What Has Been The Historical And Current Growth Of The Furan Resin For Casting Market?
The furan resin for casting market has seen considerable growth due to a variety of factors.
• The market size for casting furan resin has seen robust growth in the past few years. From $41.17 billion in 2024, it is projected to increase to $44.77 billion in 2025, suggesting a compound annual growth rate (CAGR) of 8.7%.
Factors driving this historic growth include a heightened demand for materials that are both robust and heat-resistant, versatile usage in a host of industries such as automotive manufacturing, the rising need for lightweight and long-lasting materials in industrial applications, as well as an escalating need from aerospace industries for materials that are lightweight.
How Will The Furan Resin For Casting Market Size Evolve In The Foreseeable Future?
The furan resin for casting market is expected to maintain its strong growth trajectory in upcoming years.
• There is an expected robust increase in the furan resin for casting market in the coming years. Its size is projected to expand to $61.89 billion by 2029, with a compound annual growth rate (CAGR) of 8.4%.
This growth within the forecast period is attributed to the escalating use of furan resins in the creation of molding and core casting in foundry applications, their extensive use within the same applications, and aerospace industry's preference for these resins in creating lightweight parts. In addition, the expanding infrastructure and construction sectors, as well as the growing focus on lightweight materials within the automotive and aerospace sectors, contribute to this growth. The forecasted period presents major trends like technological enhancements, betterment in resin performance, expansion in new application scope, innovative techniques in resin manufacturing and the emergence of sustainable practices.
What Are the Critical Driver Fuelling the Furan Resin For Casting Market's Growth?
The furan resin for castings market is anticipated to expand due to the increased need for lightweight materials from the aerospace industry. Businesses involved in the construction, production, and maintenance of aircraft and spacecraft, including both civilian and defense sectors, form this industry. The push for fuel efficiency, which involves using lighter aircraft that consume less fuel, lowers expenses, and reduces environmental harm, is powering the heightened demand for lightweight materials in aerospace. By facilitating the casting of strong lightweight components, furan resin supports the aerospace industry, thereby reducing the weight of aircraft by producing complicated, durable parts. For instance, as reported by the Aerospace Industries Association, a US-based aerospace and defense body, in September 2023, the American aircraft and aerospace industry's global prominence increased in 2022, with the A&D sector achieving over $952 billion in total sales, a 6.7% rise from 2021. Hence, the furan resin for castings market is growing because of the surging demand from aerospace industry for lighter materials.
What Are The Core Segments Of The Globa Furan Resin For Casting Market?
The furan resin for casting market covered in this report is segmented –
1) By Type: Furfuryl Alcohol Resin, Furfural Resin, Furfural Ketone Resin
2) By Application: Cast Steel, Cast Iron, Alloy Production
3) By End User: Automotive, Aerospace, Construction, Manufacturing
Subsegments:
1) By Furfuryl Alcohol Resin: Chemical Grade Furfuryl Alcohol Resin, Foundry Grade Furfuryl Alcohol Resin, High-Performance Furfuryl Alcohol Resin, Specialty Furfuryl Alcohol Resin
2) By Furfural Resin: Foundry Grade Furfural Resin, Chemical Grade Furfural Resin, High-Temperature Resistant Furfural Resin, Low-Emission Furfural Resin
3) By Furfural Ketone Resin: High-Temperature Furfural Ketone Resin, Automotive-Grade Furfural Ketone Resin, Aerospace-Grade Furfural Ketone Resin, Industrial Furfural Ketone Resin
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Which Emerging Trends Are Reshaping The Furan Resin For Casting Market Size?
Leading enterprises within the furan resin for castings market are advancing their technology and developing eco-friendly furan resins with the aim to reduce harmful emissions, enhance worker security, and comply with stricter environmental laws. These eco-friendly furan resins are thermosetting polymers produced from agricultural waste such as corn husks and rice hulls, utilizing acid hydrolysis of natural resources. For instance, in August 2022, ASK Chemicals GmbH, a Germany-based foundry chemicals firm, introduced MAGNASET 2.0, a new breed of furan resins that offer notable environmental advantages compared to conventional formulas. Compared to standard furan resins which have a 50-95% content, MAGNASET 2.0 resins have substantially lower furfuryl alcohol (FA) content of less than 40%. This decrease in free FA can potentially lead to a reduction in furfuryl alcohol emissions during the casting process. The free formaldehyde content in MAGNASET 2.0 does not exceed 0.1%, this further helps to reduce emissions and enhance the overall environmental impact of the resin system.
Who Are the Key Players in the Furan Resin For Casting Market?
Major companies operating in the furan resin for casting market are include:
•ASK Chemicals GmbH
• Jinan Shengquan Group Co. Ltd
• ChemPoint Inc.
• Suzhou Xingye Material Technology Co. Ltd.
• Steuler Industrial Solution
• Penn A Kem LLC
• HA-International LLC
• DynaChem Inc.
• Forace Polymers Private Limited
• Hongye Chemical Group Co Ltd.
• International Furan Chemicals BV
• Central Drug House Ltd.
• Kanto Chemical Co. Inc.
• Galaxy Enterprises Private Limited
• EUSKATFUND SL
• Hindusthan Adhesive & Chemicals
• Junsei Chemical Co. Ltd.
• Globe Carbon Industries
• Huangshi Yucheng Trade Co. Ltd.
• Resitan
What are the Regional Insights into the Furan Resin For Casting Market?
North America was the largest region in the furan resin for castings market in 2024. The regions covered in the furan resin for casting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
