Furfuryl Alcohol: Introduction
- Furfuryl alcohol is an organic compound containing furan. It is the most important food additive, as it occurs naturally during fermenting, aging, curing, and smoking natural food. Furfuryl alcohol is not an oil derived chemical. It is manufactured by basic raw materials such as waste vegetable materials such as sugar cane bagasse, oat hulls, corn cobs, and rice hulls.
Key Drivers and Restraints of Global Furfuryl Alcohol Market
- The furfuryl alcohol market has developed significantly of late. This can be primarily ascribed to the increasing recognition of furfuryl alcohol globally. Furfuryl alcohol plays an important role in addressing several issues associated with the raw materials used for processing of products. Rise in usage of furfuryl alcohol in foundry, food & beverages, chemical, energy, agriculture, and pharmaceuticals sectors is expected to propel the furfuryl alcohol market during the forecast period. Growth in awareness about the impact of hazardous chemicals on the planet is anticipated to drive the demand for bio-alcohols. The gradual transition of the energy sector to green energy is expected to drive the demand for furfuryl alcohol in the near future.
- Expansion of the foundry industry is expected to create significant opportunities for the furfuryl alcohol market. Furfuryl alcohol is the major ingredient in furan foundry binders. Thus, demand for furfuryl alcohol is anticipated to rise at a significant pace during the forecast period.
Furfuryl Alcohol: Raw Material Segment
- In terms of raw material, the global furfuryl alcohol market can be segmented into corncobs, rice hulls, cotton hulls, sugarcane bagasse, and others
- The corncobs segment is expected to account for significant share of the global furfuryl alcohol market during the forecast period. It is anticipated to be followed by the rice hulls segment.
- The cotton hulls segment is likely to expand at a rapid pace during the forecast period, due to the extensive usage of cotton for meeting industry needs
Furfuryl Alcohol: Application Segment
- In terms of application, the global furfuryl alcohol market can be segmented into resins, solvents, plastics, adhesives, corrosion inhibitors, and others
- The resins segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the solvents segment.
- The plastics segment is likely to expand at a healthy CAGR during the forecast period, owing to the increase in usage of plastics in various industries
Furfuryl Alcohol: End-use Segment
- In terms of end-use, the global furfuryl alcohol market can be segmented into foundry, food & beverages, chemical, energy, agriculture, pharmaceuticals, and others
- The food & beverages segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the energy segment.
- The chemical segment is likely to expand at a healthy CAGR during the forecast period, owing to the expansion of the chemical industry
COVID-19 Impact on Furfuryl Alcohol Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the furfuryl alcohol market.
Asia Pacific to Dominate Furfuryl Alcohol Market
- In terms of region, the global furfuryl alcohol market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the furfuryl alcohol market in 2020. This trend is anticipated to continue during the forecast period. This can be ascribed to the expansion of end-use industries in emerging countries such as China and India. The furfuryl alcohol market in North America is anticipated to expand at a rapid pace owing to the growth of the agriculture industry in the region.
Key Manufacturers Operating in Global Furfuryl Alcohol Market
The global furfuryl alcohol market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global furfuryl alcohol market include:
- ILLOVO SUGAR AFRICA (PTY) LTD.
- Linzi Organic Chemical Inc. Ltd.
- TransFurans Chemicals bvba
- Silvateam S.p.a.
- Shandong Crownchem Industries Co., Ltd.
- Hongye Holdings Group Corp., Ltd.
- Xian Welldon Trading Co., Ltd.
- Furnova Polymers Ltd.
- NC Nature Chemical
- Pennakem, LLC
Global Furfuryl Alcohol Market: Research Scope
Global Furfuryl Alcohol Market, by Raw Material
- Rice Hulls
- Cotton Hulls
- Sugarcane Bagasse
Global Furfuryl Alcohol Market, by Application
- Corrosion Inhibitors
Global Furfuryl Alcohol Market, by End-use
- Food & Beverages
Global Furfuryl Alcohol Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.