Global Furan Resins Market

By 2029, the Furan Resins Market is expected to reach US $ 23.68 billion, thanks to growth in the Type, and Application segment. The report analyzes market dynamics by region and end-user industries.

Furan Resins Market Overview:

The global furan resins market was valued at the US $ 15.66 Bn. in 2021, and it is expected to reach the US $ 23.68 Bn. by 2029 with a CAGR of 5.3% during the forecast period.

Furan is a volatile, colorless compound. Furfural alcohol is the source of this compound. It is extremely soluble in a wide range of solvents. Food ingredients including corncobs, sugar bagasse, and renewable resources are used to make furan resins. They can act as binders, are acid-reactive, thermally reactive, and cross-linkable. They are toxic by nature, even though they are significantly preferred since they are more environmentally safe than traditional resins that release VOCs (Volatile Organic Compounds). Paints and plastics, gas hardening, foundry, polyols, and solvents are also a few of the applications.

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Global Furan Resins Market Dynamics:

Growing safety and environmental issues about the use of conventional and synthetic resins are expected to have a significant impact on the global furan resins market's growth. With a shift in consumer choice, issues about high VOC concentration in synthetic resins have gone away. Market players have invested a lot of effort into R&D to create better and less expensive bio-based resins. Thus, the increasing demand for bio-based resins from consumers is expected to drive the global market of furan resins during the forecast period.

In the same way, an increase in demand for furan resins in foundry applications is expected to drive global sales of furan resins. Furan resins and by-products are used in various segments of the automobile assembling process to reduce vehicle weight and improve fuel efficiency. As a result, rising demand for light-weight and fuel-efficient automobiles globally is also driving the growth of the furan resins market.

Oil and gas prices have dropped because of huge unconventional hydrocarbon production in North America. Based on the drop in oil and gas costs, more synthetic resins are being produced, resulting in larger profit margins. Such a shift in production toward synthetic resins is expected to hamper market growth. Possible health risks linked with the use of furan resin are expected to hamper the worldwide market growth. High transportation safety issues are also expected to hamper the market growth. Also, varying trade regulations for different nations are expected to hamper worldwide market growth.

Furan resins are in more demand in rocket parts when they enter the earth's atmosphere. These resins control the overall temperature and provide thermal stability to the various parts of rockets. Also, the demand for furan resin in bio-composites manufacturing is increasing. Thus, these vital applications of furan resins have opened doors of lucrative growth opportunities to the market players.

Global Furan Resins Market Segment Analysis:

Based on Type, the global Furan Resins market is segmented into four types as follows, Furfural Resin, Furfuryl Alcohol Resin, Bran Ketone Resin, and Branone Formaldehyde Resin.

In 2021, the Furfural Resin segment was dominant and held xx% of the overall market share. It is expected to continue its dominance by growing at a CAGR of xx% over the forecast period. In most cases, the resins are used as binders in sand castings. These resins have excellent heat stability. Continuous operation at 100-120 °C is normal. Some of these resins can even be used at temperatures as high as 150°C. Some grades are known for their low flammability and low smoke emission, as well as their excellent strength. These resins are also used as raw materials in the production of polymer bricks and polymer concretes that have great mechanical strength and corrosion resistance. As a refractory liner, this concrete is also used in the construction of chemical plants and chemical equipment.

Based on Application, the global Furan Resins market is segmented into six types as follows, Adhesive & Sealant, Automobile, Paint & Coating, Plastic, Foundry, and Others.

In 2021, the Foundry segment was dominant and held xx% of the overall market share. It is expected to continue its dominance by growing at a CAGR of xx% over the forecast period. A foundry is a metal casting manufacturing unit. Metals are formed by melting them into a liquid, pouring the metal into a mold, and then removing the mold material when the metal has been set. Furan resin work as a bonding agent in this process. Aluminum and cast iron are the most often handled metals. Other metals, such as bronze, brass, steel, magnesium, and zinc, are used in foundries to make castings. Parts of desired forms and sizes can be created using this method.

Global Furan Resins Market Regional Insights:

In 2021, Asia Pacific regions especially India, China, and Malaysia were dominant among all the regions accounting for xx% of the overall market share in terms of revenue. It is also expected to continue its dominance over the forecast period with the wide availability of raw materials required for the production of furan resin and a high consumption rate in recent years.

North America is the second-largest revenue contributor to the worldwide Furan Resins market, expected to grow at a CAGR of xx% over the forecast period. The availability of raw resources and increased demand from the construction & building and paint & coating sectors are driving the growth of the market in North America.

Furan resin consumption is expected to grow gradually in Europe, owing to increased demand across a wide range of applications and a growing desire for environmentally safe products based on furan resins.

The Middle East & Africa region is expected to grow at a considerable CAGR of xx% during the forecast period.

The objective of the report is to present a comprehensive analysis of the global Furan Resins market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Furan Resins market dynamics, structure by analyzing the market segments and project the global Furan Resins market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Furan Resins market make the report investor’s guide.

Global Furan Resins Market Scope: Inquire before buying

Furan Resins Market, by Region

• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)

Global Furan Resins Market Key Players

• DуnаСhеm Іnс.
• Тhе Dow Сhеmісаl Соmраnу
• Ноngуе Сhеmісаl Со. Ltd
• Реnn А Кеm LLС
• Nоvа Моlесulаr Tесhnоlоgіеѕ
• Соntіnеtаl Іnduѕtrіеѕ Grоuр Іnс.
• Ѕhеnzhеn Ѕhu Наng Іnduѕtrіаl Dеvеlорmеnt Со. Ltd.
• ЅоlvСhеm Іnс.
• NеuСhеm Іnс.
• ЅwееtLаkе Сhеmісаl Ltd.
• Іdеаl Сhеmісаl & Ѕuррlу Соmраnу
• Nоvаѕуn Orgаnісѕ
• Іntеrnаtіоnаl Рrосеѕѕ Рlаntѕ
• СКЕ
• Others

Frequently Asked Questions:

1. What is the forecast period considered for the Furan Resins market report?
Ans. The forecast period for the Furan Resins market is 2022-2029.

2. Which key factors are hindering the growth of the Furan Resins market?
Ans. The increasing production of synthetic resins resulting in higher profit margins for the manufacturer is the key factor expected to hinder the growth of the Furan Resins market during the forecast period.

3. What is the compound annual growth rate (CAGR) of the Furan Resins market for the next 8 years?
Ans. The global Furan Resins market is expected to grow at a CAGR of 5.3% during the forecast period (2022-2029).

4. What are the key factors driving the growth of the Furan Resins market?
Ans. The increasing demand for bio-based resins from the automobile and foundry industries are some of the key factors expected to drive the growth of the Furan Resins market during the forecast period.

5. Which are the worldwide major key players covered for the Furan Resins market report?
Ans. DуnаСhеm Іnс., Тhе Сhеmісаl Соmраnу, Ноngуе Сhеmісаl Со. Ltd, Реnn А Кеm LLС, Nоvа Моlесulаr Tесhnоlоgіеѕ, Соntіnеtаl Іnduѕtrіеѕ Grоuр Іnс., Ѕhеnzhеn Ѕhu Наng Іnduѕtrіаl Dеvеlорmеnt Со. Ltd., ЅоlvСhеm Іnс., NеuСhеm Іnс., ЅwееtLаkе Сhеmісаl Ltd., Іdеаl Сhеmісаl & Ѕuррlу Соmраnу, Nоvаѕуn Orgаnісѕ, Іntеrnаtіоnаl Рrосеѕѕ Рlаntѕ, СКЕ, and Others.