The Furan Resin Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Furan Resin Global Market Report 2024, The furan resin market size has grown strongly in recent years. It will grow from $17.66 billion in 2023 to $18.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to end-user preferences, renewable energy sector, global economic conditions, market competition, industrial demand, increasing demand for composites.
The furan resin market size is expected to see strong growth in the next few years. It will grow to $23.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to economic growth impact, shift in consumer preferences, market expansion strategies, sustainability initiatives, rising demand in end-use industries. Major trends in the forecast period include industry demand, environmental regulations, substitute material utilization, market competition, infrastructure development.
The rising demand for lightweight and fuel-efficient automobiles globally is expected to propel the growth of the furan resin market. Lightweight and fuel-efficient automobiles refer to automobiles that use advanced lightweight structural materials that increase fuel economy while maintaining safety and performance. The multiple automotive parts are mixed or coated with furan resins and their derivatives, improving their tensile strength and reducing final vehicular weight. It offers many benefits, including lightweight, corrosion resistance, and high strength. Thus, the rising demand for lightweight and fuel-efficient automobiles globally is boosting the sales of furan resin. For instance, in April 2022, according to the European Automobile Manufacturers Association, a Belgium-based standards group of the automobile industry, 79.1 million motor vehicles were produced worldwide in 2021. Further, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6,600,000 units from 2,980,000 units. Therefore, the rising demand for lightweight and fuel-efficient automobiles globally is driving growth of the furan resin market.
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The furan resin market covered in this report is segmented –
1) Furan Resin Market By Type: Furfuryl Alcohol Resin, Furfural Resin, Bran Ketone Resin, Branone Formaldehyde Resin
2) Furan Resin Market By Application: Adhesive and Sealant, Automobile, Paint and Coating, Plastic, Foundry
3) Furan Resin Market By End-User: Construction, Chemical Industries
Top Major Players
Microsoft Corporation
PicsArt Inc.
Adobe Systems Incorporated
Cascade Parent Limited
Acrolinx GmbH
Product innovations are a key trend gaining popularity in the furan resin market. Companies operating in the furan resin market are developing innovative products to sustain their position in the market. For instance, in November 2021, Solvay S.A., a Belgium-based chemical company, launched Reactsurf 0092. Reactsurf 0092 is a non-ionic, APE-free material intended for use in industrial binders and coatings. It makes it possible to create highly effective aqueous epoxy-based coatings that dramatically lower volatile organic compounds (VOCs) while matching or outperforming solvent-based coatings in terms of performance. The emulsifier is developed to offer outstanding application performance, emulsion stability, and particle size management, in order to achieve optimal emulsion coalescence and consistency without sacrificing strength.
The furan resin market report table of contents includes:
1. Executive Summary
2. Furan Resin Market Characteristics
3. Furan Resin Market Trends And Strategies
4. Furan Resin Market – Macro Economic Scenario
5. Global Furan Resin Market Size and Growth
……
31. Global Furan Resin Market Competitive Benchmarking
32. Global Furan Resin Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Furan Resin Market
34. Furan Resin Market Future Outlook and Potential Analysis
35. Appendix
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