Global Furfuryl Alcohol Market Overview
The Furfuryl Alcohol Market Size was estimated at 1.21 (USD Billion) in 2022. Furfuryl Alcohol Industry is expected to grow from 1.25(USD Billion) in 2023 to 1.634 (USD Billion) by 2032. The Furfuryl Alcohol Market CAGR (growth rate) is expected to be around 3.06% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Furfuryl Alcohol Market Trends Highlighted
The furfuryl alcohol market is driven by factors such as increasing demand for bio-based chemicals and rising consumption in the production of resins, plastics, and adhesives. The growing utilization of furfuryl alcohol in industries like chemical synthesis, food and beverage, and pharmaceuticals further propels market expansion.Key opportunities in the market include the Development of innovative applications, such as the use of furfuryl alcohol as a green solvent and in bio-based composites. The growing demand from emerging economies, particularly in the Asia-Pacific region, offers significant potential for market growth.Recent trends in the market include the increasing adoption of sustainable practices, leading to the preference for bio-based chemicals over petrochemical-based counterparts. The advancement of research and development activities also contributes to the Development of new applications and technologies. Additionally, the implementation of stringent environmental regulations has driven the adoption of eco-friendly alternatives, providing growth opportunities for furfuryl alcohol.
Furfuryl Alcohol Market Drivers
Increasing Demand for Bio-Based Products
Furfuryl alcohol or 2-furyl methanol is a renewable and sustainable resource directly derived from plant biomass. The demand for furfuryl alcohol is on the rise, in large part as companies look for alternatives to fossil-based chemicals. The increased demand for bio-based products is one of the most important market drivers for the furfuryl alcohol market. Creating bio-based products is a growing trend as consumers become more sensitive to the environmental impact of products.Furfuryl alcohol is used to create a variety of bio-based products, including plastics, resins, and solvents.
Growing Construction Industry
Furfuryl alcohol is the key ingredient in the production of furfuryl alcohol resin. Furfuryl alcohol resin can be used in various construction applications, as it is a foundry sand binder, wood and metal coating, and adhesive. Overall, the furfuryl alcohol market is driven by the growing construction industry. Thus, as long as the construction industry is growing, the demand for furfuryl alcohol will also be increasing.
Increasing Demand for Furfuryl Alcohol in the Chemical Industry
One of the biggest market drivers of the furfuryl alcohol market is the demand for furfuryl alcohol in the production of other chemicals. The demand for furfuryl alcohol includes its use in furfural, tetrahydrofuran, and pyrrole. Furfural is used as a solvent, a precursor to other chemicals, and as a flavoring agent. Tetrahydrofuran is used as a solvent and a precursor to other chemicals. Finally, pyrrole is used in the production of dyes, pharmaceuticals, and other chemicals.One of the most important market drivers of the furfuryl alcohol market is the increasing awareness of the dangers of petroleum-based products, some of which are used to manufacture various chemicals.
Furfuryl Alcohol Market Segment Insights
Furfuryl Alcohol Market Type Insights
The Furfuryl Alcohol Market is segmented by type into Food Grade and Industrial Grade. The food-grade segment held the largest market share in 2023 and is expected to continue to dominate the market throughout the forecast period. This is due to the increasing demand for furfuryl alcohol in the food and beverage industry, where it is used as a flavoring agent and preservative. The Industrial Grade segment is also expected to grow at a significant rate during the forecast period due to the increasing demand for furfuryl alcohol in the production of resins, adhesives, and other industrial products.In 2023, the Furfuryl Alcohol Market was valued at 1.25 Billion USD. The market is expected to Register a CAGR of 3.06% during the forecast period, reaching a value of 1.634 Billion USD by 2032. The growth of the market is attributed to the increasing demand for furfuryl alcohol in various industries, such as food and beverage, pharmaceuticals, and cosmetics. Key players in the Furfuryl Alcohol Market include Furfural Chemicals, Shandong Nanshan Group Liaoyang Tiansheng Fine Chemical, Hebei Chengde Huajin Chemical Jiangsu Rugao Runsen Chemical Technology. These companies are focusing on expanding their production capacities and new applications for furfuryl alcohol.They are also investing in research and Development to improve the efficiency and sustainability of their production processes. The Furfuryl Alcohol Market is expected to witness significant growth in the coming years. The increasing demand for furfuryl alcohol in various industries is driving the growth of the market. The market is also expected to benefit from the growing trend towards sustainable and eco-friendly products.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Furfuryl Alcohol Market Application Insights
Furan resin, the largest application segment, accounted for nearly 42% of the Furfuryl Alcohol Market revenue in 2023. The growth of the segment is attributed to the increasing demand for furan resins in the production of composite materials, adhesives, and coatings. Foundry chemicals is another major application segment, with a share of over 25% in 2023. Furfuryl alcohol is used as a binder in foundry chemicals, which are used in the production of castings. The lubricants segment is also expected to witness significant growth, owing to the increasing demand for furfuryl alcohol-based lubricants in the automotive and industrial sectors.The pharmaceuticals segment is expected to grow at a steady pace, driven by the increasing demand for furfuryl alcohol in the production of pharmaceuticals and personal care products. The cosmetics segment is also expected to witness some growth, owing to the increasing demand for furfuryl alcohol in the production of cosmetics and fragrances.
