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Furfuryl alcohol which is also called furan is an organic compound with a chemical composition where the furan circle hydrogen is replaced by the hydroxymethyl band. This organic compound can be formed by the hydrogenation of furfuryl alcohol. Organic compounds can be generated from plant waste materials like corn cobs, cane bagasse, oat hulls and rice husks, etc. This product is extremely reactive due to its potential for thermal decomposition and polymerization when subjected to an acid catalyst. Comparison to furfural, this compound has a broad commercial use.
The excess supply for furan resins and adhesives is the key growth factor for the furfuryl alcohol market. Furan resins are commonly used as coupling materials in injection moulding foundries. Growth in the fabricator sector in different countries has generated surplus demand for furan resins. As fupricesesrfuryl alcohol is applied as the main raw material for the manufacture of furan resins, therefore, surplus demand for the product has pushed the market growth of the former. Uncertainty in the price of raw material used for the production of furan is established as a limiting factor in the demand for furfuryl alcohol. In addition, seasonal pattern of agricultural products used for the development of furan also hinders the growth of the sector.
Based on type, the market for global furfuryl alcohol is segmented into pharmaceuticals grade and food grade. On the basis of application, the market is classified into plastics, paint and dye, rubber and resins, pesticide and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global furfuryl alcohol market is fairly fragmented, with number of players operating in the global markets. Some of the key players in the global furfuryl alcohol market includes Xingtai Chunlei Furfuryl Alcohol, Hongye Holding Group, International Furan Chemicals (IFC), Silvateam, Penn A Kem, Zibo Zhangdian Oriental Chemical, Shandong Yongchuang Casting Material, Henan Huilong Chemical, Zibo Huaao Chemical, and Zhucheng Taisheng Chemical.
The global furfuryl alcohol market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is expected to grow rapidly as a result of rapid changes in the developing economies and growing changes in the region's industries. Growing number of countries in Asia-Pacific regions have preference for architectural and decorative coatings and account for the highest paint consumption in their growth. As a result, the demand for furfuryl alcohol in Asia-Pacific is a big factor for dyeing and pigmentation, driven by development in China, where top quality requirements are directly interacting in both chemical companies. China is the biggest supplier and user of furan. In China, competition for furan resins is increasing through various smelters. China retains more than 50% of the intake of furfuryl alcohol, which is why the growth of the Chinese demand for furfuryl alcohol has had a positive effect on the growth of the global market. North America has a significant market share based on the fact that the transportation sector has become one of the administration's key priority areas. The manufacture of traditional plastics in North America and the need to produce synthetic fibers in the area have led to the use of furfuryl alcohol in the paint and coating industries. Europe enjoys a wide share of the market. The income in Western Europe would definitely come from the chemical manufacturing industry. As a result, with growing demand from various end-user industries, such as paint and coating, textiles, printing inks and plastics, the market for dye and pigments is anticipated to witness significant growth over the forecast period. The Middle East and the African region will rank among the recent advances led by regional industrial growth, in specific the progress of chemical engineering and other production plants. Latin America also suffers from political turmoil and economic uncertainty that hinders business growth.
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