Furan Resin Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Furan resin refers to resins made from derivatives of furan, such as furfuryl alcohol or furfural, and used in adhesives and in infusing and coating compositions. Furan resins are mainly used as chemically resistant types of cement and binders for explosives, wood adhesives, and fiber composites.

Sizing and Forecast
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.

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Segmentation & Regional Insights

The furan resin market covered in this report is segmented –

1) By Type: Furfuryl Alcohol Resin, Furfural Resin, Bran Ketone Resin, Branone Formaldehyde Resin
2) By Application: Adhesive and Sealant, Automobile, Paint and Coating, Plastic, Foundry
3) By End-User: Construction, Chemical Industries

Asia-Pacific was the largest region in the furan resin market in 2023 and is expected to be the fastest-growing region in the global furan resin report during the forecast period. The regions covered in the furan resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the furan resin market report are Dyna Chem Inc., HongYe Chemical Co. Ltd., The Chemical Company, Novasyn Organics Pvt. Ltd., NeuChem Inc., Sweet Lake Chemical Ltd., ShuHang Industrial Development Co. Ltd., BASF SE, Jinan Shengquan Group Co. Ltd., Covestro Deutschland AG, Hitachi Automotive Systems Ltd., Toray Industries Inc., HINDUSTAN Adhesive & Chemicals Ltd., International Furan Chemicals BV, Sauereisen Inc., ASK Chemicals GmbH, Hüttenes-Albertus Chemische Werke GmbH & Co. KG, Vesuvius plc, Suzhou Xingye Materials Technology Co. Ltd., Chang Chun Group, Fenolit d.d., Forace Group, IVP Limited, Continental Industries Group Inc., Penn A Kem LLC, Nova Molecular Technologies Inc., Shenzhen Shu Hang Industrial Development Co. Ltd., SolvChem Inc., International Process Plants & Equipment Corp., CKE Inc., D.R. Coats Ink & Resins Pvt. Ltd., Helios TBLUS d.o.o., Les Dérives Résiniques Et Terpéniques SA, SPEFORM Metall-Chemie GmbH, SQ Deutschland GmbH, FuranFlex Ltd., Sileather Inc.

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
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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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