Furfuryl alcohol is a chemical, which is derived from furfural. Furfuryl alcohol plays a vital role in the production of foundry sand binders due to its high reactivity. This alcohol has been extensively used for producing cores and mold for metal for many decades. It is also used in the production of tetrahydrofurfuryl alcohol (THFA), which is widely used in the pharmaceutical industry. According to the World Foundry Organization, the foundry industry is expected to grow by 13.0-14.0% until 2025 in India, which is expected to be the second-largest foundry market in the world, after China. Therefore, the growing foundry industry is leading to the demand for furfuryl alcohol, thereby boosting the market for furfural.
The furfural market size is estimated to grow from USD 551 million in 2019 and to USD 700 million by 2024, at a CAGR of 4.9%. The increasing usage of various derivatives of furfural in different industries and shift toward green chemicals are propelling the market.
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“The derivatives application is expected to register the fastest growth”
Furfural is used as the starting material for the manufacturing of several furan derivatives, such as furfuryl alcohol, tetrahydrofuran (THF), maleic anhydride (MA), 2-methyl tetrahydrofuran (MTHF), and 1, 5-pentanediol.
Furfuryl alcohol manufacturing dominates the global furfural market. Furfuryl alcohol is majorly used for the production of furan resin that is used as a foundry sand binder. According to the IKB Deutsche Industriebank, the foundry industry is expected to grow in the coming years, majorly driven by the emerging markets. The growth of the foundry industry is expected to increase the demand for foundry resins. This, in turn, is likely to drive the demand for furfuryl alcohol, globally. Also, with the increasing focus on biochemicals and biofuels, the demand for other furfural-based derivatives is increasing, thereby driving the demand for furfural.
“APAC was the largest furfural market in 2018.”
APAC led the overall furfural market in 2018. The main reason for the growth of the market in the region is China, which has 85% and 75% of global production and consumption of furfural, respectively. The demand is attributed to the growing foundry and pharmaceutical industries in China. In addition, Thailand has emerged as the second-largest producer and exporter of furfural in the region.
The leading players in the furfural market are Transfuran Chemicals (Belgium), Central Romana Corporation (Dominican Republic), Pennakem (US), Silvateam (Italy), Illovo Sugar (South Africa), Hongye Holding Group Corporation (China), KRBL(India), Lenzing (Austria), Tanin (Slovenia), and Shandong Crownchem Industries (China).
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