Furfuryl Alcohol Market size is forecast to reach $680.2 million by 2025, after growing at a CAGR of 6.1% during 2020-2025. Furfuryl alcohol is an organic compound manufactured by catalytic reduction of furfuran. The raw material furfuran is obtained from sugarcane bagasse, corn cobs, wheat bran and oats among others. It has application in rocketry as a hypergolic fuel which ignites readily in presence of fuming nitric acid and red fuming nitric acid. The strong shift towards the development of bio-based chemicals against the backdrop of volatile Petrochemical prices is expected to remain a key driver for the growth of furfuryl alcohol market during the forecast period.
By Raw Material- Segment Analysis
Corncobs segment held a significant share in furfuryl alcohol market in 2019. The yield from corncob is the maximum, thus, marking corncob the most desirable raw material for production. In addition, corncob, when used as a biomass feedstock, delivers promising opportunities for renewable energy creation. Sugarcane bagasse is a significant agro-industrial byproduct. Large quantities of sugarcane bagasse are easily accessible at low cost in several sugarcane-processing manufacturing facilities, including sugar mills and independent distilleries. Furthermore, a gas-fired boiler in sugar mills can be used to increase the production of bagasse to obtain it as a raw material for production. The storing of bagasse is expensive and complicated, so a furfural unit must be positioned near a sugar mill.
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By Application- Segment Analysis
Resins segment held a significant share in furfuryl alcohol market in 2019. Furfuryl alcohol is predominantly used in resinous mortars for joining corrosion inhibiting bricks or tiles in the fabrication of storage tanks, reactors, floors, and fume stacks. The product is used for corrosion-resistant mortars and cement and erosion-resilient fiber-reinforced plastics. Increasing awareness about the effectiveness of the product as a corrosion inhibitor, coupled with its surging demand as an inhibitor in cement, grout, and mortar.
The solvent segment is expected to witness significant growth over the forecast period. The growth can be attributed to extensive usage of product as an industrial solvent and precursor of chemical products, including furfuryl cyanide, halides, methyl furan, esters, and ethers.
By End-User Industry – Segment Analysis
Foundry segment held a significant share in furfuryl alcohol market in 2019 growing at a CAGR of XX% during the forecast period. Presently, furfuryl alcohol is utilized in binders for the regular furan no-bake system and in reduced quantities in furan gas-hardened, warm-box, and hot-box processes. In the foundry application, it competes predominantly with phenol, which is the raw material used for phenolic resins. Growth in the foundry industry due to a surge in metal casting production is estimated to boost the demand for furfuryl alcohol.
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries.
Geography- Segment Analysis
Asia Pacific dominated the furfuryl alcohol market with a share of more than XX%, followed by North America and Europe The growth can be attributed to increasing demand from end-use industries, such as paints and coatings, cement, construction, and agriculture. Factors such as stable economic growth, increasing industrial production, and consistent growth in automotive sales in economies, such as China, Japan, and India, are expected to fuel the product demand in the region. In addition, easy raw material availability, along with 400 factories manufacturing furfural in China, has boosted furfuryl alcohol production in the country. Moreover, presence of a large number of foundries in China, India, U.S., and Japan, along with growing inclusion of product for manufacturing molds, is estimated to trigger the market growth in the near future.
Drivers – Furfuryl Alcohol Market
Growing demand for furfuryl alcohol
Furfuryl alcohol is a chemical, which is derived from furfural. Furfuryl alcohol plays a vital role in the production of foundry sand binders due to its high reactivity. This alcohol has been extensively used for producing cores and mold for metal for many decades. It is also used in the production of tetrahydrofurfuryl alcohol (THFA), which is widely used in the pharmaceutical industry. According to the World Foundry Organization, the foundry industry is expected to grow by 13.0-14.0% until 2025 in India, which is expected to be the second-largest foundry market in the world, after China. Therefore, the growing foundry industry is leading to the demand for furfuryl alcohol, thereby boosting the market.
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Challenges – Furfuryl Alcohol Market
Raw material prices
Volatility in price of feedstock being used for production 2-(Hydroxymethyl)furan is identified as restraining factor for the furfuryl alcohol market. In addition, seasonality of the agricultural raw materials used for production of 2-(Hydroxymethyl) furan is also hampering the growth of the market. Moreover, safety issues in regards to transport and export of Furfuryl alcohol is the key restraint for the growth of furfuryl alcohol market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the furfuryl alcohol market. In 2019, the market of furfuryl alcohol has been consolidated by the top five players accounting for xx% of the share. Major players in the furfuryl alcohol market are TransFurans Chemicals bvba, Tieling North Furfuryl alcohol (Group) Co. Ltd., Hongye holding group corporation limited, DynaChem Incorporated, Nova Molecular Technologies, Inc., Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Penn A Kem LLC, and Zhucheng Taisheng Chemical Co., Ltd. among others.
Geographical Expansion
In 2016, an India-based Company, KRBL set up a furfuryl alcohol plant at Bhasaur, Dhuri District, Sangrur in the state of Punjab at a total cost of more than US$ 2.0 Mn. The company, through this plant, intends to convert furfuryl oil into refined furfuryl alcohol, as there is huge demand for furfuryl alcohol in India
Key Takeaways
New product developments and increasing investments in research and development of furfuryl alcohol are expected to drive the growth of this market.
Among end-use industry, agriculture segment is projected to lead the furfuryl alcohol market during the forecast period.
Asia Pacific dominated the furfuryl alcohol market.
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