Global Furan Resins Market

Global Furan Resins Market is expected to have the highest CAGR from 2022- 2028

The global Furan Resins Market was valued at approximately USD 17.3 billion in 2019, and is anticipated to generate revenue of approximately USD 28.3 billion by the end of 2026, expanding at a CAGR of approximately 7.3% between 2020 and 2026. (Zion Market Research)

Global Market for Furan Resins: Snapshot

Furan resins are heterocyclic organic compounds derived from furfuryl alcohol. During the assessment period of 2020 to 2026, the global market for furan resins is likely to exhibit an ascending revenue trend. This expansion is attributable to the increased utilisation of furan resins in numerous end-use industries.

The upcoming research report from ZMR sheds light on key growth factors influencing the furan resins market. Thus, it provides comprehensive data on market shares, volume, revenue, restraints, drivers, and challenges for furan resins during the period 2020 to 2026.

Global Furan Resins Market
Global Furan Resins Market

Global Furan Resins Market Developments

Several bio-based raw materials, including wheat bran, oats, corn cobs, and sugarcane bagasse, are used to produce furfuryl alcohol. The demand outlook for the global furan resins market is expected to improve as a result of the growing preference of the world’s population for bio-based products. In the coming years, environmental and health concerns related to the use of synthetic and conventional resins will contribute to the expansion of the global furan resins market.

The market for Furan Resin: Drivers and Restrictions

The production and consumption of furan resin have increased over the past few years, and a similar trajectory and trend is anticipated for the coming years. Growth in the consumption of furan resins is primarily attributable to the availability and affordability of raw materials, the advancement of technology, and the expansion of end-use industries across geographies.

In addition, an increase in consumer awareness and the implementation of stringent environmental regulations fuel the demand for furan resin by increasing the demand for bio-based products. Similarly, an increase in demand for furan resins in the foundry industry is anticipated to drive the global growth of furan resins sales.

In order to reduce vehicle weight and optimise fuel economy, furan resins and their by-products are utilised in various automotive assembly components. However, adoption barriers such as safety concerns and export regulations in various economies are anticipated to impede the growth of furan resins consumption.

Furan Resin Market: Region-wise Outlook

Seven key regions comprise the global furan resin market: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). As of 2016, the viability of raw materials and rising demand from construction industries are driving growth in North America.

In terms of consumption, the Japanese furan resin market is anticipated to expand at a moderately slow rate. APEJ and Latin America will also experience rapid expansion as a result of the rising demand for furan resins and their increasing use in plastics and resin formulations.

Additionally, the proximity of raw materials within the region is anticipated to contribute to the growth of the furan resins market. During the forecast period, it is anticipated that the chemical industry will expand, particularly in emerging economies like China, South Korea, and India.

Consumption of furan resins is expected to increase steadily in Europe due to a rise in demand across a variety of applications and a growing preference for eco-friendly products containing furan resins. In addition, the MEA region is anticipated to grow at a significant CAGR over the forecast period.

The report is a compilation of first-hand information, qualitative and quantitative analysis by industry analysts, contributions from industry experts, and contributions from industry participants throughout the value chain. The report offers an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, as well as segment-specific market attractiveness. In addition, the report depicts the qualitative impact of various market factors on market segments and regions.

Furan Resin Market: Segmentation

The furan resin market can be segmented by type as follows:

Furfuryl Alchol Resin
Furfural Resin
Bran Ketone Resin
Branone Formaldehyde Resin

On the basis of application, the market for furan resin can be segmented as follows:

Paints & Plastics
Foundry Industry
Automotive
Adhesives & Sealants
Others

Which favourable and unfavourable factors influence the Furan Resin Market?

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