Global Furfuryl Alcohol Market is valued approximately at USD XXX billion in 2019 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2020-2027. Furfuryl alcohol is an organic compound comprising a furan replaced with a hydroxymethyl group. It is a colorless liquid, but old samples appear amber in color. It possesses a faint odor of burning and a bitter taste. The compound is unstable in water but soluble in common organic solvents. The organic compound can be produced from waste vegetable materials such as corn cobs, oat hulls, cane bagasse, rice husk, and others. The market growth is primarily driven by growing utility of furfuryl alcohol in numerous applications such as wetting agents, chemical feedstock for five membered oxygen heterocycles, solvents, adhesives, foundry resins and others. Moreover, the use of furfuryl Alcohol as a bio-fuel propels a boost in the demand during the forecast period. As owing to the declining reserves for fossil fuels the alternatives are being developed such as bio fuels to power huge machines mainly rockets in which combination of concentrated nitric acid and furfural alcohol are used as propellants. For Instance: AS per the Energy International Association, the US produced 15.78 billion of ethanol biofuel equivalent to 375.63 million barrels in 2019. Further, US consumed 14.54 billion gallons in the same year equivalent to 346 million barrels. Additionally, favorable governments mandates regarding green chemical production are further likely to propel the demand for furfuryl alcohol over the forecast period. However, fluctuations in raw material prices may hamper the over the forecast period of 2020-2027.
The regional analysis of global Furfuryl Alcohol market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing use of biofuels in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising foundry industry and high production fury resins specially in China would create lucrative growth prospects for the Furfuryl Alcohol market across Asia-Pacific region.
Major market player included in this report are:
- Hongye Holding Group Corp., Ltd.
- KRBL Ltd.
- Illovo Sugar (PTY) Ltd.,
- TransFurans Chemicals bvba
- Shandong Crownchem Industries Co., Ltd.
- Xian Welldon Trading Co., Ltd.
- Furnova Polymers Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
- Corrosion Inhibitors
- Paints & Coatings
- Food & Beverages
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2017, 2018
- Base year – 2019
- Forecast period – 2020 to 2027
Target Audience of the Global Furfuryl Alcohol Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers