Emergence of Major End-Use Industries to Play Major Role in Furfuryl Alcohol Market Growth by 2028

Posted on 2022-09-27 by researchinsights in Industrial // 0 Comments

San Francisco, Calif., USA, Sep 27, 2022 — /EPR Network/ —

Furfuryl Alcohol Industry Overview

The global furfuryl alcohol market size was estimated at USD 472.7 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2021 to 2028. This is attributed to the increasing demand for furfuryl alcohol for the synthesis of furan resins and in the formulation of thermoset polymer matrix compounds, cement, adhesives, coatings, and casting resins.

Furfural, which is derived from sugarcane bagasse and corncobs, undergoes catalytic reduction to form furfuryl alcohol. It is an organic composite, comprising a furan substituted by a hydroxymethyl group. Its primary application is as a chemical intermediate in the production of several chemical products, including wetting agents, adhesives, and foundry resins.

Gather more insights about the market drivers, restraints, and growth of the Global Furfuryl Alcohol market

The product is broadly utilized in resins and plastics applications. A surge in research and development activities in the area of rocket fuel is estimated to trigger the demand for furfuryl alcohol. The products also play an essential role in manufacturing in the foundry sector in the formulation of molds for metal casting. Consequently, the growing demand for furfuryl alcohol from various end-use industries across the globe is estimated to boost the growth of the market for furfuryl alcohol over the forecast period.

The metal casting sector is key to the underlying security and economic development of several nations across the globe. The foundries melt non-ferrous as well as ferrous alloys and dispense them into molds to profile them into finished goods by means of solidification. Furfural and its derivatives are utilized in the foundry sector for the formulation of molds for metal casting. Mounting production of metal castings is estimated to drive the growth of the foundry industry.

The growth of the foundry industry in India can be attributed to several government initiatives, including “Pradhan Mantri Kaushal Vikas Yojana (PMKVY)”, and “Make in India”, among others. Apart from these initiatives, the Government of India is easing certain FDI norms to endorse foreign investment. Additionally, a key demand for foundry products from several end-use industries, including railways, windmills, machine tools, power generation and distribution, mining, chemical industries, aerospace, domestic appliances, textile, and cement, among others, is estimated to drive the growth of the foundry industry.

Browse through Grand View Research’s Renewable Chemicals Industry Research Reports.

Specialty Oleochemicals Market – The global specialty oleochemicals market size to be valued at USD 36.2 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% during the forecast period.

Furfural Market – The global furfural market size was estimated at USD 522.60 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030.

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