In view of the previously mentioned factors, Future Market Insights (FMI) has projected the furfuryl alcohol market to develop at a consistent 5.9% CAGR, pushing deals past US$ 1.5 Billion in 2028.
Furfuryl alcohol (C4H3OCH2OH), also known as 2-furylmethanol or 2-furancarbinol, is a chemical compound with a hydroxymethyl group replaced for a furan group. Hydrogen catalysis is used to produce furfuryl alcohol from furfural. It appears colorless or pale yellow and is utilized in a wide range of applications.
As a result, the global market for furfuryl alcohol is expected to grow significantly in 2018, with a market value of US$ 836.2 Mn, representing a 4.5% increase over 2017. Furthermore, the increasing usage of furfuryl alcohol in medical solvents and wood impregnation would affect global demand.
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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. Predominantly, over the years, the consumption of furfuryl alcohol in foundry resins has reached an unprecedented level, owing to the physical and chemical properties possessed by furfuryl alcohol. Increasing industrial production, relatively stable economic conditions and consistent growth in automotive sales in various regions such as India, SEAP and China are the factors estimated to drive the growth in the demand for furfuryl alcohol.
In the recent past, the furfuryl alcohol market has witnessed significant developments from the competition perspective. Production capacity expansion and commencement of production are some of the preferred strategies opted by prominent players to sustain and enter in the global furfuryl alcohol market.
Based on the application, the foundry resin segment is expected to remain dominant in terms of the global furfuryl alcohol market volume share and account for approximately an 88.6% share by the end of 2028.
Based on source type, corn cob raw material is expected to remain behemoth in the global market and account for more than 86% of the revenue by 2028-end. Corn cob is one the most consumed raw materials in the production of furfural and then, furfuryl alcohol.
On the other hand, the production of furfuryl alcohol from sugarcane bagasse is expected to grow at a CAGR of 6.4%. In terms of growth, bagasse will remain one of the most attractive segments. Importantly, sugarcane bagasse has a yield just next to that of corn cob.
In 2017, China was the most attractive region in the global furfuryl alcohol market and accounted for more than 61.3% of the global market share. Further, being at the forefront in terms of furfuryl alcohol production and consumption, China is pegged to control the global furfuryl alcohol market in the future as well.
The increasing demand for furfuryl alcohol has influenced prominent manufacturers to expand their production facilities. In India, various manufacturers are poised to start the production of furfuryl alcohol on account of the anticipated demand rise in the coming years.
Hongye Holding Group Corp., Ltd., Zibo Huaao Chemical Co., Ltd., International Furan Chemicals B.V., China XLX Fertilizer Ltd., Aurus Speciality Company Limited, Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Silvateam, Shijiazhuang Worldwide Furfural and Furfuryl Alcohol Furan Resin Co. Ltd., KRBL Ltd. and Illovo Sugar (PTY) Ltd. are some of the key players involved in the global furfuryl alcohol market.
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Key Segmentation
By Source Type :
- Sugarcane Bagasse Raw Material
- Corn Cob Raw Material
- Others (Wheat bran, oats, wood, etc.)
By Applications :
- Corrosion Inhibitor
- Foundry Resin
- Solvents (Pharmaceutical and Others)
- Others (Adhesives, Lubricants etc.)
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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