Global Furfuryl Alcohol Market: Snapshot
The global furfuryl alcohol market is registering a significant rise, thanks to the increase in the production of furan resins and solvents. Furan resins find a wide application as binding agent in various metal castings foundries. The significant rise in the foundry industry, especially is China, has been creating a surplus demand for furan resins across the world. As furfuryl alcohol acts as the primary raw material in the production of furan resins, the rise in their demand is, in turn, reflecting positively on the worldwide furfuryl alcohol market.
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Although the market demonstrates a continued upsurge in its growth potential, there are several factors that may impact the market negatively in the coming years. These factors are:
- The highly volatile prices of feedstock, which is used for production of 2-(Hydroxymethyl) furan is limiting the growth of this market to some extent.
- The limited availability of agricultural raw materials required for production of 2-(Hydroxymethyl) furan is also restricting the demand for furfuryl alcohol, resulting in slowdown in the market.
Nonetheless, the usability of poly (furfuryl alcohol) as a precursor for the manufacturing of nanocomposites and carbon materials will normalize the impact of these deterrents in the long run. The upswing in the utilization of nanocomposites and carbon materials in the manufacturing sector is projected to fuel the demand for poly (furfuryl alcohol) in the years to come, creating lucrative opportunities for the growth of the worldwide furfuryl alcohol market. Heavy investments by leading players will also support this market considerably in the near future.
Global Furfuryl Alcohol Market: Overview
2-(Hydroxyl) furan (furfuryl alcohol) is an organic compound that has a chemical structure and a hydroxymethyl group is replaced by a furan ring. The organic compound can be generated by furfuryl alcohol hydrogenation. The organic compound can be produced from waste products such as maize cobs, oat hulls, cane bagasse, rice husk, etc. Due to its prone exothermic polymerization exposure to acid catalyst, this chemicals are highly reactive. This chemical is widely used for commercial use compared to furfural products, such as solvents, foundry resins, adhesives, wetting agents, chemical foodstuff for 5 oxygen heterocycles, and others.
The report furfuryl alcohol market has been prepared based on the synthesis, analysis, and interpretation of information about the global furfuryl alcohol market collected from specialized sources. The competitive landscape section of the report provides a clear insight into the market share analysis of key industry players. The report gives and examination of the market competition that could be experienced by players. The report discusses possible market investigation strategies for new individuals and business ways that present players could take. The report is a broad examination of the global furfuryl alcohol market, its drivers, challenges, and key trends that the market is anticipated to witness.
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Global Furfuryl Alcohol Market: Key Trends
Corn cob is one of the most widely consumed furfural and furfuryl alcohol production raw materials. China’s production plays an essential role in the overall market as it is a global leader in furfuryl alcohol. The lack of maize cob and low output from furfural production at high temperatures in recent years have caused an increasing supply of furfural and furfuryl alcohol.
The second biggest application for furfura worldwide is Furfural as a solvent. In the manufacture of abrasive rolling wheels, brake linings and refractory products, Furfural is used as a solvent for the refining of grafting oils, extracting mineral oil and as a resolvent or wetting agent. Furfural is also used as a flavor / parfum ingredient in food & beverages, and as a chemical intermediate to produce furfural derivatives such as furan and tetrahydrophuran, in a variety of applications that include pharmaceutical intermediaries in agriculture or in horticulture.
Global Furfuryl Alcohol Market: Market Potential
The main drivers of growth in furfuryl alcohol are increasing demand for bio- based products worldwide due to increasing consumer awareness and increasing environmental strictness with regard to the use of furfuryl alcohol. However, safety problems with regard to Furfuryl alcohol’s transport and export are a key constraint to the growth of the alcohol furfuryl market. Increasing demand for plastics in buildings and the paints industry and R&D in the racket sector are the main opportunities for the furfuryl alcohol market to grow.
Global Furfuryl Alcohol Market: Regional Outlook
Asia- Pacific dominates the Furfuryl alcohol market geographically, with North America, Europe, and the Rest of the World (RoW) projected to be the fastest growing country. The growth of the construction industry, thereby stimulating the demand for the products, is likely to result in increased consumer expenses for renovations and remodeling. Regional growth may be driven by favorable regulatory standards by the EPA and the FDA on authorisation of product derivatives as the inert ingredient for pre- and post- harvest pesticides.
Global Furfuryl Alcohol Market: Competitive Landscape
The global furfuryl alcohol market is a fragmented landscape at present. Leading vendors operating in the global furfuryl alcohol market are SolvChem, Penn A Kem, International Furan Chemicals, TransFurans, Sugar Illovo, and Dyna Chem.
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