Furfuryl Alcohol Market Analysis On Trends and Need 2031
Furfuryl Alcohol: Introduction
- Furfuryl alcohol is an organic compound containing furan. It is the most important food additive, as it occurs naturally during fermenting, aging, curing, and smoking natural food. Furfuryl alcohol is not an oil derived chemical. It is manufactured by basic raw materials such as waste vegetable materials such as sugar cane bagasse, oat hulls, corn cobs, and rice hulls.
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Key Drivers and Restraints of Global Furfuryl Alcohol Market
- The furfuryl alcohol market has developed significantly of late. This can be primarily ascribed to the increasing recognition of furfuryl alcohol globally. Furfuryl alcohol plays an important role in addressing several issues associated with the raw materials used for processing of products. Rise in usage of furfuryl alcohol in foundry, food & beverages, chemical, energy, agriculture, and pharmaceuticals sectors is expected to propel the furfuryl alcohol market during the forecast period. Growth in awareness about the impact of hazardous chemicals on the planet is anticipated to drive the demand for bio-alcohols. The gradual transition of the energy sector to green energy is expected to drive the demand for furfuryl alcohol in the near future.
- Expansion of the foundry industry is expected to create significant opportunities for the furfuryl alcohol market. Furfuryl alcohol is the major ingredient in furan foundry binders. Thus, demand for furfuryl alcohol is anticipated to rise at a significant pace during the forecast period.
Furfuryl Alcohol: Raw Material Segment
- In terms of raw material, the global furfuryl alcohol market can be segmented into corncobs, rice hulls, cotton hulls, sugarcane bagasse, and others
- The corncobs segment is expected to account for significant share of the global furfuryl alcohol market during the forecast period. It is anticipated to be followed by the rice hulls segment.
- The cotton hulls segment is likely to expand at a rapid pace during the forecast period, due to the extensive usage of cotton for meeting industry needs
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Furfuryl Alcohol: Application Segment
- In terms of application, the global furfuryl alcohol market can be segmented into resins, solvents, plastics, adhesives, corrosion inhibitors, and others
- The resins segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the solvents segment.
- The plastics segment is likely to expand at a healthy CAGR during the forecast period, owing to the increase in usage of plastics in various industries
Furfuryl Alcohol: End-use Segment
- In terms of end-use, the global furfuryl alcohol market can be segmented into foundry, food & beverages, chemical, energy, agriculture, pharmaceuticals, and others
- The food & beverages segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the energy segment.
- The chemical segment is likely to expand at a healthy CAGR during the forecast period, owing to the expansion of the chemical industry
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COVID-19 Impact on Furfuryl Alcohol Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the furfuryl alcohol market.
Asia Pacific to Dominate Furfuryl Alcohol Market
- In terms of region, the global furfuryl alcohol market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the furfuryl alcohol market in 2020. This trend is anticipated to continue during the forecast period. This can be ascribed to the expansion of end-use industries in emerging countries such as China and India. The furfuryl alcohol market in North America is anticipated to expand at a rapid pace owing to the growth of the agriculture industry in the region.
Key Manufacturers Operating in Global Furfuryl Alcohol Market
The global furfuryl alcohol market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global furfuryl alcohol market include:
- ILLOVO SUGAR AFRICA (PTY) LTD.
- Linzi Organic Chemical Inc. Ltd.
- TransFurans Chemicals bvba
- Silvateam S.p.a.
- Shandong Crownchem Industries Co., Ltd.
- Hongye Holdings Group Corp., Ltd.
- Xian Welldon Trading Co., Ltd.
- Furnova Polymers Ltd.
- NC Nature Chemical
- Pennakem, LLC
Global Furfuryl Alcohol Market: Research Scope
Global Furfuryl Alcohol Market, by Raw Material
- Rice Hulls
- Cotton Hulls
- Sugarcane Bagasse
Global Furfuryl Alcohol Market, by Application
- Corrosion Inhibitors
Global Furfuryl Alcohol Market, by End-use
- Food & Beverages
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Published Fri, 19 Aug 2022 02:50:38 -0500