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The Global Furfural alcohol Market- Growth, COVID-19 impact and Forecast (2021-2025)

The Furfural Alcohol market is segmented by Application (Resins and Others); End user (Foundry and Others); Geography (APAC, North America, Europe and ROW).

Introduction
  • Furfuryl alcohol is an organic compound manufactured by catalytic reduction of furfuran. The raw material furfuran is obtained from sugarcane bagasse, corn cobs, wheat bran and oats among others.


  • Furfuryl alcohol is colorless or pale yellow in appearance and has its usage in several applications, such as solvents, foundry resins, adhesives, wetting agents, chemical feedstock for five membered oxygen heterocycles, and others.


  • The rising importance of bio-based solvents as a consequence of increasing environmental concerns is anticipated to boost the product demand in solvent applications over the forecast period. However, ineffective production process yielding low product quality and utilization of expensive technologies may restrict the future market growth.

Table of Contents
Market Overview
  • The Global furfural alcohol market is expected to have incremental growth of $252.60 million during 2020-2025.

  • Growth momentum is expected to accelerate during the forecast period with 6.12% CAGR.

  • Increasing demand for furfuryl alcohol in industrial chemical manufacturing and supportive government initiatives and regulatory are likely to drive the growth of the market.

  • APAC is dominating the market as the production and consumption of furfural alcohol is majorly concentrated in China.

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Key Trends
  • The rising importance of bio-based solvents as a consequence of increasing environmental concerns is anticipated to boost the market demand.


  • New product developments and increasing investments in research and development of furfuryl alcohol are expected to drive the growth of this market.


  • Emerging markets in growing economies is expected to drive the market demand in future

Key Market Players
  • Some of the key players in the market are Illovo Sugar Africa, Hongye Holdings Group, TransFurans Chemicals, DalinYebo, Hebeichem Silvateam.

  • Furfural alcohol market is moderately fragmented with a large number of small- and medium-sized manufacturers, which account for a majority of the global share.

  • Major players focus on mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investments in R&D facilities, and are seeking opportunities to vertically integrate across the value chain.

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Growth Drivers and Challenges
  • Growing demand for furfuryl alcohol in various end-user industries is driving the market.


  • Growth in foundry industry is also driving the market.


  • The major drivers for the furfural market are the tightening of regulations globally in regards to air pollution standards.


  • Availability of crude oil-based alternatives is hindering the market growth.


  • Fluctuating prices of raw materials, such as corncob, along with lack of penetration of furfural alcohol in the developed countries of Europe and North America have hampered the growth.

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