Furan Resin Global Market Report 2024

The furan resin market has grown strongly in recent years. It will grow from $17.66 billion in 2023 to $18.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The expansion observed in the historical period can be ascribed to factors such as end-user preferences, the renewable energy sector, global economic conditions, market competition, industrial demand, and a rising demand for composites.

The furan resin market is expected to see strong growth in the next few years. It will grow to $23.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be credited to factors such as the impact of economic growth, changes in consumer preferences, strategies for market expansion, sustainability initiatives, and increased demand in end-use industries. Notable trends expected in the forecast period encompass industry demand, compliance with environmental regulations, utilization of substitute materials, market competition, and infrastructure development.

The global surge in demand for lightweight and fuel-efficient automobiles is expected to drive the growth of the furan resin market. Lightweight and fuel-efficient automobiles utilize advanced lightweight structural materials to enhance fuel economy while maintaining safety and performance standards. Various automotive components are either mixed or coated with furan resins and their derivatives, enhancing their tensile strength and contributing to a reduction in the overall weight of the vehicles. This approach offers advantages such as lightweight construction, corrosion resistance, and high strength. The increasing preference for lightweight and fuel-efficient automobiles on a global scale is reflected in the production of 79.1 million motor vehicles worldwide in 2021, as reported by the European Automobile Manufacturers Association. Furthermore, the Global EV Outlook 2022 report highlights the doubling of electric vehicle (EV) sales from the previous year, reaching a record high of 6.6 million units in 2021. With electric car sales reaching 6,600,000 units globally in the same year, the rising demand for lightweight and fuel-efficient automobiles is a key driver for the furan resin market.

The growing demand in the construction sector is poised to contribute to the expansion of the furan resin market. The construction industry, responsible for the planning, design, execution, and maintenance of buildings and infrastructure, utilizes furan resins in composite materials and infrastructure applications. Furan resins play a crucial role in providing excellent tensile strength, corrosion resistance, durability, fire resistance, and high-temperature stability, along with good dimensional stability to minimize the risk of warping or distortion over time. According to Oxford Economics, a UK-based economic information services company, global construction output is projected to increase by 42%, equivalent to $4.5 trillion, reaching USD 15.2 trillion by 2030. Consequently, the growing demand in the construction sector stands as a significant driver for the furan resin market's growth.

Product innovations represent a prominent trend gaining traction in the furan resin market, with companies within the industry actively pursuing the development of innovative products to maintain their market positions. For example, in November 2021, Solvay S.A., a chemical company based in Belgium, introduced Reactsurf 0092, a non-ionic, APE-free material designed for use in industrial binders and coatings. Reactsurf 0092 facilitates the creation of highly effective aqueous epoxy-based coatings that significantly reduce volatile organic compounds (VOCs) while matching or surpassing the performance of solvent-based coatings. This emulsifier is engineered to provide exceptional application performance, emulsion stability, and particle size management, ensuring optimal emulsion coalescence and consistency without compromising strength.

Major players in the furan resin market are strategically focusing on advanced solutions, such as Amberlite P2X110 ion exchange resin, to drive their revenues. Amberlite P2X110 ion exchange resin is specifically designed to accommodate the unique chemistry of electrolyzer loops, supporting the synthesis of hydrogen from water. For instance, in September 2023, DuPont de Nemours Inc., a US-based chemical company, introduced Amberlite P2X110 ion exchange resin. This multifunctional mixed bed formulation is tailored to enhance electrolyzer performance, marking a significant step toward achieving efficient and sustainable green hydrogen production. The formulation is optimized for the specific water chemistry of electrolyzer loops.

In November 2021, ASK Chemicals Group, a Germany-based manufacturer of foundry chemicals, successfully acquired SI Group Inc. for an undisclosed amount. This acquisition provided SI Group with the opportunity to streamline its business focus and portfolio, while simultaneously allowing ASK Chemicals to strengthen its position in the market. ASK Chemicals Group's acquisition of SI Group's resin division aimed to enhance its standing in the foundry industry and fortify its presence in the non-foundry division. SI Group Inc., based in the US, is a chemical company.

Major companies operating in the furan resin market report are Dyna Chem Inc., HongYe Chemical Co. Ltd., The Chemical Company, Novasyn Organics Pvt. Ltd., NeuChem Inc., Sweet Lake Chemical Ltd., ShuHang Industrial Development Co. Ltd., BASF SE, Jinan Shengquan Group Co. Ltd., Covestro Deutschland AG, Hitachi Automotive Systems Ltd., Toray Industries Inc., HINDUSTAN Adhesive & Chemicals Ltd., International Furan Chemicals BV, Sauereisen Inc., ASK Chemicals GmbH, Hüttenes-Albertus Chemische Werke GmbH & Co. KG, Vesuvius plc, Suzhou Xingye Materials Technology Co. Ltd., Chang Chun Group, Fenolit d.d., Forace Group, IVP Limited, Continental Industries Group Inc., Penn A Kem LLC, Nova Molecular Technologies Inc., Shenzhen Shu Hang Industrial Development Co. Ltd., SolvChem Inc., International Process Plants & Equipment Corp., CKE Inc., D.R. Coats Ink & Resins Pvt. Ltd., Helios TBLUS d.o.o., Les Dérives Résiniques Et Terpéniques SA, SPEFORM Metall-Chemie GmbH, SQ Deutschland GmbH, FuranFlex Ltd., Sileather Inc.

Asia-Pacific was the largest region in the furan resin market in 2023 and is expected to be the fastest-growing region in the global furan resin report during the forecast period. The regions covered in the furan resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the furan resin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of furan resins include furfuryl alcohol resin, furfural resin, bran ketone resin, and branone formaldehyde resin. Furfuryl Alcohol Resin is a polymer resulting from the self-polycondensation of furfuryl alcohol monomer. This polymer forms as the furfuryl alcohol molecules undergo self-polycondensation, reacting with the active alpha-hydrogen of another furfuryl alcohol molecule in the presence of an acid catalyst. Applications for these resins span various industries, encompassing adhesives and sealants, automobiles, paint and coatings, plastics, and foundries. End-users, such as those in the construction and chemical industries, utilize furan resins for diverse purposes.

The furan resin market research report provides furan resin market statistics, including the furan resin industry global market size, regional shares, competitors with a furan resin market share, detailed furan resin market segments, market trends, and opportunities, and any further data you may need to thrive in the furan resin industry. This furan resin market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The furan resin market consists of sales of acetyl Resin, modified furfuryl alcohol resin, furfural-acetone resin, and furfural-phenol resin. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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