Furfuryl Alcohol Market size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1827
Furfuryl Alcohol Market size may witness a significant growth over the foreseeable timeframe owing to application potential as polymer, wetting agent, solvents and adhesives. It is an organic compound obtained by furfuran catalytic reduction and considered as a green chemical.
Furfuryl alcohol is categorised under biopolymer obtained from eco-friendly sources. Increasing demand for bio polymers mainly and Europe and North America owing to rising environmental concerns and regulatory compliances may propel industry growth.
Global cement industry is going to experience steady growth in coming years owing to increase in customers investing in residential and non- residential infrastructure projects. Furfuryl alcohol is water miscible and has usage as wetting agent in cement industry. Wetting agent are used in paints & coatings to prevent agglomerate formation. The chemical compound gets absorbed on the pigment surface as spacer. With help of wetting agents, the agglomerate formed are easily separated in individual particle and permanently settles in uniform distribution.
Pesticides are used to protect crops from diseases and weed. Global pesticide market is expected to grow over 6% in coming years owing to rise in population supported by increasing food & beverages demand. Tetrahydrofurfuryl alcohol (THFA) is used as inert ingredient in pesticide. An inert material is not active but intentionally introduced in pesticide product. Inert material serves as solvent and permitting active ingredient in plant outer surface. It protects pesticides from degradation owing to exposure to sun thus extending pesticide shelf life. The growth in pesticide industry should drive the product demand.
Global anti- corrosion coating market was valued at over USD 23 billion in 2016 and expected to further grow as corrosion is predicated to contribute heavy financial losses by gradually weakening construction materials. Coating is effective solution to protect material and extend its life. furfuryl mono polymers have exceptional corrosion-resistant property but the coating formed is brittle in nature. To overcome this problem epoxy resins are added to furfuryl alcohol making it tougher, increasing adhesiveness, imparting higher resistance to abrasion and heating properties. It is also applied to pitted and corroded steel to extend its existing life. Expanding coating industry owing rising demand from end use industry such as healthcare, residential, commercial and automotive may fuel product demand.
TransFurans Chemicals a leading manufacturer for biomass based chemicals have recently developed furfuryl alcohol from sugarcane for building & construction and wood modification applications. This bio based alcohol is further polymerized to polyfurfuryl alcohol in polymer industry application.
North America, driven by U.S. furfuryl alcohol market size may witness steady growth. Increasing consumer spending on renovation and remodelling activities is likely to drive construction industry growth thereby stimulating product demand. Favourable regulatory norms by EPA and FDA regarding product derivatives approval as inert ingredient in pesticides for pre-and post-harvest application may drive regional growth.
Europe driven by U.K, France & Germany furfuryl alcohol market may witness significant gains due to rising demand in cement, pesticides and anti-corrosion coatings industrial applications. Stringent environmental policy is likely to boost bio polymer production should favour regional industry growth.
Asia Pacific led by Japan, India, and China furfuryl alcohol market size may witness strong gains. Growing population has led to rise in food products demand mainly in India and China which is resulting in high pesticide requirements to obtain quality yields. Tetrahydrofurfuryl alcohol is widely used in pesticides as eco-friendly speciality solvent which is likely to fuel product demand in this region.
Furfural, corn cobs and sugar cane molasses are essential raw material for furfuryl alcohol manufacturing. High raw material cost may challenge industry profitability thereby affecting product price trend.
Global furfuryl alcohol market share is moderately fragmented. Key players operating in this industry are TransFurans, Penn A Kem, Dyna Chem, Nova Molecular technologies, SolvChem, SweetLake Chemical, Neu Chem, Novasorganics Romana, International Furan Chemicals and Sugar Illovo.
Companies are engaged in strategic alliances to enhance their product portfolio may drive industry growth.
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