The major growth drivers for the furfuryl alcohol market are its increasing demand in production of furan resins, and solvents. Furfuryl alcohol or 2-(Hydroxymethyl)furan is an organic compound having chemical structure, where a furan ring hydrogen gets substituted with a hydroxymethyl group. This organic compound can be produced through hydrogenation of furfuryl alcohol.
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On the basis of application, the furfuryl alcohol market has been segmented into furan resins, bio-fuel, tetrahydrofurfuryl alcohol (THFA), flavor and fragrance chemicals, solvents, pharmaceuticals, and pesticides. On the basis of both value and volume, furan foundry binders held the largest share in the market in 2017.
As a bio-fuel, the compound has been in use for providing energy supply to rocket engine. In 2012, Copenhagen Suborbitals designed a rocket, where combination of concentrated nitric acid and furfural alcohol were used as propellants.
Volatility in price of feedstock being used for production 2-(Hydroxymethyl)furan is identified as restraining factor for the furfuryl alcohol market. In addition, seasonality of the agricultural raw materials used for production of 2-(Hydroxymethyl)furan is also hampering the growth of the market.
Based on geography, the global furfuryl alcohol market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. On the basis of both value and volume, Asia-Pacific is expected to dominate the market throughout the forecast period.
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Some of the major players operating in the furfuryl alcohol market are TransFurans Chemicals bvba, Tieling North Furfuryl alcohol (Group) Co. Ltd., Hongye holding group corporation limited, DynaChem Incorporated, Nova Molecular Technologies, Inc., Xingtai Chunlei Furfuryl Alcohol Co., Ltd., Penn A Kem LLC, and Zhucheng Taisheng Chemical Co., Ltd.
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P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world.
Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Contact:
P&S Market Research
347, 5th Ave. #1402
New York City, NY - 10016
Toll-Free: +1-888-778-7886 (USA/Canada)
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
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