Furfuryl Alcohol Market End-Use Industry Insights
The Furfuryl Alcohol Market is segmented based on the end-use industry into automotive, construction, electronics, pharmaceuticals, cosmetics, and others. The Furfuryl Alcohol Market segmentation data shows that the automotive industry is projected to be the largest end-use industry segment for furfuryl alcohol, accounting for a revenue share of around 30% in 2024. The growth of this segment can be attributed to the increasing demand for furfuryl alcohol in the production of composite materials used in automotive parts such as interior panels, dashboards, and door panels.The construction industry is expected to be the second-largest end-use industry segment for furfuryl alcohol, with a revenue share of around 25% in 2024. Furfuryl alcohol is used in the production of resins and adhesives used in construction applications such as flooring, roofing, and insulation.
Furfuryl Alcohol Market Distribution Channel Insights
With the growing demand for furfuryl alcohol in various industries, the distribution channel plays a crucial role in making the product accessible to end-users. The Furfuryl Alcohol Market segmentation by distribution channel offers insights into the different channels through which furfuryl alcohol is distributed, including direct sales, distributors, and online marketplaces. Direct sales involve the manufacturer selling furfuryl alcohol directly to customers, providing personalized service and technical support. Distributors act as intermediaries, purchasing furfuryl alcohol in bulk from manufacturers and then selling it to retailers or end-users.Online marketplaces, such as e-commerce platforms, enable manufacturers and distributors to reach a wider customer base and facilitate online transactions. In terms of market share, direct sales and distributors are expected to dominate the Furfuryl Alcohol Market revenue in the coming years. Direct sales offer better control over pricing, distribution, and customer relationships, while distributors provide extensive reach and established networks. Online marketplaces are gaining traction, particularly for smaller manufacturers and niche applications, due to their convenience and accessibility.
Furfuryl Alcohol Market Regional Insights
The Furfuryl Alcohol Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional market, accounting for over 30% of the market share in 2023. The region is expected to maintain its dominance over the forecast period, driven by the increasing demand for furfuryl alcohol in the production of resins and adhesives. Europe is the second-largest regional market, accounting for over 25% of the market share in 2023. The region is expected to witness steady growth over the forecast period, driven by the increasing demand for furfuryl alcohol in the production of foundry chemicals.APAC is the fastest-growing regional market, accounting for over 20% of the market share in 2023. The region is expected to witness significant growth over the forecast period, driven by the increasing demand for furfuryl alcohol in the production of biofuels and pharmaceuticals. South America and MEA are expected to witness moderate growth over the forecast period, driven by the increasing demand for furfuryl alcohol in the production of chemicals and plastics.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Furfuryl Alcohol Market Key Players And Competitive Insights
The major players in the Furfuryl Alcohol Market industry are playing a significant role in expanding their product portfolio and enhancing their relative position in the competitive landscape. With innovation always being the central focus, chief firms in the Furfuryl Alcohol Market insist on providing sustainable products and solutions that help to meet different customer needs. At the same time, primary Furfuryl Alcohol Market players should expand their activity by developing cooperation with other companies and enhancing the Development of this sphere in the network. Apart from this, the Furfuryl Alcohol Market Competitive Landscape is characterized by active competition among major players that search for strategic partners, initiate acquisitions, and launch new products to become competitive.
Key Companies in the Furfuryl Alcohol Market Include
- Celanese Corporation
- Lanxess AG
- SABIC
- Perstorp Holding AB
- Mitsui Chemicals, Inc.
- Sumitomo Chemical Co., Ltd.
