What Has Been the Growth of the Furfuryl Alcohol Market So Far?
The furfuryl alcohol market has seen considerable growth due to a variety of factors.
• The furfuryl alcohol market has experienced strong growth in recent years. It will grow from $0.59 billion in 2024 to $0.63 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.7%.
The growth can be attributed to the availability of agricultural byproducts, greater use of furfuryl alcohol in various industries, increased application of furan resins, and growing environmental regulations.
What Are the Future Growth Projections for the Furfuryl Alcohol Market?
The furfuryl alcohol market is expected to maintain its strong growth trajectory in upcoming years.
• The furfuryl alcohol market is expected to reach $0.84 billion by 2029 at a CAGR of 7.5%.
Growth will be supported by sustainable practices, regulatory backing, raw material availability, green chemistry adoption, and growth in the foundry industry. Key trends include technological innovations, increasing R&D investments, green chemistry adoption, and supply chain improvements.
What Are The Core Factors Supporting Growth In The Furfuryl Alcohol Market?
The increasing demand for foundries is expected to drive the growth of the furfuryl alcohol market. Foundries are factories where metals are melted and cast into various shapes. This demand is driven by industrialization and the growth of infrastructure, which requires more metal castings for multiple industries. Furfuryl alcohol is used as a binder in foundry sand molds and cores, strengthening the molds and improving the quality of castings. For instance, in March 2023, the American Foundry Society reported a rise in U.S. foundry industry sales, which increased from $43.3 billion in 2021 to $46.3 billion in 2022. As such, the growing need for foundries is fueling the furfuryl alcohol market’s growth.
What Are The Major Segments Within The Global 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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What Emerging Trends Are Influencing The Growth Of The Furfuryl Alcohol Market?
Companies in the furfuryl alcohol market are developing environmentally friendly resins, such as low-free furfuryl alcohol resins, to meet demand for eco-friendly products. These resins reduce furfuryl alcohol content without compromising casting performance. For example, in July 2022, ASK Chemicals, a Germany-based foundry consumables company, introduced MAGNASET technology, which lowers free furfuryl alcohol content while maintaining excellent casting performance and improving safety.
Who Are the Key Players 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 Is The Most Dominant Region In The Furfuryl Alcohol Market?
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.
