Global Furfuryl Alcohol Market By Application (Resins, Solvent, Corrosion Inhibitors, Other Applications), By End-Use (Foundry, Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverages, Other End-Uses), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Furfuryl Alcohol Market Overview:

The global furfuryl alcohol market was valued at USD 509.5 million in 2021. It is projected to grow at a CAGR of 7.8% between 2023 and 2032. This can be attributed to a growing demand for furfuryl alcohol in the synthesis and formulation of thermoset polymer matrix compounds, adhesives, cement, coatings, and casting resins.

Global Furfuryl Alcohol Market Scope:

Application Analysis

Resins applications dominated the market for furfuryl alcohol and had the highest revenue share at 86.0% in 2021. This can be attributed to growing demand from construction and automotive industries for furfuryl alcohol. It is a key component of furan foundry binders. Because of its unique properties, the product is widely used in the manufacture of furan resins as well as foundry sand binding agents. It is used in the refining of lubricating oils, as well as chemical feedstock for 5-membered oxide heterocycles, and petrochemical refinement as a solvent.

It is used as a chemical feedstock for 5-membered oxide heterocycles. This is an essential industrial solvent. Over the forecast period, the market for furfuryl alcohol is expected to grow due to a surge in demand for non-toxic solvents and low volatile organic compounds. During the construction of storage tanks and reactors, flooring, and fume stacks, furfuryl alcohol is generally employed in resinous mortars to link bricks or tiles that prevent corrosion. It is utilized in cement, fiber-reinforced polymers, and corrosion-resistant mortars. Growing consumer knowledge of the product’s efficiency as a corrosion inhibitor and rising demand for it as an inhibitor for cement, mortar, and grout are predicted to fuel market expansion.

End-Use Analysis

Furfuryl alcohol was dominated by the foundry segment, which accounted for 84.0% of the total revenue in 2021. This can be attributed to an increase in metal casting production. Furfuryl alcohol, which is derived from furfural is not an oil-based chemical. This makes it an important ingredient in the formulations of foundry sand binder. It is used extensively to make molds and cores that are suitable for metal casting.

It is commonly used in agriculture, particularly in pesticide formulations, where it acts as a cosolvent with active ingredients like gibberellic acid and mefenoxam. It can also be used to adjuvant herbicides that penetrate the leaf structure. Furfuryl alcohol will be in high demand in these countries due to the expansion of the agricultural sector and the increase in farm production in countries like China, India, and Indonesia. It is used as an anti-corrosive paint agent and as a solvent for alkaline paint strippers. It can also be used to formulate cleaning compounds and paint thinners. It is suitable for high-temperature applications and stable in highly basic formulations. It is widely used in paint and coating removals. The growth of paint and coatings industries in top producing countries like India, Germany, and Japan is expected to drive product demand.

Key Market Segments:

By Application

• Resins
• Solvent
• Corrosion Inhibitors
• Other Applications

By End-Use

• Foundry
• Agriculture
• Paints & Coatings
• Pharmaceuticals
• Food & Beverages
• Other End – uses

Market Dynamics:

Corn cobs and bagasse from sugarcane are used to make furfural. Furfuryl alcohol is created through catalytic reduction of the substance. It is a chemical molecule made up of a hydroxymethyl team replacing a furan. Many chemical products, including adhesives and wetting agents, utilize it as a chemical intermediary. It is frequently utilized in resins and polymers. Due to increased research and development into rocket fuel, furfuryl alcohol will be in great demand. These goods are also utilized in the foundry business to create the molds for casting metallic materials. Due to rising demand from numerous end-use industries around the world, the market for furfuryl alcohol is anticipated to expand.
Many countries around the world rely on metal casting for their economic security and development. Foundries melt ferrous and non-ferrous alloys, then dispense them into molds that profile them for solidification. Furfural and its derivatives can be used in the foundry industry to make molds for metal casting. The growth of the foundry sector is expected to be driven by the increasing production of metal castings.

The product has been in high demand for the past decade due to its increasing use in agriculture, construction, and foundry industries. It is widely used in plastics and resins. The demand will be stimulated by an increase in research and development in rocket fuel. These products are also used in manufacturing in the foundry industry to create molds for metal casting.

Regional Analysis:

The Asia Pacific was the dominant market for furfuryl alcohol in 2021, accounting for 65.0% of the total revenue. This can be attributed to the increasing use of furfuryl alcohol as a flavoring agent in many food products such as baked goods, beverages, and frozen dairy. Furfural is a major ingredient in China’s production of furfuryl alcohol. China is the world’s largest producer of furfuryl alcohol, producing more than 80% of global production. To gain a cost advantage, the majority of players in China are involved in the production of furfural as well as furfuryl alcohol.

Germany is a major contributor to the European food- and beverage industry. Exports account for about a third of all food and beverage products made in Germany. Germany is Europe’s largest F&B retail sector thanks to the contribution of consumers. Furfuryl alcohol is expected to be in demand in Spain due to the growth of pesticide exports and production. It is widely used in the production of pesticides for the agricultural sector. Furfuryl alcohol will be in high demand due to the increasing need for pesticides and herbicides in the country.

Key Regions and Countries covered in the report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

To reach developing markets, market participants look to third-party agreements with professional distributors. They also sell distribution rights directly to these merchants. There is a growing demand for products made from environmentally-friendly raw materials due to concerns about the potential toxicity of chemical-based products. Key players are competing to increase market share through various strategies, such as the establishment of new manufacturing facilities or an expansion of production capacity. The research and development laboratories of key manufacturers are available for the analysis of finished products, semi-finished products, as well as raw materials.

To obtain bio-based durable solutions, manufacturers are open to collaborations with universities, key players, and research institutes. Forward integration is expected to help companies reduce operational and logistic costs, as well as increase their market share. Key players in the production of furfural, as well as furfuryl alcohol, are key. To increase their market share, companies are looking to merge. They can increase their client base and product portfolio by doing so.

Market Key Players:

• Illovo Sugar Africa (Pty) Ltd.
• Linzi Organic Chemical Inc. Ltd.
• TransFurans Chemicals bvba
• DalinYebo
• Hebeichem
• SilvateamS.p.a.
• Shandong Crownchem Industries Co., Ltd.
• Hongye Holdings Group Corp., Ltd.
• Other Key Players

For the Furfuryl Alcohol Market research study, the following years have been considered to estimate the market size: