Furfuryl Alcohol Market Size, Industry Share and Forecast, 2030

By volume, the furfuryl alcohol market was estimated to be worth USD 542.99 million globally in 2022, and by the end of 2030, it is expected to grow to USD 904.36 million. The market for furfuryl alcohol is anticipated to expand at a CAGR of 6.59%.

The research paper covers pricing analysis, industry trends, growth factors, and global market constraints. Additionally, it examines the competitive environment and regional distribution of the furfuryl alcohol market.

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Global Furfuryl Alcohol Market: Overview

Furfuryl alcohol’s global market was valued at USD 904.36 million in 2020, and over the course of the forecast period, it is projected to grow at a compound annual growth rate (CAGR) of 6.59%. Furan-containing chemical compound is furfuryl alcohol. Being the result of natural food fermentation, curing, age, and smoking, it is the most important element in food. Furfuryl alcohol is not an oil-derived molecule. It is manufactured from basic raw materials such rice hulls, sugar cane bagasse, corn cobs, and leftover vegetable materials like oat hulls.

Global Furfuryl Alcohol Market: Growth Factors

Furfuryl alcohol is helpful in resolving several issues regarding the raw materials used in the production of products. The global furfuryl alcohol market is being driven by the growing usage of furfuryl alcohol in the foundry, food & beverage, energy, pharmaceutical, and agricultural sectors. Furthermore, it’s anticipated that growing awareness of the harm that hazardous chemicals may do to the environment would raise demand for bio-alcohols. The sectors are adopting innovative biobased goods and sustainable production procedures to comply with regulations imposed on harmful emissions.

The market is expanding as a result of the growing production of green chemicals using processes including fermentation, enzymatic, and biocatalysis. Furfuryl alcohol is also frequently used as a solvent in the industrial sector, and the market is growing as a result of the growing need for low volatile organic compounds (VOC). For example, the basmati rice manufacturer KRBL established a furfuryl alcohol factory in Punjab in December 2016. Due to the strong demand for this bio-based chemical in India, the plant converts furfuryl oil, which is generated from rice husk, into furfuryl alcohol.

Moreover, the substance finds extensive application in polymers and resins. The market for furfuryl alcohol is being driven by an increase in rocket fuel R&D effort. In the foundry sector, furfuryl alcohol is also essential for making molds for metal casting. The market is growing as a result of all these aspects as well. Nonetheless, variations in the price of raw materials are probably going to impede the expansion of the global furfuryl alcohol market. However, government-backed programs encouraging the production of green and biobased products are creating opportunities for industry players to create sustainable and biobased materials, which might be advantageous for the worldwide furfuryl alcohol market throughout the course of the forecast period.

Global Furfuryl Alcohol Market: Segmentation

Based on application, end-use, and geography, the furfuryl alcohol market is segmented globally. The global market is divided into categories such as corrosion inhibitors, solvents, resins, and others based on the application. The global market is divided into categories based on end use, including paints and coatings, agriculture, foundries, food and beverage, and medicines.

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.

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Global Furfuryl Alcohol Market: Regional Analysis

With more than 60% of all sales, furfuryl alcohol is dominated in the Asia Pacific region. This is because more and more food products, including baked goods, drinks, candies, gravies, frozen dairy, puddings, and meat products, are using the product as a flavoring ingredient. Furfuryl alcohol is the main product of furfurural manufacturing in China. With over 80% of the world’s production, China is the furfuryl alcohol producer of choice. The majority of the nation’s participants are engaged in the production of furfural and furfuryl alcohol in order to obtain a cost advantage.

Additionally, Europe is essential to the worldwide furfuryl alcohol market’s revenue generation. Germany has a significant role in the food and beverage business in Europe. Roughly one-third of the country’s food and beverage products are exported. Germany now has the largest food and beverage retail industry in Europe thanks to the efforts of its customers.