Furan Resins Market – Global Industry Analysis by Type, Application, Region and Forecast (2022-2029)


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.Furan Resins Market

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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.

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Global Furan Resins Market




Report Coverage
Details




Base Year:
2021
Forecast Period:
2022-2029




Historical Data:
2017 to 2021
Market Size in 2021:
US $ 15.66 Bn.




Forecast Period 2022 to 2029 CAGR:
5.3%
Market Size in 2029:
US $ 23.68 Bn.




 Segments Covered:
by Type
• Furfural Resin
• Furfuryl Alcohol Resin
• Bran Ketone Resin
• Branone Formaldehyde Resin




by Application
• Adhesive & Sealant
• Automobile
• Paint & Coating
• Plastic
• Foundry
• Others






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. 




1. Preface
1.1. Market Definition and Key Research Objectives
1.2. Research Highlights
2. Assumptions and Research Methodology
2.1. Report Assumptions
2.2. Abbreviations
2.3. Research Methodology
2.3.1. Secondary Research
2.3.1.1. Secondary data
2.3.1.2. Secondary Sources
2.3.2. Primary Research
2.3.2.1. Data from Primary Sources
2.3.2.2. Breakdown of Primary Sources
3. Executive Summary: Global Furan Resins Market Size, by Market Value (US $Bn.)
3.1. Global Market Segmentation
3.2. Global Market Segmentation Share Analysis, 2021
3.2.1. Global
3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa)
3.3. Geographical Snapshot of the Furan Resins Market
3.4. Geographical Snapshot of the Furan Resins Market, By Manufacturer share
4. Global Furan Resins Market Overview, 2021-2029
4.1. Market Dynamics
4.1.1. Drivers
4.1.1.1. Global
4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa)
4.1.2. Restraints
4.1.2.1. Global
4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa)
4.1.3. Opportunities
4.1.3.1. Global
4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa)
4.1.4. Challenges
4.1.4.1. Global
4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa)
4.1.5. Industry Trends and Emerging Technologies
4.1.6. Porter Five Forces Analysis
4.1.6.1. Threat of New Entrants
4.1.6.2. Bargaining Power of Buyers/Consumers
4.1.6.3. Bargaining Power of Suppliers
4.1.6.4. Threat of Substitute Products
4.1.6.5. Intensity of Competitive Rivalry
4.1.7. Value Chain Analysis
4.1.8. Technological Roadmap
4.1.9. Regulatory landscape
4.1.10. Impact of the Covid-19 Pandemic on the Global Furan Resins Market
5. Supply Side and Demand Side Indicators
6. Global Furan Resins Market Analysis and Forecast, 2021-2029
6.1. Global Furan Resins Products Market Size & Y-o-Y Growth Analysis.
7. Global Furan Resins Market Analysis and Forecasts, 2021-2029
7.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
7.1.1. Furfural Resin
7.1.2. Furfuryl Alcohol Resin
7.1.3. Bran Ketone Resin
7.1.4. Branone Formaldehyde Resin
7.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
7.2.1. Adhesive & Sealant
7.2.2. Automobile
7.2.3. Paint & Coating
7.2.4. Plastic
7.2.5. Foundry
7.2.6. Others
8. Global Furan Resins Market Analysis and Forecasts, By Region
8.1. Market Size (Value) Estimates & Forecast By Region, 2021-2029
8.1.1. North America
8.1.2. Europe
8.1.3. Asia-Pacific
8.1.4. Middle East & Africa
8.1.5. South America
9. North America Furan Resins Market Analysis and Forecasts, 2021-2029
9.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
9.1.1. Furfural Resin
9.1.2. Furfuryl Alcohol Resin
9.1.3. Bran Ketone Resin
9.1.4. Branone Formaldehyde Resin
9.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
9.2.1. Adhesive & Sealant
9.2.2. Automobile
9.2.3. Paint & Coating
9.2.4. Plastic
9.2.5. Foundry
9.2.6. Others
10. North America Furan Resins Market Analysis and Forecasts, By Country
10.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029
10.1.1. US
10.1.2. Canada
10.1.3. Mexico
11. U.S. Furan Resins Market Analysis and Forecasts, 2021-2029
11.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
11.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
12. Canada Furan Resins Market Analysis and Forecasts, 2021-2029
12.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
12.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
13. Mexico Furan Resins Market Analysis and Forecasts, 2021-2029
13.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
13.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
14. Europe Furan Resins Market Analysis and Forecasts, 2021-2029
14.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
14.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
15. Europe Furan Resins Market Analysis and Forecasts, By Country
15.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029
15.1.1. U.K
15.1.2. France
15.1.3. Germany
15.1.4. Italy
15.1.5. Spain
15.1.6. Sweden
15.1.7. CIS Countries
15.1.8. Rest of Europe
16. U.K. Furan Resins Market Analysis and Forecasts, 2021-2029
16.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
16.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
17. France Furan Resins Market Analysis and Forecasts, 2021-2029
17.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
17.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
18. Germany Furan Resins Market Analysis and Forecasts, 2021-2029
18.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
18.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
19. Italy Furan Resins Market Analysis and Forecasts, 2021-2029
19.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
19.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
20. Spain Furan Resins Market Analysis and Forecasts, 2021-2029
20.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
20.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
