Furfuryl Alcohol Market Analysis
Furfuryl alcohol (C4H3OCH2OH), also known as 2-furylmethanol or 2-furancarbinol, is an organic compound having chemical structure, where a furan ring hydrogen gets substituted with a hydroxymethyl group. Furfuryl alcohol is made from furfural by means of catalysis with hydrogen. Furfuryl alcohol is colorless or pale yellow in appearance and has its usage in several applications, such as solvents, foundry resins, adhesives, wetting agents, chemical feedstock for five membered oxygen heterocycles, and others.
Furthermore, furfuryl alcohol can also be made by utilizing waste vegetable materials such as cane bagasse, rice husk, corn cobs, oat hulls, and others. This chemical is extremely reactive due to its propensity for exothermic polymerization when exposed to acid catalyst.
- The global market for furfuryl alcohol is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of furfuryl alcohol, which negatively impact the market growth.
Top impacting factors: Market Scenario Analysis, Trends, and Drivers
Furfuryl alcohol is majorly used as a raw material for making of furan resins and rise in demand of furan resin has directly led to boost in the furfuryl alcohol market. Moreover, rise in foundry sector in China has led to additional demand for furan resins in the country. Furthermore, rise is usage of furfuryl alcohol in foundry resins has reached an extraordinary level, due to the physical and chemical properties owned by furfuryl alcohol. Low product replace ability of furfuryl alcohol is one of the key features of increasing furfuryl alcohol consumption around the globe.
In terms of production and consumption China is expected to dominate the global furfuryl alcohol market. Owing to the anticipated increase in manufacturing and automotive sectors in the respective regions, China and India are expected to gain traction over the forecast period, while all other regions are expected to show moderate growth over the same period. Scientists have discovered that poly (furfuryl alcohol) is used as a precursor for nanocomposite and carbon material production. Thus, an increase in the use of carbon materials and nanocomposites in the manufacturing industry is expected in the future to boost demand for poly (furfuryl alcohol), which will create growth opportunities for the furfuryl alcohol market. However, seasonality of the agricultural raw materials used for production of 2-(Hydroxymethyl)furan hinders growth of the market. Plus, instability in price of feedstock being used for production 2-(Hydroxymethyl)furan is also hindering the furfuryl alcohol market.
Key benefits of the report:
- This study presents the analytical depiction of the global furfuryl alcohol market 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 global furfuryl alcohol market share.
- The current market is quantitatively analyzed to highlight the global furfuryl alcohol market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global furfuryl alcohol market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Furfuryl Alcohol Marketresearch report:
- Who are the leading market players active in the furfuryl alcohol market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the furfuryl alcohol market?
- What are the projections for the future that would help in taking further strategic steps?
Furfuryl Alcohol Market Report Highlights
By Raw Material
By Industry Vertical
Key Market Players
KRBL Ltd., Zibo Huaao Chemical Co., Ltd., AurusSpeciality Company Limited, Shijiazhuang Worldwide Furfural and Furfuryl Alcohol Furan Resin Co. Ltd., International Furan Chemicals B.V., XingtaiChunlei Furfuryl Alcohol Co., Ltd., Silvateam, Hongye Holding Group Corp., Ltd., China XLX Fertilizer Ltd., Illovo Sugar (PTY) Ltd