The global furfuryl alcohol market size is projected to be valued at USD 1192.5 million in 2024 and further increase at a CAGR of 5.9% during the forecast period. Worldwide sales of furfuryl alcohols are set to total USD 2115.5 million by 2034.
The foundry industry is expected to grow globally, particularly in developing countries, due to the demand for furfuryl alcohol, a compound made from renewable materials like corn cobs and sugarcane bagasse. This sustainable practice makes furfuryl alcohol an attractive option for various industries, including metal casting. Research and development activities will bring innovation and reduce costs, making it competitive in the industry.
Furfuryl alcohol’s strength-to-weight ratio and heat resistance make it suitable for composite materials. Its improved fire resistance and adhesion properties could open up new markets in the building and aerospace sectors. The compound’s antibacterial and anti-inflammatory properties could also attract opportunities in the cosmetic and pharmaceutical industries. Government regulations and policies will influence the C5H6O2 sector.
Key Takeaways from the Market Report
- The global furfuryl alcohol market is set to reach USD 2115.5 million by 2034, with a CAGR of 5.9% in the forecast period.
- Based on source type, the corn cob raw material segment accounted for a market share of 88.8% in 2024.
- By applications, the foundry resin segment is estimated to lead with a market share of 83.3% in 2024.
- India is expected to record a CAGR of 8.8% between 2024 and 2034.
- Sales in China are predicted to rise at a CAGR of 6.6% through 2034.
“Several end-use industries are finding applications for C5H6O2. Manufacturers are creating strategic alliances to maintain a steady demand for the compound,” says a lead analyst at Future Market Insights (FMI).
Who is Winning?
Industry giants including China XLX Fertilizer Ltd., Aurus Specialty Company Limited, Hongye Holding Group Corporation Limited, and Xingtai Chunlei Furfuryl Alcohol Co., Ltd. are investing in research and development to improve production efficiency. They are exploring new uses for furfuryl alcohol, exploring new market niches and revenue streams.
Competitors are exploring bio-based resources and recycling furfuryl alcohol from foundry waste streams to minimize environmental impact and manufacturing costs. Expanding their reach in developing countries and novel markets through strategic alliances with foundry businesses can ensure demand and new applications. Organizations must maintain high-quality products, provide excellent customer service, and uphold safety and environmental requirements to maintain their market presence.
Leading Furfuryl Alcohol Brands
- China XLX Fertilizer Ltd.
- Aurus Specialty Company Limited
- Hongye Holding Group Corporation Limited
- Xingtai Chunlei Furfuryl Alcohol Co., Ltd.
- Zhucheng Taisheng Chemical Co., Ltd.
- Zibo Donghai Industrial Co., Ltd.
- DynaChem, Inc.
- International Furan Chemicals B.V.
- Silvateam S.p.a.
A Few Key Players-
- Aurus Specialty Company Limited, headquartered in Bangkok, is an export-oriented business that commenced the commercial production of Furfural and Furfuryl Alcohol in November 1990. It specializes in agro-waste processing and is a predominantly export-oriented industry to produces specialty chemicals.
- DynaChem Inc., headquartered in Illinois, is one of the leading domestic producers of aromatic sulfonic acids, industrial resins, and specialty chemicals. Their primary focus was on products and services for the metal casting industry. The company presently serves various sectors including adhesives, electronics, paints and coatings, reinforced composites, and others. They have achieved consistent growth through robust consumer partnerships and by providing custom-formulated products through consumer-specific solutions.
Key Segments of Market Report
By Source Type:
Based on source type, the sector is divided into sugarcane bagasse raw material, corn cob raw material, and others.
By Applications:
Furyfuryl alcohol has applications in corrosion inhibitors, foundry resins, solvents, and others.
By Region:
The sector is spread across North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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