The global furfuryl alcohol market is poised for significant expansion, with projections indicating a steady 5.9% compound annual growth rate (CAGR). Starting at US$ 1.0 billion in 2022, the market is expected to surpass US$ 1.5 billion by 2028. This growth trajectory underscores the increasing demand for furfuryl alcohol across various industries, driven by its versatile applications in resins, solvents, pharmaceuticals, and agricultural chemicals, among others. Factors such as technological advancements, expanding industrial sectors, and the growing emphasis on sustainable practices are likely to further fuel market growth in the coming years.
Furfuryl alcohol (C4H3OCH2OH), also known as 2-furylmethanol or 2-furancarbinol, is an organic compound containing a furan substituted with a hydroxymethyl group. Furfuryl alcohol is made from furfural by means of catalysis with hydrogen. It is colourless or pale yellow in appearance and finds adoption in various applications.
As a result, the global market for furfuryl alcohol is expected to witness significant growth in 2018, reaching a market value of US$ 836.2 Mn with a y-o-y growth rate of 4.5% as compared to 2017. Furthermore, the global demand for furfuryl alcohol will also be influenced by the rising utilisation of the chemical in pharmaceutical solvents and wood impregnation.
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The strong shift towards the development of bio-based chemicals against the backdrop of volatile petrochemical prices is expected to remain a key driver for the growth of furfuryl alcohol market. Predominantly, over the years, the consumption of furfuryl alcohol in foundry resins has reached an unprecedented level, owing to the physical and chemical properties possessed by furfuryl alcohol. Increasing industrial production, relatively stable economic conditions and consistent growth in automotive sales in various regions such as India, SEAP and China are the factors estimated to drive the growth in the demand for furfuryl alcohol.
In the recent past, the furfuryl alcohol market has witnessed significant developments from the competition perspective. Production capacity expansion and commencement of production are some of the preferred strategies opted by prominent players to sustain and enter in the global furfuryl alcohol market.
Based on the application, the foundry resin segment is expected to remain dominant in terms of the global furfuryl alcohol market volume share and account for approximately an 88.6% share by the end of 2028.
Based on source type, corn cob raw material is expected to remain behemoth in the global market and account for more than 86% of the revenue by 2028-end. Corn cob is one the most consumed raw materials in the production of furfural and then, furfuryl alcohol.
On the other hand, the production of furfuryl alcohol from sugarcane bagasse is expected to grow at a CAGR of 6.4%. In terms of growth, bagasse will remain one of the most attractive segments. Importantly, sugarcane bagasse has a yield just next to that of corn cob.
In 2017, China was the most attractive region in the global furfuryl alcohol market and accounted for more than 61.3% of the global market share. Further, being at the forefront in terms of furfuryl alcohol production and consumption, China is pegged to control the global furfuryl alcohol market in the future as well.
The increasing demand for furfuryl alcohol has influenced prominent manufacturers to expand their production facilities. In India, various manufacturers are poised to start the production of furfuryl alcohol on account of the anticipated demand rise in the coming years.
Hongye Holding Group Corp., Ltd., Zibo Huaao Chemical Co., Ltd., International Furan Chemicals B.V., China XLX Fertilizer Ltd., Aurus Speciality Company Limited, Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Silvateam, Shijiazhuang Worldwide Furfural and Furfuryl Alcohol Furan Resin Co. Ltd., KRBL Ltd. and Illovo Sugar (PTY) Ltd. are some of the key players involved in the global furfuryl alcohol market.
Furfuryl Alcohol Market: Segmentation
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