Furfuryl Alcohol Global Market Report 2024

The furfuryl alcohol market size has grown strongly in recent years. It will grow from $0.55 billion in 2023 to $0.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed during the historic period can be attributed to several factors, including the availability of agricultural byproducts, the increased utilization of furfuryl alcohol across various industries, the expanded use of furan resins in diverse applications, environmental regulations, and economic growth.

The furfuryl alcohol market size is expected to see strong growth in the next few years. It will grow to $0.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to several factors, including the adoption of sustainable practices, regulatory support, changes in the availability and cost of raw materials, increasing adoption of green chemistry, and growth in the foundry industry. Key trends expected during this period encompass technological advancements, increasing investments in research and development (R&D), the adoption of green chemistry principles, supply chain improvements, and shifts in consumer preferences towards environmentally-friendly products.

The furfuryl alcohol market is poised for growth driven by two key factors, the increasing demand for foundries and the growing automotive industry. Foundries, which are essential for melting and casting metals into various shapes, are witnessing heightened demand due to industrialization and infrastructure development. Furfuryl alcohol serves as a binder in foundries, enhancing the strength and durability of sand molds and cores used in metal casting, ultimately leading to higher-quality castings. For example, in 2022, the U.S. foundry industry saw casting sales rise from $43.3 billion to $46.3 billion. This surge in foundry demand is expected to fuel the furfuryl alcohol market.

The automotive sector is experiencing robust growth fueled by technological advancements, urbanization, and increased demand from the middle-class population. Furfuryl alcohol plays a crucial role in this industry by contributing to the production of high-performance, heat-resistant resins and composites used in lightweight, fuel-efficient vehicle components. As evidenced by the Federal Reserve's data, total vehicle production reached 11.18 million units in April 2024, surpassing the previous year's average of 10.64 million units. This trend indicates a strong market for furfuryl alcohol driven by automotive demands.

Leading companies in the furfuryl alcohol market are prioritizing the development of eco-friendly resins to meet sustainability goals and consumer preferences for environmentally conscious products. One notable innovation is the introduction of low-free furfuryl alcohol resins, which significantly reduce emissions by minimizing the content of furfuryl alcohol while maintaining casting performance. For instance, ASK Chemicals introduced MAGNASET technology, featuring resins with low levels of free furfuryl alcohol and formaldehyde, along with improved safety classifications. These advancements aim to reduce emissions and enhance environmental sustainability while meeting the market demand for high-quality casting materials.

Major companies operating in the furfuryl alcohol market are Merck Group, Indorama Ventures Public Company Limited (IVL), Illovo Sugar Africa Ltd, Central Romana Corporation, Sinochem International Corp., Lenzing AG, Ashland Inc., KRBL Limited, Wego Chemical Group Inc, Sisco Research Laboratories Pvt. Ltd., Pennakem LLC, Nacalai Tesque Inc., Silvateam S.p.a., TCI Chemicals Pvt. Ltd., Nova Molecular Technologies Inc., DynaChem Inc., TransFurans Chemicals B.V., Hongye Chemical Co. Ltd., Aurus Specialty Company Limited, International Furan Chemicals B.V., Kanto Chemical Co. Inc., DalinYebo, Ottokemi, Junsei Chemical Co. Ltd., Leo Chemo Plast Pvt Ltd.

Asia-Pacific was the largest region in the furfuryl alcohol market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the furfuryl alcohol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the furfuryl alcohol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Furfuryl alcohol is an organic compound derived from furfural, itself obtained from agricultural byproducts such as corn cobs, oat hulls, and sugarcane bagasse. It appears as a colorless liquid that may darken when exposed to air. Primarily, furfuryl alcohol serves as a reactive solvent and intermediate in the production of furan resins. It finds extensive use in the manufacturing of foundry sand binders, crucial in metal casting processes due to their high strength and durability.

The primary sources of furfuryl alcohol include sugarcane bagasse, corn cob, and other agricultural byproducts. Sugarcane bagasse, a fibrous residue leftover after extracting juice from sugarcane stalks, serves as a sustainable by-product of the sugar industry, making it an ideal raw material for furfuryl alcohol production. Applications for furfuryl alcohol encompass corrosion inhibitors, solvents, resins, and more, catering to end-users such as paints and coatings, agriculture, foundries, food and beverages, pharmaceuticals, among others.

The furfuryl alcohol market research report is one of a series of new reports that provides furfuryl alcohol market statistics, including furfuryl alcohol industry global market size, regional shares, competitors with an furfuryl alcohol market share, detailed furfuryl alcohol market segments, market trends and opportunities, and any further data you may need to thrive in the furfuryl alcohol industry. This furfuryl alcohol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The furfuryl alcohol market consists of sales of commercial-grade furfuryl alcohol and pharmaceutical-grade furfuryl alcohol. 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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