21. Sweden Furan Resins Market Analysis and Forecasts, 2021-2029
21.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
21.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
22. CIS Countries Furan Resins Market Analysis and Forecasts, 2021-2029
22.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
22.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
23. Rest of Europe Furan Resins Market Analysis and Forecasts, 2021-2029
23.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
23.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
24. Asia Pacific Furan Resins Market Analysis and Forecasts, 2021-2029
24.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
24.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
25. Asia Pacific Furan Resins Market Analysis and Forecasts, by Country
25.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029
25.1.1. China
25.1.2. India
25.1.3. Japan
25.1.4. South Korea
25.1.5. Australia
25.1.6. ASEAN
25.1.7. Rest of Asia Pacific
26. China Furan Resins Market Analysis and Forecasts, 2021-2029
26.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
26.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
27. India Furan Resins Market Analysis and Forecasts, 2021-2029
27.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
27.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
28. Japan Furan Resins Market Analysis and Forecasts, 2021-2029
28.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
28.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
29. South Korea Furan Resins Market Analysis and Forecasts, 2021-2029
29.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
29.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
30. Australia Fungicide Market Analysis and Forecasts, 2021-2029
30.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
30.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
31. ASEAN Furan Resins Market Analysis and Forecasts, 2021-2029
31.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
31.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
32. Rest of Asia Pacific Furan Resins Market Analysis and Forecasts, 2021-2029
32.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
32.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
33. Middle East Africa Furan Resins Market Analysis and Forecasts, 2021-2029
33.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
33.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
34. Middle East Africa Furan Resins Market Analysis and Forecasts, by Country
34.1. Market Size (Value) Estimates & Forecast by Country, 2021-2029
34.1.1. South Africa
34.1.2. GCC Countries
34.1.3. Egypt
34.1.4. Nigeria
34.1.5. Rest of ME&A
35. South Africa Furan Resins Market Analysis and Forecasts, 2021-2029
35.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
35.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
36. GCC Countries Furan Resins Market Analysis and Forecasts, 2021-2029
36.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
36.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
37. Egypt Furan Resins Market Analysis and Forecasts, 2021-2029
37.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
37.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
38. Nigeria Furan Resins Market Analysis and Forecasts, 2021-2029
38.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
38.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
39. Rest of ME&A Furan Resins Market Analysis and Forecasts, 2021-2029
39.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
39.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
40. South America Furan Resins Market Analysis and Forecasts, 2021-2029
40.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
40.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
41. South America Furan Resins Market Analysis and Forecasts, by Country
41.1. Market Size (Value) Estimates & Forecast by Country, 2021-2029
41.1.1. Brazil
41.1.2. Argentina
41.1.3. Rest of South America
42. Brazil Furan Resins Market Analysis and Forecasts, 2021-2029
42.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
42.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
43. Argentina Furan Resins Market Analysis and Forecasts, 2021-2029
43.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
43.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
44. Rest of South America Furan Resins Market Analysis and Forecasts, 2021-2029
44.1. Market Size (Value) Estimates & Forecast By Type, 2021-2029
44.2. Market Size (Value) Estimates & Forecast By Application, 2021-2029
45. Competitive Landscape
45.1. Geographic Footprint of Major Players in the Global Furan Resins Market
45.2. Competition Matrix
45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Application, and R&D Investment
45.2.2. New Product Launches and Product Enhancements
45.2.3. Market Consolidation
45.2.3.1. M&A by Regions, Investment, and Verticals
45.2.3.2. M&A, Forward Integration and Backward
Integration
45.2.3.3. Partnership, Joint Ventures, and Strategic Alliances/ Sales Agreements
45.3. Company Profile: Key Players
45.3.1. DynaChem Inc.
45.3.1.1. Company Overview
45.3.1.2. Financial Overview
45.3.1.3. Geographic Footprint
45.3.1.4. Product Portfolio
45.3.1.5. Business Strategy
45.3.1.6. Recent Developments
45.3.2. The Chemical Company
45.3.3. Hongye Chemical Co. Ltd.
45.3.4. Penn A Kem LLC
45.3.5. Nova Molecular Technologies
45.3.6. Continental Industries Group Inc.
45.3.7. Shenzhen Shu Hang Industrial Development Co. Ltd.
45.3.8. SolvChem Inc.
45.3.9. NeuChem Inc.
45.3.10. SweetLake Chemical Ltd.
45.3.11. Ideal Chemical & Supply Company
45.3.12. Novasynorganics
45.3.13. International Process Plants
45.3.14. CKE
45.3.15. Others
46. Primary Key Insights
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