Introduction
The report covers comprehensive information about market trends, volume (Tons) and value (US$ Mn) projections, market dynamics, competition landscape, and recent developments regarding the global furfuryl alcohol market for the study period 2018 to 2028.
The global furfuryl alcohol market is expected to reach over US$ 1,493.7 Mn by the end of forecast period, registering a CAGR of 6.0%. According to the analysis, the demand for furfuryl alcohol is expected to keep increasing over the years. Growing range of applications, political & regulatory scenario, increase in the production of raw materials and healthy demand arising from foundry industry are expected to reinforce the outlook of the global furfuryl alcohol market.
By Source Type, Corn Cob Raw Material dominates the Market
Corn cob is one the most consumed raw materials for the production of furfural and then furfuryl alcohol. Being at the forefront in the global furfuryl alcohol market, production in China plays a vital role in the overall market. The short supply of corn cob and low yield of furfural production under high temperatures have led to the intensification of furfural and furfuryl alcohol supply over the past few years.
Corn cob raw materials dominate the market; however, the segment is expected to lose 60 BPS in the market by the end of 2028. Corn cub has the highest yield for furfural and furfuryl alcohol in industrial operations as compare to other raw materials.
Moving ahead, production through corn cob raw material dictates the market due to China’s dominance. Also, with a CAGR of 6.4% in terms of value, sugarcane bagasse is expected to emerge as the most attractive segment.
The sugarcane bagasse raw material segment is expected to gain 70 BPS over the forecast period. In terms of growth, bagasse will remain one of the most attractive segments. Importantly, sugarcane bagasse has a yield just next to that of corn cob.
Foundry Resins to Wield the Demand Outlook
The strong shift towards the development of bio-based chemicals against the backdrop of volatile petrochemical prices is expected to remain a key driver for the growth of furfuryl alcohol market. Predominantly, over the years, the consumption of furfuryl alcohol in foundry resins has reached an unprecedented level, owing to the physical and chemical properties possessed by furfuryl alcohol.
The predominant industrial use of furfuryl alcohol is in the production of furan resins, which are used as corrosion- and heat-resistant materials, particularly in the foundry industry.
Furan resins, one of the key applications of furfuryl alcohol, represents nearly 88% of the total sales volume of furfuryl alcohol. The segment is expected to witness a market value growth rate of 5.9% over the study period. Applications such as solvents and others (adhesives and lubricants) are set to experience a robust CAGR of 6.0% and 6.8%, respectively.
In addition, furan resins are collectively expected to account for more than an 86% share in the total incremental $ opportunity of the global furfuryl alcohol market. Low product substitutability of furfuryl alcohol is one of the key features augmenting the consumption of furfuryl alcohol across the globe.
China and India to Steer the Future Outlook of the Market
Increasing industrial production, relatively stable economic conditions and consistent growth in automotive sales in both the countries are the key factors expected to drive the growth in the demand for furfuryl alcohol. Further, the growth in the production of corn in China is foreseen to aid the pace of the global furfuryl alcohol market growth.
China is expected to dominate the global furfuryl alcohol market in terms of production and consumption. China and India are expected to gain traction over the forecast period, owing to the anticipated increase in manufacturing and automotive sectors in the respective regions while all other regions are expected to exhibit moderate growth in the same period.
Japan and China are expected to lose market value shares, owing to the increase in the production of furfuryl alcohol in SEAP and India. Japan and China are projected to register a CAGR of 4.2% and 5.9%, respectively by value, which is lower than the collective growth of all the other regions.
Furfuryl Alcohol Market – Competitive Landscape
The global furfuryl alcohol market is mostly consolidated, with a single market player holding a substantial double digit market share as of 2017. Globally, the top 10 players in the market collectively hold between 65% and 70% of the market share.
In the recent past, the furfuryl alcohol market has witnessed significant developments from a competition perspective. Production capacity expansion and commencement of production are some of the key preferred strategies opted by key players to sustain and enter in the global furfuryl alcohol market.
- In 2016, an India-based Company, KRBL set up a furfuryl alcohol plant at Bhasaur, Dhuri District, Sangrur in the state of Punjab at a total cost of more than US$ 2.0 Mn. The company, through this plant, intends to convert furfuryl oil into refined furfuryl alcohol, as there is huge demand for furfuryl alcohol in India
Prominent players covered in the market include Hongye Holding Group Corp., Ltd., Zibo Huaao Chemical Co., Ltd., International Furan Chemicals B.V., China XLX Fertilizer Ltd., Aurus Speciality Company Limited, Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Silvateam, Shijiazhuang Worldwide Furfural and Furfuryl Alcohol Furan Resin Co. Ltd., KRBL Ltd. and Illovo Sugar (PTY) Ltd., among others.
Key Questions Answered in the Report
- How has the furfuryl alcohol market evolved over the past five years?
- How is the furfuryl alcohol market expected to take shape in terms of volume and value during study period?
- What are the prevailing market dynamics in the furfuryl alcohol market?
- What are the competition developments and trends in the furfuryl alcohol market?
- What are underlying macro-economic and industry factors impacting the growth of the furfuryl alcohol market?
- Which are the key challenges, opportunities and improvement factors for market players?
- What are the market positioning and key strategies of key manufacturers as per the market taxonomy?
- How is the competition structured in the furfuryl alcohol market and how has it evolved over the past few years?
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Furfuryl Alcohol Market: Segmentation
Application
- Corrosion Inhibitor
- Foundry Resin
- Solvents (Pharmaceutical and Others)
- Others (Adhesives, Lubricants etc.)
Source Type
- Sugarcane Bagasse Raw Material
- Corn Cob Raw Material
- Others (Wheat bran, oats, wood, etc.)
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- China
- India
- Japan
- SEA & Pacific
- Middle East & Africa
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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