The global furfuryl alcohol market, which reached a valuation of USD 587.23 million in 2023, is projected to grow at a compound annual growth rate (CAGR) of 7.5% during the forecast period from 2024 to 2032, attaining a market value of USD 1125.86 million by 2032. Furfuryl alcohol, derived from renewable resources like corn cobs and sugarcane bagasse, serves as a critical chemical in various industrial applications. Its significant use in the production of furan resins, which are indispensable in the foundry industry for manufacturing molds and cores, has made it a key player in sectors such as automotive, aerospace, and construction.
The rising demand for metal castings in these industries is driving the furfuryl alcohol market, alongside a growing shift towards bio-based chemicals. This shift, propelled by environmental concerns and regulatory pressures, is pushing industries to adopt more sustainable and eco-friendly products, with furfuryl alcohol being a prime candidate due to its renewable origins. Additionally, the expansion of the chemical industry, particularly in emerging economies, is further augmenting the market growth as furfuryl alcohol is increasingly used as an intermediate in producing various chemicals, including coatings, adhesives, and pharmaceuticals. However, the market is not without its challenges. The fluctuating prices of raw materials such as corn cobs and bagasse, essential for furfuryl alcohol production, present a significant hurdle. Price volatility due to seasonal availability, agricultural yield variations, and competition for biomass can affect the stability and profitability of furfuryl alcohol manufacturing. This necessitates innovations in supply chain management and the exploration of alternative feedstock sources to ensure consistent production.
Regionally, Asia Pacific has dominated the furfuryl alcohol market, capturing over 68% of the revenue share in 2023. The region's dominance is driven by the extensive use of furfuryl alcohol as a flavoring ingredient in the food and beverage industry, as well as its significant role in the foundry sector. China, in particular, is a leading manufacturer, responsible for over 80% of global production. The country's strategic focus on producing both furfural and furfuryl alcohol gives it a cost advantage, further solidifying its position in the global market. Whereas, the market in North America is anticipated to grow at the fastest rate over the forecast period 2024-2032
Major market players included in this report are:
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.
Xian Welldon Trading Co., Ltd.
Furnova Polymers Ltd.
The detailed segments and sub-segments of the market are explained below:
By Application:
Resins
Solvent
Corrosion Inhibitors
Others
By End-Use:
Foundry
Agriculture
Paints & Coatings
Pharmaceuticals
Food & Beverages
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
