Global Furfural Alcohol Market Size, Trends, & Growth Opportunity, By Type, By Raw Material, By Application, By End-User, By Region and Forecast till 2027.

Global Furfural Alcohol Market Size, Trends, & Growth Opportunity, By Type, By Raw Material, By Application, By End-User, By Region and forecast till 2027.

Global Furfural Alcohol Market

Global Furfural Alcohol Market was valued at 503.7 million in 2021 and expected to grow 789.6 million by 2027 at a CAGR of 6.8% from 2022-2027.

Furfuryl alcohol is a chemical molecule that is colourless or pale yellow in appearance. It is often referred to as 2-furylmethanol or 2-furancarbinol. Having the chemical formula C4H3OCH2OH. Furfural alcohol, often known as furan, is an organic molecule having a molecular structure in which the hydroxymethyl band replaces the furan circle hydrogen. Furfuryl alcohol can be hydrogenated to create this chemical molecule. Plant waste materials such as corn cobs, cane bagasse, oat hulls, and rice husks, among others, can be used to create organic compounds. Due to its capacity for heat breakdown and polymerization when exposed to an acid catalyst, this product is particularly reactive. Comparatively, this substance has a wide range of commercial applications. Its main use is as a chemical intermediary in the manufacture of a number of chemical products, such as wetting agents, adhesives, and foundry resins.

Applications for resins and plastics use the product extensively. The demand for furfuryl alcohol is predicted to increase due to a growth in research and development efforts related to rocket fuel. In the foundry industry, the items are also crucial to the creation of metal casting moulds, a process that takes place during manufacture.

Market Drivers

The market for furfural alcohol is mostly growing due to an excess of furan resins and adhesives. Furfuryl alcohol usage is predicted to increase in the foundry, food and beverage, chemical, energy, agricultural, and pharmaceutical sectors over the course of the forecast period, which will fuel market growth. The market for bio-alcohols is projected to increase as awareness of the effects of dangerous chemicals on the environment grows. The demand for furfuryl alcohol is anticipated to increase in the near future as a result of the energy sector's progressive shift to green energy. Increased activity in the building and construction sector together with a spike in technological developments in the production of industrial chemicals will further pave the way for market expansion.

Market Restraints

Lack of raw materials due to the lockout and limitations will be a key obstacle to the market's expansion. Raw material price fluctuations will slow the market's expansion. The agricultural raw materials' seasonality will also hinder the market's rate of expansion. The lack of qualified workers in developing nations will also slow the rate of market expansion.

Impact of COVID-19

Due to recent events involving the COVID-19 pandemic, a number of governmental and private sector businesses are operating at a reduced capacity or have totally suspended operations. Due to a lack of raw materials, a manpower deficit, etc., the production of many consumer goods and other products has stopped all over the world. The market for furfuryl alcohol is predicted to suffer as a result.

Market Segmentation

The Global Furfural Alcohol Market is segmented into Type, Raw Material, Application, End-User. By Type such as Pharmaceutical Grade, Food Grade. By Raw Material such as Corncobs, Rice Hulls, Cotton Hulls, Sugarcane Bagasse, Others. By Application such as Resins, Solvents, Plastics, Adhesives, Corrosion Inhibitors, Others. By End-User such as Foundry, Food & Beverages, Chemical, Energy, Agriculture, Pharmaceuticals, Others.

Regional Analysis

The Global Furfural Alcohol Market is segmented into five regions North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In 2020, Asia Pacific dominated the market for furfuryl alcohol. During the forecast term, it is anticipated that this tendency would persist. This might be attributed to the growth of end-use industries in developing nations like China and India. Due to the region's expanding agriculture sector, the furfuryl alcohol market in North America is predicted to rise quickly. Germany is a significant contributor to the food and beverage industry in Europe. In the nation, almost one-third of the food and beverage goods produced are exported. The demand for furfuryl alcohol in Spain is thought to be driven by the expansion of pesticide production and exports.

Key Players

Various Key Players are listed in this report such as 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., NC Nature Chemicals.

Market Taxonomy

By Type

Pharmaceutical Grade

Food Grade

By Raw Material

Corncobs

Rice Hulls

Cotton Hulls

Sugarcane Bagasse

Others.

By Application

Resins

Solvents

Plastics

Adhesives

Corrosion Inhibitors

Others.

By End-User

Foundry

Food & Beverages

Chemical, Energy

Agriculture

Pharmaceuticals

Others.

By Region

North America

Latin America

Europe

Asia Pacific

Middle East & Africa