How Has the Furan Resin Market Size Evolved in Recent Years?
The furan resin market has seen considerable growth due to a variety of factors.
•The size of the furan resin market has seen robust growth in the past few years. The market is expected to escalate from $18.71 billion in 2024 to $19.87 billion in 2025, showing a compound annual growth rate (CAGR) of 6.2%.
The increase over the historical time frame is accredited to factors such as consumer preferences, the renewable energy industry, global economic environment, market rivalry, industrial need, and a rising demand for composites.
What are the Market Size and Expected Growth Rates for the Furan Resin Market?
The furan resin market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of furan resin is anticipated to experience substantial expansion in the coming years. It is projected to reach "$25.85 billion by 2029 with a 6.8% compound annual growth rate (CAGR).
Economic development influence, changes in customer predilections, strategies for market broadening, initiatives towards sustainability, and the increased need in end-use industries are the contributing factors to the growth during the forecast period. Key trends that will mark the forecast period encompass demand within the industry, environmental rules, use of alternative materials, market rivalry, and the advancement of infrastructure.
Which Key Drivers Are Propelling The Furan Resin Market's Growth?
The global furan resin market is poised for growth, spurred on by increasing demands for automobiles that are fuel-efficient and lightweight. These types of vehicles utilize progressive lightweight structural elements that bolster fuel economy without compromising safety or performance. Furan resins, along with their derivatives, are incorporated into or used to coat various automotive components, enhancing the components' tensile resistance and lowering the car's overall weight. The furan resin brings multiple advantages such as being lightweight, highly durable, and resistant to corrosion. This surge in demand for fuel-efficient, lightweight vehicles worldwide is consequently fueling furan resin sales. As an example, in April 2024, the International Energy Agency - an intergovernmental agency based in France - reported a 35% year-on-year increase in electric car sales with 3.5 million additional units sold in 2023 compared to 2022. Accordingly, this growing global preference for automobiles that are both lightweight and fuel-efficient is a driving force behind the furan resin market's expansion.
What Are The Key Segments Within The Global Furan Resin Market?
The furan resin market covered in this report is segmented –
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
Subsegments:
1) By Furfuryl Alcohol Resin: Phenolic Furfuryl Alcohol Resin, Thermosetting Furfuryl Alcohol Resin
2) By Furfural Resin: Furfural-Based Phenolic Resin, Furfural-Based Polyurethane Resin
3) By Bran Ketone Resin: Bran Ketone Formaldehyde Resin, Bran Ketone Urea Resin
4) By Branone Formaldehyde Resin: Branone Phenolic Resin, Branone Urea Resin
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How Are New Trends Impacting The Size Of The Furan Resin Market?
In a bid to increase their market penetration, enrich product range, and bolster their supply chains, leading firms in the furan resin market are resorting to strategic collaborations. Such partnerships enable companies to capitalize on each other's strength and resources for mutual gain and accomplishment. A pertinent example of this is the collaboration in December 2022 between TRB Lightweight Structures Ltd., a UK-manufacturer specialising in lightweight composite materials and structures, and the University of Bristol, a top-tier UK educational establishment. This strategic partnership seeks to drive research and development in cutting-edge composite materials for myriad applications, thus augmenting academic insight and industry acumen. The collaboration is specifically geared towards expanding the poly(furfuryl alcohol) (PFA) resin range through innovative lightweight composite materials that boast superior functionality and eco-friendly attributes.
Who Are the Key Players in the Furan Resin Market?
Major companies operating 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.
• International Furan Chemicals BV
• Sauereisen Inc.
• ASK Chemicals GmbH
• Hüttenes-Albertus Chemische Werke GmbH & Co. KG
• Vesuvius plc
• Suzhou Xingye Materials Technology Co. Ltd.
• Chang Chun Group
• Fenolit d.d.
• Forace Group
• IVP Limited
• Continental Industries Group Inc.
• Penn A Kem LLC
• Nova Molecular Technologies Inc.
• Shenzhen Shu Hang Industrial Development Co. Ltd.
• SolvChem Inc.
• CKE Inc.
• D.R. Coats Ink & Resins Pvt. Ltd.
• Les Dérives Résiniques Et Terpéniques SA
• SPEFORM Metall-Chemie GmbH
• SQ Deutschland GmbH
• FuranFlex Ltd.
What are the Regional Insights into the Furan Resin Market?
Asia-Pacific was the largest region in the furan resin market in 2024 and is expected to be the fastest-growing region in the global furan resin report during the forecast period. The regions covered in the furan resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