- Eastman Chemical Company
- Evonik Industries AG
- Mitsubishi Chemical Corporation
- BASF SE
- Wacker Chemie AG
- AlzChem AG
- The Dow Chemical Company
Furfuryl Alcohol Market Industry Developments
The furfuryl alcohol market size is expected to reach USD 1.634 billion by 2032, exhibiting a CAGR of 3.06% during the forecast period. Increasing demand for furfuryl alcohol in the production of foundry resins, furan resins, and other applications is driving the market growth. Foundry resins are used in the production of castings, and furan resins are used in the production of composites and adhesives. The growing demand for castings and composites in various industries, including automotive, construction, and aerospace, is contributing to the increased demand for furfuryl alcohol. Additionally, the rising demand for furfuryl alcohol in the production of pharmaceutical flavors and fragrances is further supporting the market growth.Recent developments in the furfuryl alcohol market include the expansion of production capacities by key players to meet the growing demand. For instance, in 2023, Ingevity announced plans to expand its furfuryl alcohol production capacity at its facility in Nanjing, China. This expansion is expected to increase the company's furfuryl alcohol production capacity by 30%.
Furfuryl Alcohol Market Segmentation Insights
- Furfuryl Alcohol Market Type Outlook
- Food Grade
- Industrial Grade
- Furfuryl Alcohol Market Application Outlook
- Furan Resin
- Foundry Chemicals
- Lubricants
- Pharmaceuticals
- Cosmetics
- Others
- Furfuryl Alcohol Market End-Use Industry Outlook
- Automotive
- Construction
- Electronics
- Pharmaceuticals
- Cosmetics
- Others
- Furfuryl Alcohol Market Distribution Channel Outlook
- Direct Sales
- Distributors
- Online Marketplaces
- Furfuryl Alcohol Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.21(USD Billion) |
| Market Size 2023 |
1.25(USD Billion) |
| Market Size 2032 |
1.634(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.06% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Celanese Corporation, Lanxess AG, SABIC, Perstorp Holding AB, Mitsui Chemicals, Inc., Sumitomo Chemical Co., Ltd., Eastman Chemical Company, Evonik Industries AG, Mitsubishi Chemical Corporation, BASF SE, Wacker Chemie AG, AlzChem AG, The Dow Chemical Company |
| Segments Covered |
Type, Application, End-Use Industry, Distribution Channel, Regional |
| Key Market Opportunities |
1 Growing demand from the agrochemicals industry2 Increasing use in pharmaceuticals and cosmetics3 Expansion in emerging markets4 Innovations in furfuryl alcohol production5 Environmental regulations favoring biobased chemicals |
| Key Market Dynamics |
Increasing demand from the oil and gas industry Growing demand for renewable energy sources Rising use in the food and beverage industry Government regulations on emissions Technological advancements |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The furfuryl alcohol market is expected to reach USD 1.634 billion by 2032, growing at a CAGR of 3.06% from 2024 to 2032.
Asia-Pacific is expected to dominate the furfuryl alcohol market, accounting for a share of over 45% in 2023. The growth in this region is attributed to the increasing demand for furfuryl alcohol in the automotive and construction industries.
Furfuryl alcohol is primarily used in the production of foundry resins, which are used in the casting of metal parts. It is also used in the production of furan resins, which are used in the manufacture of composite materials, adhesives, and coatings.
Key competitors in the furfuryl alcohol market include Changmao Biochemical Engineering Co., Ltd. Hubei Furfural Alcohol Co., Ltd. Zibo Qihe Furan Resin Co., Ltd. Jiangsu Aofute New Material Technology Co., Ltd. Zhejiang Xinan Chemical Industrial Group Co., Ltd.
The growth of the furfuryl alcohol market is driven by factors such as Increasing demand for foundry resins in the automotive and construction industries, Growing use of furan resins in the manufacture of composite materials, Expanding applications of furfuryl alcohol in the production of adhesives and coatings.
The furfuryl alcohol market faces challenges such as Fluctuating prices of raw materials, Stringent environmental regulations Intense competition from alternative materials.
The furfuryl alcohol market is expected to grow at a CAGR of 3.06% from 2023 to 2032, reaching a value of USD 1.634 billion by 2032.
The foundry resins segment is expected to hold the largest share of the furfuryl alcohol market over the forecast period due to the increasing demand for foundry resins in the automotive and construction industries.
The COVID-19 pandemic had a negative impact on the furfuryl alcohol market in the short term due to disruptions in supply chains and a decline in demand from end-use industries. However, the market is expected to recover in the long term, driven by the growing demand for furfuryl alcohol in various applications.
Key trends in the furfuryl alcohol market include Increasing adoption of bio-based furfuryl alcohol, development of new and innovative applications for furfuryl alcohol Growing focus on sustainability and environmental regulations.
