Research Offers 10-Year Forecast on Furfuryl Alcohol Market
Furfuryl alcohol is an organic compound manufactured by catalytic reduction of furfuran. It is used in a wide range of applications such as solvents, foundry resins, plastics, wetting agents, adhesives and in gas hardening processes among others. The raw material furfuran is obtained from sugarcane bagasse, corn cobs, wheat bran and oats among others. It has application in rocketry as a hypergolic fuel which ignites readily in presence of fuming nitric acid and red fuming nitric acid.
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Increasing demand for bio-based products owing to increasing awareness among consumers coupled with rising environmental regulations is expected to drive the market. This alcohol finds application in plastic industry. Increasing demand for plastics in the construction and paints industry is anticipated to drive the furfuryl market over the next few years. Bio-based resins and paints are gaining demand from developed countries due to the presence of strict environmental regulations. However, the safety issues regarding transportation and export rules of different developing countries are expected to restrain the market growth. Research and development in the field of rocketry is expected to provide immense opportunities for manufacturers of furfuryl alcohol in the near future.
Asia Pacific was the largest producer and consumer of furfuryl alcohol in which China contributes to the highest consumption. Proximity to raw material and increasing applications in plastics and resins are expected to drive the market. Europe follows Asia Pacific in consumption owing to increase in the application area of furfuryl alcohol. Research activities in the field of rocketry fuel are expected to provide opportunity for furfuryl alcohol market in this region. North America is expected to grow at a faster pace owing to increase in availability of raw materials and rising demand from construction and paints industry.
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Key players in this market include DynaChem Inc., The Chemical Company, Hongye Chemical Co. Ltd, Penn A Kem LLC, Nova Molecular technologies, Continetal Industries Group Inc., Shenzhen Shu Hang Industrial Development Co. Ltd., SolvChem Inc., NeuChem Inc., SweetLake Chemical Ltd., Ideal Chemical & Supply Company, Novasynorganics, International Process Plants among others.
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