Global Furfuryl Alcohol Market Size, Share, Growth, Trends and Forecasts 2030

What is Furfuryl Alcohol Market Size?

The global furfuryl alcohol market size in terms of market volume was valued at USD 542.99 million in 2022 and is predicted to surpass USD 904.36 million by the end of 2030. The furfuryl alcohol market is expected to grow by a CAGR of 6.59%. The research report includes industry trends, growth factors, pricing analysis, and restraints of the global market. Furthermore, it also explores the geographical and competitive landscape of the furfuryl alcohol industry.

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Global Furfuryl Alcohol Market: Overview

In 2020, the global market for furfuryl alcohol was estimated at USD 904.36 million and it is estimated to expand at a CAGR of 6.59% during the forecast period. Furfuryl alcohol is a furan-containing chemical compound. It is the most significant food ingredient since it occurs through natural food fermentation, curing, aging, and smoking. Furfuryl alcohol is not a chemical generated from oil. It is made from simple raw materials such as waste vegetable materials like oat hulls, sugar cane bagasse, maize cobs, and rice hulls.

Global Furfuryl Alcohol Market: Growth Factors

Furfuryl alcohol is useful in addressing numerous concerns related to raw materials utilized in product manufacturing. The increased use of furfuryl alcohol in the pharmaceutical, agricultural, energy, chemical, food & beverage, and foundry industries is driving the global furfuryl alcohol market. Further, the increased awareness of the environmental effect of dangerous chemicals is expected to stimulate demand for bio-alcohols. To cope with rules placed on hazardous emissions, industries are implementing sustainable production processes and new biobased products.

The increased manufacturing of green chemicals via methods such as biocatalytic, enzymatic, and fermentation is contributing to the growth of the market. In addition to this, furfuryl alcohol is widely used as a solvent in the industrial sector, and there is an increasing need for low volatile organic compounds (VOC) which in turn is fostering the market growth. For instance, in Dec 2016, KRBL, a producer of basmati rice, set up a furfuryl alcohol facility in Punjab. The plant turns furfuryl oil (derived from rice husk) into furfuryl alcohol since this bio-based chemical is in high demand in India.

Further, the product has a wide range of uses in resins and polymers. A boost in rocket fuel research and development activity is spurring the demand for furfuryl alcohol. Furfuryl alcohol is also crucial in the foundry industry, where they are used to create molds for metal casting. All these factors are also driving the market growth. However, fluctuation in the cost of raw materials is likely to hinder the growth of the global furfuryl alcohol market. On the other hand, government-backed initiatives supporting the manufacture of biobased and green goods are opening up the potential for market participants to produce sustainable and biobased materials, which could bode well for the global furfuryl alcohol market during the forecast period.

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Furfuryl Alcohol Market: Report Scope

Global Furfuryl Alcohol Market: Segmentation

The global furfuryl alcohol market is divided based on application, end-use, and region.

Based on the application, the global market is categorized into corrosion inhibitors, solvents, resins, and others.

Based on end use, the global market is categorized into paints & coatings, agriculture, foundry, food & beverages, pharmaceuticals, and others.

Global Furfuryl Alcohol Market: Competitive Players

Some of the key players functioning in the global furfuryl alcohol market include Furnova Polymers Ltd., Xian Welldon Trading Co., Ltd., Hongye Holdings Group Corp., Ltd., Shandong Crownchem Industries Co., Ltd., SilvateamS.p.a., Hebeichem, DalinYeb, TransFurans Chemicals bvba, Linzi Organic Chemical Inc. Ltd., and ILLOVO SUGAR AFRICA (PTY) LTD., among others.

Global Furfuryl Alcohol Market: Regional Analysis

Asia Pacific dominates the overall market for furfuryl alcohol, accounting for over 60 percent of total sales. This is attributed to the product's increasing use as a flavoring component in a variety of food items such as baked goods, drinks, sweets, gravies, frozen dairy, puddings, and meat products. Furfural is primarily utilized in the production of furfuryl alcohol in China. China is the world's largest producer of furfuryl alcohol, accounting for more than 80% of global output. To achieve a cost advantage, the bulk of the country's players are involved in the manufacturing of both furfural and furfuryl alcohol.

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Europe is also playing a vital role in the revenue generation for the global furfuryl alcohol market. Germany is a major contributor to the European food and beverage industry. Approximately one-third of the nation's F&B goods are exported. Consumers have helped Germany become Europe's biggest retail sector for food and beverage.

Furfuryl Alcohol Market: Competitive Analysis

The key players in the global furfuryl alcohol market include:

• Furnova Polymers Ltd
• Xian Welldon Trading Co Ltd
• Hongye Holdings Group Corp Ltd
• Shandong Crownchem Industries Co Ltd
• SilvateamS.p.a
• Hebeichem
• DalinYeb
• TransFurans Chemicals bvba
• Linzi Organic Chemical Inc. Ltd
• ILLOVO SUGAR AFRICA (PTY) LTD

The global furfuryl alcohol market is segmented as follows:

By Application

• Corrosion inhibitors
• Solvents
• Resins
• Others

By End Use

• Paints & Coatings
• Agriculture
• Foundry
• Food & beverages
• Pharmaceuticals
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.