The global furfuryl alcohol market grew at a CAGR of around 3% during 2015-2020. Looking forward, IMARC Group expects the market to continue its moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Furfuryl alcohol (C5H6O2) refers to a colorless or pale-yellow organic compound which is majorly extracted from waste biomass such as corncobs, rice hulls, sugarcane bagasse, etc. It can be synthesized by the continuous vapor-phase hydrogenation of furfural or its catalytic reduction using nickel and copper chromium oxide. It is denser than water, turns amber to black in air and finds extensive application as a solvent in making dark corrosion-resistant resins. It can also be used along with other solvents for cleaning and paint-removing applications. Besides this, it is employed in the food and beverages (F&B) industry as a flavoring agent.
Furfuryl alcohol is employed in various end use industries across the globe. For instance, it is utilized as a filler in the manufacturing of paints, textiles and plastics, and a binding agent in paints and sand. It also finds application in the casting of steel and iron and the insulation of electrical components. Additionally, the increasing construction activities across the globe are contributing to the market growth. Furthermore, furfuryl alcohol is gaining traction in surface treatments of metals, hardening agents, corrosion inhibitors, polishing agents, rust inhibitors and water repellants. Apart from this, the rising extraction of resources, such as industrial and natural gas, is also bolstering the market growth. Moreover, the escalating demand for paper plates, cutlery and roasters, coupled with the growing usage of condiments and seasoning, is positively influencing the market. Besides this, as furfuryl alcohol derived from hydrolyzed biomass waste is a renewable material, the increasing environmental concerns are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global furfuryl alcohol market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on application and end use industry.
Breakup by Application:
- Corrosion Inhibitors
Breakup by End Use Industry:
- Paints and Coatings
- Food and Beverages
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being DalinYebo, Furnova Polymers Ltd, Hebei Xingtai Chunlei Furfuryl Alcohol Co. Ltd., Hongye Holding Group Corporation Limited, Illovo Sugar Africa (PTY) Ltd (Associated British Foods plc (ABF)), NC Nature Chemicals Dr. Kruppa GmbH, Pennakem LLC, Shandong Crownchem Industries Co. Ltd., Silvateam S.p.a., TransFurans Chemicals bvba and Xian Welldon Trading Co. Ltd.
|Base Year of the Analysis
||Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||DalinYebo, Furnova Polymers Ltd, Hebei Xingtai Chunlei Furfuryl Alcohol Co. Ltd., Hongye Holding Group Corporation Limited, Illovo Sugar Africa (PTY) Ltd (Associated British Foods plc (ABF)), NC Nature Chemicals Dr. Kruppa GmbH, Pennakem LLC, Shandong Crownchem Industries Co. Ltd., Silvateam S.p.a., TransFurans Chemicals bvba and Xian Welldon Trading Co. Ltd.
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Key Questions Answered in This Report:
- How has the global furfuryl alcohol market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global furfuryl alcohol market?
- What are the key regional markets?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global furfuryl alcohol market and who are the key players?
- What is the degree of competition in the industry?