According to the latest report by IMARC Group, titled "Furfuryl Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global furfuryl alcohol market to grow at a CAGR of 7.03% during 2022-2027. Furfuryl alcohol refers to an organic compound that is generally used in the purification of wood resin. It is a colorless liquid with a burning odor, which turns amber in color when aged. It is usually derived from hydrolyzed biomass waste, such as rice hulls, sugarcane bagasse and corncobs. Apart from this, it can be produced through the polycondensation of furfuryl alcohol monomer in the presence of an acid catalyst. Furfuryl alcohol easily homopolymerizes in the presence of an acid catalyst, such as organic or mineral acids, to form liquid linear chains primarily consisting of dimers and trimers.
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Global Furfuryl Alcohol Market Trends:
The global market is primarily driven by the rising product demand from the paint and coating industry. This is supported by increasing investments by private and public agencies in infrastructural development projects across developing economies. Moreover, the growing utilization of furfuryl alcohol in the manufacturing of furan resins for foundry sand binders across the metal casting industry is creating a positive market outlook. Additionally, the widespread adoption of the product as a solvent for refining rosin and lubricating oils that aid in improving the efficacy of diesel fuel is acting as a major growth-inducing factor across the globe. Other factors, including rapid industrialization, a considerable rise in the manufacturing of aircraft components, significant growth in the automotive, textile and wind power industries, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth.
- On the basis of the application, the market has been segregated into resins, solvents, corrosion inhibitors and others.
- Based on the end-use industry, the market has been segmented into the foundry, agriculture, paints and coatings, pharmaceuticals, food and beverages and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.Some of these players include 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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