The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

Market Growth Overview

The furan resin market has shown impressive growth in recent years and is set to continue its upward trajectory:

• Current Market Size: Grew from $17.66 billion in 2023 to $18.84 billion in 2024.
• Growth Rate: A robust Compound Annual Growth Rate (CAGR) of 6.7%.

 

Historical Growth Drivers
Several factors have contributed to the strong growth of the furan resin market historically:

• End-User Preferences: Increased demand for high-performance materials.
• Renewable Energy Sector: Rising use of furan resins in sustainable energy applications.
• Global Economic Conditions: Economic recovery boosting industrial activities.
• Market Competition: Innovations driven by competition among key players.
• Industrial Demand: Expansion in various industrial applications.
• Demand for Composites: Growing use in composite materials for diverse industries.

 

Future Market Projections

The market is expected to maintain strong growth, reaching $23.8 billion by 2028:

• Future Growth Rate: A projected CAGR of 6.0%.

 

Future Growth Drivers

Several key factors are expected to drive future growth:

• Economic Growth Impact: Continued economic development increasing industrial production.
• Consumer Preferences Shift: Growing preference for advanced materials.
• Market Expansion Strategies: Companies expanding their global footprint.
• Sustainability Initiatives: Increased focus on eco-friendly materials.
• Rising Demand in End-Use Industries: Expansion in construction, automotive, and chemical industries.

 

Major Trends
Key trends shaping the future of the furan resin market include:

• Industry Demand: Persistent demand across various sectors.
• Environmental Regulations: Stricter regulations promoting sustainable materials.
• Substitute Material Utilization: Innovations in substitute materials enhancing furan resin applications.
• Market Competition: Heightened competition driving product innovations.
• Infrastructure Development: Growth in construction and infrastructure projects.

 

View More On The Furan Resin Market Report 2024 – https://www.thebusinessresearchcompany.com/report/furan-resin-global-market-report

 

Impact of Global Demand for Lightweight and Fuel-Efficient Automobiles

Automotive Industry Influence

The rising global demand for lightweight and fuel-efficient automobiles is significantly propelling the furan resin market:

• Structural Materials: Use of furan resins to create lightweight, high-strength automotive parts.
• Fuel Efficiency: Enhanced materials contributing to better fuel economy.
• Corrosion Resistance: Furan resins offer improved durability and performance.

 

Statistical Insights

• Vehicle Production: In 2021, 79.1 million motor vehicles were produced globally.
• Electric Vehicles (EVs): Sales doubled in 2021, reaching 6.6 million units.

 

Benefits

• Tensile Strength: Improved structural integrity.
• Weight Reduction: Lower vehicle weight leading to better fuel efficiency.

 

Leading Companies in the Furan Resin Market
Prominent players driving innovations and growth include:

• Dyna Chem Inc.
• HongYe Chemical Co. Ltd.
• The Chemical Company
• Novasyn Organics Pvt. Ltd.
• BASF SE
• Covestro Deutschland AG
• Hitachi Automotive Systems Ltd.

 

Innovations in Furan Resin Products

Solvay’s Reactsurf 0092

 

Product innovation is a key trend in the market:

• Launch: Solvay S.A. introduced Reactsurf 0092 in November 2021.
• Features: A non-ionic, APE-free emulsifier for industrial binders and coatings.
• Benefits: Lowers volatile organic compounds (VOCs), improves performance.

Impact

• Application Performance: Enhanced emulsion stability and particle size management.
• Sustainability: Supports the creation of eco-friendly coatings.

 

Strategic Acquisitions Enhancing Market Position

ASK Chemicals Group

Strategic acquisitions are shaping the market landscape:

• Acquisition: ASK Chemicals Group acquired SI Group Inc.’s resin division in November 2021.
• Objective: Strengthen market position in both foundry and non-foundry divisions.
• Outcome: Simplified business focus for SI Group, enhanced market presence for ASK Chemicals.

 

Market Segmentation

The furan resin market is segmented into:

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

 

Regional Insights

• Asia-Pacific: Largest region in 2023 and expected to be the fastest-growing region during the forecast period.

 

Conclusion
The furan resin market is poised for sustained growth, driven by advancements in automotive applications, strategic acquisitions, and product innovations. With a strong foundation in industrial demand and increasing emphasis on sustainability, the market is set to reach new heights in the coming years.

 

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The Furan Resin Global Market Report 2024  provides comprehensive insights on the furan resin market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the furan resin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

View More Related Reports –
Alcohol Ingredients Global Market Report 2024
Barrier Resins Global Market Report 2024
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