Furfuryl Alcohol Market Survey and In-depth Analysis on Industry Growth Factors, Trends, and Forecasts 2024

Furfuryl alcohol or 2-(Hydroxymethyl)furan is an organic compound having chemical structure, where a furan ring hydrogen gets substituted with a hydroxymethyl group. This organic compound can be produced through hydrogenation of furfuryl alcohol. The organic compound can be produced from waste vegetable materials such as corn cobs, oat hulls, cane bagasse, rice husk, and others. This chemical is highly reactive owing to its propensity for exothermic polymerization when exposed to acid catalyst. As compared to furfural, this chemical has widespread commercial application such as solvents, foundry resins, adhesives, wetting agents, chemical feedstock for five membered oxygen heterocycles, and others.

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As a bio-fuel, the compound has been in use for providing energy supply to rocket engine. In 2012, Copenhagen Suborbitals designed a rocket, where combination of concentrated nitric acid and furfural alcohol were used as propellants. With depleting stock of fossil fuel and growing concern regarding its harmful environment impact, demand for the organic compound as carbon neutral energy feedstock is estimated to rise during the forecast period. This in turn, expected to drive the growth of the furfuryl alcohol market in coming years.

The major growth drivers for the furfuryl alcohol market are its increasing demand in production of furan resins, and solvents. t. In China, furan resins are widely used as binding agent in metal castings foundries. Growth in foundry sector is China has created surplus demand for furan resins in the country. As furfuryl alcohol is used as primary raw material for production of furan resins, therefore, surplus demand for the later has pushed the market growth of the former. As china holds more than 50% of consumption of furfuryl alcohol, therefore, growth of the Chinese furfuryl alcohol market has positively impacted the growth of the global market.

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Based on geography, the global furfuryl alcohol market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. On the basis of both value and volume, Asia-Pacific is expected to dominate the market throughout the forecast period. China is the largest producer as well as consumer of the 2-(Hydroxymethyl)furan in the world. In China, demand for furan resins is growing across different foundries. These foundries serve the need of automotive, machinery, windmill industries. As 2-(Hydroxymethyl)furan is the key raw material for production of furan resins, therefore, increasing demand for furan resin is also supporting the growth of the Chinese furfuryl alcohol market.

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