Furfuryl Alcohol Industry Size, Share, Demand & Growth by 2034
The global furfuryl alcohol market size is estimated to reach USD 1192.5 million in 2024.
The sector is expected to grow at a CAGR of 5.9% during the forecast period.
Furfuryl alcohol (C4H3OCH2OH), also known as 2-furylmethanol or 2-furancarbinol, is an
organic compound containing a furan substituted with a hydroxymethyl group. Furfuryl
alcohol is made from furfural by means of catalysis with hydrogen. It is colorless or pale
yellow in appearance and finds adoption in various applications.
As a result, the global market for furfuryl alcohol is expected to witness significant growth in
2018, reaching a market value of USD 836.2 Million with a y-o-y growth rate of 4.5% as
compared to 2017. Furthermore, the global demand for furfuryl alcohol will also be
influenced by the rising utilization of the chemical in pharmaceutical solvents and wood
impregnation.
The strong shift towards the development of bio-based chemicals against the backdrop of
volatile petrochemical prices is expected to remain a key driver for the growth of furfuryl
alcohol market. Predominantly, over the years, the consumption of furfuryl alcohol in
foundry resins has reached an unprecedented level, owing to the physical and chemical
properties possessed by furfuryl alcohol. Increasing industrial production, relatively stable
economic conditions, and consistent growth in automotive sales in various regions such as
India, SEAP, and China are the factors estimated to drive the growth in the demand for
furfuryl alcohol.
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In the recent past, the furfuryl alcohol market has witnessed significant developments from
the competition perspective. Production capacity expansion and commencement of
production are some of the preferred strategies opted by prominent players to sustain and
enter the global furfuryl alcohol market.
Based on the application, the foundry resin segment is expected to remain dominant in terms
of the global furfuryl alcohol market volume share and account for approximately an 88.6%
share by the end of 2028.
Based on source type, corn cob raw material is expected to remain a behemoth in the global
market and account for more than 86% of the revenue by 2028-end. Corn cob is one the most
consumed raw materials in the production of furfural and then, furfuryl alcohol.
On the other hand, the production of furfuryl alcohol from sugarcane bagasse is expected to
grow at a CAGR of 6.4%. In terms of growth, bagasse will remain one of the most attractive
segments. Importantly, sugarcane bagasse has a yield just next to that of corn cob.
In 2017, China was the most attractive region in the global furfuryl alcohol market and
accounted for more than 61.3% of the global market share. Further, being at the forefront in
terms of furfuryl alcohol production and consumption, China is pegged to control the global
furfuryl alcohol market in the future as well.
The increasing demand for furfuryl alcohol has influenced prominent manufacturers to
expand their production facilities. In India, various manufacturers are poised to start the
production of furfuryl alcohol on account of the anticipated demand rise in the coming years.
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