Furan Resins Market Size (2023-2030)

The Global Furan Resins Market was estimated to be worth USD 16 Billion in 2022 and is anticipated to reach a value of USD 24.55 Billion by 2030, growing at a fast CAGR of 5.5% during the forecast period 2023-2030.

Furan resins are a type of thermosetting polymer derived from furfuryl alcohol. They are formed by polymerizing furfuryl alcohol that is obtained from agro-waste materials such as corncobs, rice husks, sugar-can bagasse, and others. Moreover, the polymerizing process involves crosslinking the furfuryl alcohol molecules and then forming a rigid material. Furthermore, these resins have several properties that have boosted their demand in the market. These properties include heat resistance, chemical resistance, low shrinkage, and electrical insulation properties, making them popular among various industries such as foundries, manufacturing electrical laminates, adhesives and sealants materials, chemical resistance coatings, and others. Moreover, as furan resins are grown from renewable sources such as agro-waste and other bio-degradable substances it has become a popular eco-friendly solution in industries and hence contributing towards environmental sustainability. Furthermore, owing to the increase in demand for eco-friendly coating materials, the demand for furan resins has increased in the market.

Global Furan Resins Market Drivers:

The increase in demand for chemical-resistant materials in various industries has boosted the market growth for furan resins.

Furan resins are chemical resistant and hence found wide applications in chemical industries. Furan resins are highly resistant and can withstand a variety of chemicals such as acids, alkalis, solvents, and corrosive substances. Further, they are increasingly used in chemical processing, oil and gas industries which require materials that can withstand hazardous chemicals. Moreover, furan resins serve as a protective layer for equipment in these industries that increase their longevity. In addition, furan resins are used as a chemical coating for corrosive substances that protects the surface from corrosion and atmospheric damage. These include corrosion-resistant coatings at chemical processing plants, oil refineries, storage tanks, and others that require furan resin-based coatings for durability and longevity.

Rising awareness towards environmental sustainability boosts the market demand for furan resins.

Recent years have seen an increase in awareness of eco-friendly materials in the market. Furan resins are derived from renewable sources such as agricultural waste and by-products that reduce the need for conventional materials and help to efficiently utilize agricultural waste. Furthermore, furan resins are biodegradable materials that can decompose naturally over some time and hence are used for various products and equipment contributing that offer easy disposal options without harming the environment. Moreover, compared to conventional resins, furan resins release lower amounts of emissions during the curing process and thus help to reduce carbon footprint considerably.

Global Furan Resins Market Challenges:

Competition from alternative materials can decline the demand for furan resins. Alternative materials such as epoxy resins, phenolic resins, and polyester resins possess more properties that make them suitable for various applications in industries. Further, they are relatively less expensive and hence can deter the market growth of furan resins.

Furthermore, furan resins are brittle in nature compared to other types of resins, which can affect the durability of certain materials used in industries such as moulds and castings, and hence can reduce its demand in industries.

Global Furan Resins Market Opportunities:

The Global Furan Resins Market is anticipated to deliver lucrative opportunities for businesses, which include acquisitions, partnerships, collaborations, product launches and agreements during the forecasted period. Furthermore, owing to the increasing awareness towards eco-friendly practices of production the market for Furan Resins is predicted to witness significant growth during the forecast period.

COVID-19 Impact on Global Furan Resins Market:

The pandemic hurt the furan resins market. Due to the global lockdown, all the industries such as manufacturing, chemical, aerospace, oil & gas, and others were closed down, which resulted in a decline in demand for furan resins. Further, due to travel restrictions construction and infrastructure projects were halted, which reduced the demand for furan resins based electrical insulated materials that are required in buildings, bridges, and other structures.

FURAN RESINS MARKET REPORT COVERAGE:

Global Furan Resins Market Segmentation: By Type

• Furfuryl Alcohol Resin

• Furfural Resin

• Bran Ketone Resin

• Branone Formaldehyde Resin

Based on market segmentation by type, furfuryl alcohol resins occupies the highest share in the market. These resins are derived from furfuryl alcohol that has chemical resistance, heat resistance, and adhesion properties, making them popular among various industries. These resins are increasingly used in foundries for sand moulds and cores as they offer great strength, stability, and takeout properties. Moreover, furfuryl alcohol resins are used as coatings and adhesives in chemicals, solvents, and coating surfaces in the construction and aerospace industries.

Furfural resins occupy a sizeable market share as they possess good thermal stability and chemical resistance properties that increase their applications in manufacturing friction materials such as brake linings, disk pads, and clutch facings.

The bran ketone resin is increasingly demanded by industries due to its electrical insulation properties. They are used for electrical purposes such as insulating varnishes, insulating electrical equipment, and other components. Moreover, they are also used as a coating for automotive materials due to their chemical and heat resistance properties.

The branone formaldehyde resin is used in formulating adhesives for various materials that offer high bond strength, and chemical and heat resistant properties. Further, due to their ability to withstand environmental factors, they are increasingly used in producing composite materials.

Global Furan Resins Market Segmentation: By Application

• Foundry Industry

• Chemical Industry

• Electrical Industry

• Construction Industry

• Others

Based on market segmentation by application, the foundry industry occupies the highest share of the market. Furan resins are used in sand moulds, cores, and binders to form rigid structures. These resins are mixed with sand for creating strong moulds. Further, due to its good takeout properties, furan resins are used in the production of castings that are used in automotive, aerospace, and machinery.

The chemical industry is the fastest-growing segment during the forecast period. Furan resins are increasingly used as corrosion-resistant coatings in chemical industries to protect certain corrosive equipment such as storage tanks, pipes, reactors, and others.

The electrical industry occupies a sizeable market share. Furan resins possess electrical insulation properties that make them suitable for various electrical purposes. They are used in manufacturing electrical laminates that are used as insulation in electrical equipment such as motors and generators. Additionally, furan resins are also used as a matrix material in circuit materials due to their temperature and heat resistance properties.

Global Furan Resins Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

Based on market segmentation by region, North America occupies the highest share of the market. Due to the increase in the adoption of electric vehicles in the region, there has been an increasing demand for furan resins due to their electrical resistance properties. Electric vehicles comprise of various electrical components such as wiring harnesses, connectors, inverters, motor drives, electrodes, and battery cell components that require reliable, heat and chemical-resistant, and environment-friendly coating and insulating materials. This has increased the demand for furan resins in the region. Further, furan resins are used as a matrix material in the production of a car’s body, interior components, and others.

Asia-Pacific Region witnessed the fastest growth during the forecast period. Due to rapid urbanization and population growth, there is a rise in construction and infrastructure projects, which require robust materials like furan resins. Further, they are increasingly demanded in the construction industry as adhesives, sealants, and corrosion-resistant coatings that protect building materials from uneven atmospheric conditions.

Global Furan Resins Market Key Players:

1. Sheng Quan

2. Sigma Aldrich

3. QuaCorr

4. SQ Insertec

5. Dyna Chem Inc

6. Hongye Chemical Co. Ltd

7. Sweet Lake Chemical Ltd

8. Haihang industry

9. ASK Chemicals