The global furfuryl alcohol market size is expected to expand on account of its extensive use in commercial sectors, observes Fortune Business Insights™ in its report, titled, “Furfuryl Alcohol Market, 2022-2029.”
Furfuryl alcohol is primarily utilized in the metal casting industry for producing furan resins. Recently, furfuryl alcohol is majorly used for the conventional system of no-bake furan in binders and in hot-box furan in smaller quantities, warm-box, and processes where gas-hardening is used. Currently, around 88% of all furfural is transformed into furfuryl alcohol, attributed for the high demand for this product to produce foundry resins. Furfural is the second largest applicator for furfural as a solvent globally. Due to the extensive use of the chemical, it is anticipated to boost the growth of the market for furfuryl alcohol during the forecast period.
Apart from the human trauma, the coronavirus pandemic has also affected the global economy as governments have imposed stringent lockdown rules and regulations and a ban on the movement of their populations to curb the spread of the virus. Industrial activities have been put to a stop temporarily, international border crossing has been ceased, and permission for only essential businesses such as food and pharmaceuticals is granted by officials. These measures have taken a significant toll on all industries as factories are facing supply chain disruptions and labour shortages and hence are forced to shut down their plants and units.
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List of Key Players Covered in the Furfuryl Alcohol Market Report
- Xingtai Chunlei Furfuryl Alcohol
- Hongye Holding Group
- International Furan Chemicals (IFC)
- Penn A Kem
- Zibo Zhangdian Oriental Chemical
- Shandong Yongchuang Casting Material
- Henan Huilong Chemical
- Zibo Huaao Chemical
- Zhucheng Taisheng Chemical
Based on type, the global furfuryl alcohol market is divided into pharmaceutical grade and food grade.
On the basis of application, the market is further categorized into plastics, paint and dye, rubber and resin, and pesticides.
In terms of region, the market is separated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
The report offers a holistic evaluation based on thorough research of the market for furfuryl alcohol. It further provides an in-depth analysis of the current market trends and future opportunities. It also sheds light on the market drivers and restraints. Moreover, key players and their novel strategies to prosper in the market are shared in the report. A detailed study of the regional dynamics and how they shape the market is observed in the report.
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Asia Pacific to Ace in the Market on Account of the Largest Supplier Based in this Region
Asia Pacific is anticipated to lead the furfuryl alcohol market as it holds the largest share in the market. This is due to the rapidly rising urbanization and increasing developments in emerging economies present in this region. China is the top provider and user of furan. The people in the countries of this region have an inclination towards decorating their homes and have a taste for architecture. This requires the usage of extensive paint which leads to a rise in the demand for the chemical in the Asia Pacific region and eventually is anticipated to boost the market growth.
North America is expected to witness substantial growth owing to the rising manufacturing of traditional plastic and surging production of synthetic fibers. Additionally, the constantly growing transportation sector is further boosting the position of this region in the market.
The Middle East & African region is expected to observe decent progress during the foreseeable future owing to the rise in chemical engineering in this region further bolstering the demand for furfuryl alcohol.
New Merger Agreements Signed by Prominent Players to Enhance Their Positions
Prominent players in the market are keenly studying the industry and planning strategies in accordance to their expert advisors. One such efficient strategy to bolster the brand position in the market and enhance the position of other players is by signing mergers or acquisitions agreements.
In October 2019, Silvateam, an Italian company and a key player in the market merged its forces with a German-based company, JRS Group to enforce a successful joint venture which is majorly focused on the management of production operations and sales of pectin. Additionally, the texturizing systems and the distribution of Tara gum has also been a part of the joint venture. This is anticipated to open a larger window for the involved companies in this merger.
May 2019: Jowat SE, a prominent player in the furfuryl alcohol market announced the launch of a new product line of special resin utilized in the construction field. It is highly durable and sustainable with an extensive inner grip which further helps in finger joint operations.
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