Furan is a colorless and flammable compound. It is derived from furfural alcohol. It is highly soluble in solvents. Furan resins are primarily obtained from food constituents such as corncobs, sugar bagasse and renewable resources.
Furan resins are toxic in nature though they are highly preferred due to its eco-friendly attribute compared to conventional resins that emits VOC contents. It has wide applications such as paints and plastics, gas hardening, foundry, polyols, solvents and amongst others. The global furan resins market is primarily driven by increasing demand among consumers for bio-based end- products. Secondly, growing environmental awareness and stringent rules and regulation imposed by regulatory bodies are expected to trigger the demand for furan resins over the coming years. However, safety issues related to transportation is expected to impede the growth of the global furan resins market.
Covid-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the furan resin in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering of the furan resin market.
Top Impacting Factors
Increasing environmental regulations favoring eco-friendly products over their synthetic counterparts and growing awareness about bio-based products due to rising consumer awareness is likely to drive the market over the forecasted period. Various attributes of furan resins such as high weight to strength ratio, waterproof nature, and chemical & acid resistant nature are expected to leverage the market in the coming years. Additionally, a wide range of applications of furan resins like foundry, adhesives, gas hardening processes, solvents, wetting agents, and automotive expects a boost to the market during the predicted years. Also. Use of furans for faster stripping process, when mixed with water & alcohol-based coatings will bolster the market.
- Excellent superior properties has led to the increase in demand and hence the market growth.
- Furan resins are mixed with various automotive parts in order to increase their tensile strength and reduce overall vehicular weight. This trend is expected to be beneficial for the global furan resins market growth. Shifting consumer preferences to plastics has boosted the global plastics industry. Furan resins are also mixed along with conventional plastics to improve their physical properties such as durability and flexibility. This in turn is presumed to boost the overall market growth. The dispersing & wetting agents segment dominate the ink additives market and is projected to be the fastest-growing type, thus helping in the market growth.
- Growing awareness regarding environmental degradation and adopting eco-friendly practices has helped the market to grow.
- Furfuryl alcohol is produced using several bio-based raw materials including wheat bran, oats, corn cobs, and sugarcane bagasse. The global furan resins market is expected to gain promising demand avenues on the back of increased inclination among major worldwide population toward using bio-based products. This aside, increased environmental as well as health concerns related to use of synthetic and conventional resins will help in boosting the growth of the global furan resins market in the years ahead.
- Major applications in the various end-use industries has bolstered the market growth.
- Various attributes of furan resins such as high weight to strength ratio, waterproof nature, and chemical & acid resistant nature are expected to leverage the market in the coming years. Additionally, a wide range of applications of furan resins like foundry, adhesives, gas hardening processes, solvents, wetting agents, and automotive expects a boost to the market during the predicted years. Also. Use of furans for faster stripping process, when mixed with water & alcohol-based coatings will bolster the market.
Key Benefits of the Report
- This study presents the analytical depiction of the furan resin industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the furan resin market share.
- The current market is quantitatively analyzed to highlight furan resin market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed furan resin market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Furan Resin Market Report
- Who are the leading market players active in the Furan Resin market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is “Furan Resin“?
- What does “Furan Resin" allow organizations to achieve?
- Which technologies combine to make “Furan Resin” a critical organizational asset?
- What is " Furan Resin” Market prediction in the future?
- Who are the leading global players in the “Furan Resin” market?
- What are the current trends and predicted trends?
- What are the challenges faced in the “Furan Resin” Market?
- What are the key benefits of the “Furan Resin “Market report?
- What will be the anticipated growth rates for your own Furan Resin Market economy altogether and for every segment inside?
- What are the driving factors and opportunities in the market?
Furan Resin Market Report Highlights
Key Market Players
The Chemical Company, Shenzhen Shu Hang Industrial Development Co. Ltd., Penn A Kem LLC., Novasynorganics, NeuChem Inc., SweetLake Chemical Ltd., Continetal Industries Group Inc., Nova Molecular technologiesDynaChem Inc., Sweet Lake Chemical Ltd., Hongye Chemical Co. Ltd
Other Key Market Players
Novasynorganics, Sweet Lake Chemical Ltd., International Process Plants