Furan Resin Market Future Analysis Of Growth | Trends | Shares 2022-2027

Furan resins are categoried under heterocyclic organic compounds having one oxygen atom and four carbon atoms connected to each other in an aromatic ring-shaped structure. Furan resins are generally soluble in commercially available organic solvents, such as ether, acetone and alcohols. They are generally colourless, flammable and volatile in nature with a boiling point equivalent to room temperature. These resins harden when heated. The hardening process can be accelerated if heating is done in the presence of an acid catalyst.

Furan resins are characterized by high resistance to alkali, acids, chemicals and heat. Moreover, these furan resins impart exceptional mechanical strength to the end product. Commercially, there are four types of furan resins available in the market, namely furfuryl alcohol resin, furfural resin, bran ketone resin and branone formaldehyde resin. Raw material for furan resins namely furfuryl alcohol, is processed from corn cobs, sugarcane bagasse, oats, and wheat bran among others. Furfuryl alcohol finds application in aerospace industry as a hypergolic fuel, which shows a characteristic of rapid ignition in the presence of fuming nitric acid.

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Furan Resin Market: Drivers and Restraints

In last few years, an increase in the production & consumption of furan resin has been observed and a similar roadmap and trend is expected to follow in the coming years. The primary reasons to which growth in consumption of furan resins can be attributed include viability and easy access to raw material, advanced technology and expansion in end use industries across geographies.

Also, there is an increase in the demand for bio based products created by the increase in consumer awareness along with implementation of stringent environment regulations that fuel the demand for furan resin. Likewise, an increase in the demand for furan resins in the foundry application is expected to drive the increase in sales of furan resins globally. Furan resins and their by-products are used in different parts of automotive assembly in order to reduce vehicle weight so as to optimize fuel economy.

Furan Resin Market: Region-wise Outlook

The global furan resin market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2016, in North America, growth is driven by the viability of raw materials and increase in demand from construction industries. Furan resin market in Japan is expected to show relatively slow-moderate growth in terms of consumption. APEJ and Latin America regions will also register rapid growth due to the increasing demand for furan resins with the increase in application in plastics and resin formulations.

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Furan Resin Market: Market Participants

Examples of some of the market participants in the global Furan Resin Market identified across the value chain include:

• The Chemical Company
• Nova Molecular technologies
• DynaChem Inc.
• The Chemical Company
• Hongye Chemical Co. Ltd
• Penn A Kem LLC.
• Continetal Industries Group Inc.
• Shenzhen Shu Hang Industrial Development Co. Ltd.

Regional analysis includes

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest Of Latin America)
• Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
• Eastern Europe (Poland, Russia, Rest Of Eastern Europe)
• Asia Pacific Excluding Japan (China, India, ASEAN, Australia & New Zealand)
• Japan

Furan Resin Market: Segmentation