Furan Resin Global Market Report 2023
Furan is a colorless and flammable compound. It is derived from furfural alcohol. It is highly soluble in solvents. Furan resins are primarily obtained from food constituents such as corncobs, sugar bagasse and renewable resources. Furan resins are toxic in nature though they are highly preferred due to its eco-friendly attribute compared to conventional resins that emits VOC contents. It has wide applications such as paints and plastics, gas hardening, foundry, polyols, solvents and amongst others.
Furan Resins Market size was valued at USD 17.36 Billion in 2021 and is projected to reach USD 27.62 Billion by 2030, growing at a CAGR of 5.23% from 2023 to 2030.
The global furan resins market is primarily driven by increasing demand among consumers for bio-based end- products. Secondly, growing environmental awareness and stringent rules and regulation imposed by regulatory bodies are expected to trigger the demand for furan resins over the coming years. However, safety issues related to transportation is likely to impede the growth of the global furan resins market. Nonetheless, ongoing research and development activities are likely to open new doors for the major manufacturers of furan resins market in near future years.
In order to give the users of this report a comprehensive view on the furan resins market, we have included a detailed value chain analysis. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the furan resins market has also been included. The study encompasses a market attractiveness analysis, wherein application segments are benchmarked based on their market size, growth rate, and general attractiveness.
The global furan resins market is segmented on the basis of applications and region. Based on application segment, the global furan resins market is bifurcated into automotive, foundry, plastic & paints, solvents, and others applications. Among all, automotive governs the market share. Moreover, foundry and plastic & paints are the other important applications that are expected to have the positive impact on the market size within the forecast period.
The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2016 to 2021. Furthermore, the report provides the market size and forecasts in terms of both volumes (kilo tons) and revenue (USD million) for the period 2016 to 2021. The report also encompasses the regional segmentation. Regional segmentation covers the regions as well as country level analysis.
Based on region, the global furan resins market is bifurcated into North America, Asia-Pacific, Middle East, Europe, Latin America and Africa including different countries such as U.S., Germany, France, UK, China, Japan, India, and Brazil. Moreover, among all these regions, Asia Pacific dominated the global furan resins market in 2015. Europe was the second largest market for furan resins in the same year. Furthermore, North America is expected to have splendid growth in near future due to the robust demand from paint industry. Middle East, Africa and Latin America are also expected to experience the moderate growth over the coming years.
The global furan resins market also profiled the key vendors of the global market including -
- Hongye Chemical Co. Ltd.
- Dyna Chem Inc.
- Ideal Chemical
- and Supply Company
- Continental Industries Group Inc.
- International process plants
- Nova Molecular Technologies
- The Chemical Company
- SolvChem
- Novasynorganics
The report segments the global furan resins market into:
Furan Resins Market: Application Segment Analysis
- Automotive
- Foundry
- Plastic & Paints
- Solvents
- Others
Furan Resins Market: Regional Segment Analysis
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East & Africa
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