resins and plastics applications. A surge in research and development activities in the area of rocket fuel is estimated to trigger the demand. The products also play an essential role in manufacturing in the foundry sector in the formulation of molds for metal casting.
Asia Pacific is the largest producer as well as consumer of furfuryl alcohol due to increasing concerns regarding renewable products and growing population resulting in high demand for consumer products. The majority of the furfural manufactured in China, more than 85%, is utilized in the production of furfuryl alcohol. Consequently, the growing demand from various end-use industries, in regions such as Europe, is estimated to boost the furfural market growth over the forecast period.
Manufacturers compete on the basis of competitive pricing owing to the presence of price-sensitive buyers. Furthermore, the recent COVID-19 impact causing logistic disruption along with production shutdowns, especially in China have negatively influenced the pricing dynamics. However, the rapid growth of end-use industries along with recovering the production of furfuryl alcohol which is inclined toward bridging the gap between demand and supply is projected to stabilize the prices over the forecast period.
Furfuryl Alcohol Market Report Highlights
- The resins application segment is expected to witness the fastest CAGR of more than 6.1% in terms of revenue over the forecasted period. The growth is attributed to the increasing use of resins in manufacturing aircraft components, fiberglass, and the automotive industry
- In 2020, the foundry segment emerged as the dominant end-use segment and accounted for more than 82.0% share because of growing foundry industry activities, due to a surge in metal casting production
- In Asia Pacific, the market is anticipated to witness a revenue-based CAGR of 7.6% over the forecast period considering the growth of several end-use industries including agriculture, food and beverage, pharmaceutical, and refinery
- The market is moderately fragmented in nature due to the presence of a large number of manufacturers especially in China
- High demand from the foundry sector has increased manufacturers focus towards manufacturing furfuryl alcohol by utilizing furfural produced in their facilities, there for lowering operational costs by integrating forward
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segmental Outlook
2.3 Competitive Insights
Chapter 3 Global Furfural Market: Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.3.1 Raw Material Trends
3.3.2 Manufacturing Trends
3.4 Price Trend Analysis, 2017 - 2028
3.5 Technology Overview
3.6 List of Key End-Users
3.7 Regulatory Framework
3.8 Market Dynamics
3.8.1 Market Driver Analysis
22.214.171.124 Increasing Demand For Furfuryl Alcohol
126.96.36.199 Growth In Foundry Industry
188.8.131.52 Emergence Of Major End-use Industries
3.8.2 Market Restraint Analysis
184.108.40.206 Fluctuating Raw Material Prices
3.8.3 Industry Challenges
3.9 Impact of COVID-19 Pandemic
3.10.3 Major Deals & Strategic Alliances
Chapter 4 Global Furfuryl Alcohol Market: Application Estimates & Trend Analysis
Chapter 5 Global Furfuryl Alcohol Market: End-use Estimates & Trend Analysis
Chapter 6 Global Furfuryl Alcohol Market: Regional Estimates & Trend Analysis
Chapter 7 Competitive Landscape
7.1 Vendor Landscape
7.2 Competitive Market Environment
7.3 Company Market Positioning
7.4 Strategy Framework
Chapter 8 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/5cxydo
Laura Wood, Senior Press Manager
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