Furfuryl Alcohol Market Share, Key Players, Opportunity and Forecast 2021-2026
The global furfuryl alcohol market grew at a CAGR of around 3% during 2015-2020.
Furfuryl Alcohol Market Outlook
Furfuryl alcohol (C5H6O2) is a pale yellow or colorless organic compound primarily obtained from waste biomass, such as rice hulls, corncobs, sugarcane bagasse, etc. It can be manufactured by the catalytic reduction of furfuryl using nickel and copper chromium oxide or continuous vapor-phase hydrogenation of furfural.
The global furfuryl alcohol market grew at a CAGR of around 3% during 2015-2020. Looking forward, IMARC Group expects the market to continue its moderate growth during 2021-2026.
Furfuryl alcohol finds extensive application as a solvent in making dark corrosion-resistant resins that turns amber to black in the air. It can also be used for paint-removing cleaning purposes. Currently, furfuryl alcohol is widely adopted as a flavoring agent in the food and beverages (F&B) industry.
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Furfuryl Alcohol Market Trends:
The expanding construction sector is primarily driving the demand for furfuryl alcohol across the globe. Furthermore, it is utilized as a filler in the production of textiles, paints, plastics, etc., and as a binding agent for sand and other related products. Additionally, furfuryl alcohol is also used in surface treatments of metals, corrosion inhibitors, hardening agents, rust inhibitors, polishing agents, water repellants, etc., thereby propelling the market growth.
Apart from this, the rising product adoption for manufacturing roasters, paper plates, cutlery, etc., is further augmenting the market growth. Moreover, the increasing environmental concerns are also catalyzing the demand for furfuryl alcohol obtained from hydrolyzed biomass waste, which is expected to bolster the global market in the coming years. Looking forward, IMARC Group expects the furfuryl alcohol market to continue its moderate growth during 2021-2026.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Furnova Polymers Ltd
- Hebei Xingtai Chunlei Furfuryl Alcohol Co. Ltd.
- Hongye Holding Group Corporation Limited
- Illovo Sugar Africa (PTY) Ltd (Associated British Foods plc (ABF))
- NC Nature Chemicals Dr. Kruppa GmbH
- Pennakem LLC
- Shandong Crownchem Industries Co. Ltd.
- Silvateam S.p.a.
- TransFurans Chemicals bvba
- Xian Welldon Trading Co. Ltd.
Key Market Segmentation:
The report has categorized the market based on application and end use industry.
Breakup by Application:
- Corrosion Inhibitors
Breakup by End Use Industry:
- Paints and Coatings
- Food and Beverages
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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