Global Furan Resins Market- Market Overview:

The global furan resins market is expected to grow from USD 16 billion in 2022 to USD 24.5 billion by 2030, at a CAGR of 5.5% during the Projection period 2023-2030. The growth of the furan resins market is mainly driven by the rise in production.

Furan resins are within the category of heterocyclic organic compounds, which are made up of one oxygen atom, four carbon atoms bonded to one another, and an aromatic ring. In general, commercially available organic solvents like ether, acetone, and alcohols are soluble in furan resins. They often have a boiling point that is similar to room temperature and are flammable, volatile, and colourless in nature. When heated, these resins become harder. If heating is done with an acid catalyst present, the hardening process can be sped up. High resistance to alkalis, acids, chemicals, and heat is a characteristic of furan resins. Additionally, these furan resins provide the finished product great mechanical strength. Furfuryl alcohol resin, furfural resin, bran ketone resin, and branone formaldehyde resin are the four varieties of furan resins that are commercially offered on the market. Furfuryl alcohol, the raw material for furan resins, is manufactured from a variety of sources, including maize cobs, sugarcane bagasse, oats, and wheat bran. Furfuryl alcohol is used as a hypergolic fuel in the aerospace sector because it ignites quickly when exposed to fuming nitric acid. Additionally, it is used as a raw material in the creation of speciality compounds that are used in a variety of applications. The foundry business, the creation of adhesives and sealants, the formulation of plastics, and the automotive industry, to name a few, are just a few examples of the applications where furan resins are widely used. Additionally, furan resins are employed as raw materials in the creation of polymer concretes and mortars, which have higher levels of mechanical strength and corrosion resistance. Additionally, this concrete is employed as a refractory liner in chemical equipment and the construction of chemical plants. Furan resins are additionally employed as binders in the creation of exceptionally strong glass polymers.

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Market Dynamics:

Drivers:                          

• Increase Production

Furan resin production and consumption have increased during the past few years, and this trend is anticipated to continue in the Projection period. Furan resin usage has increased for several reasons, chief among them the viability and accessibility of raw materials, the development of end use industries globally, and advanced technology. A rise in consumer awareness and the implementation of strict environmental rules have both increased the demand for bio-based products, which in turn has increased the need for furan resin. Similarly, an increase in demand for furan resins in foundry applications is anticipated to fuel an increase in furan resin sales worldwide.

Restraints:                                             

• Some Disadvantages

Due to massive unconventional hydrocarbon output in North America, oil and gas prices have fallen. The production of synthetic resins has increased due to the decrease in the price of oil and gas, which has led to higher profit margins. The expansion of the market is anticipated to be hampered by this shift in production toward synthetic resins. The expansion of the global  furan resin market is anticipated to be constrained by potential health hazards associated with its use. High transportation safety concerns are also anticipated to restrain market expansion. Additionally, varied trade rules for various countries are anticipated to impede the expansion of the global market.

Opportunities:

• Rise in Usage

When rockets reach the earth's atmosphere, furan resins are more frequently used in the sections of the rocket. These resins regulate the overall temperature and give the different rocket components thermal stability. Additionally, there is a growing need for furan resin in the production of bio-composites. As a result, the market players now have access to rich growth potential thanks to these essential furan resin applications.

Challenges:

• Stringent Regulations

Export regulations in various economies and safety concerns with furan resins may impede industry expansion. But considerations like safety concerns and export regulations in various nations are some of the adoption hurdles that are anticipated to impede the growth in consumption of furan resins.

Segmentation Analysis:

The global furan resins market has been segmented based on type, application, and region.

By Type

The type segment is an furfuryl alcohol resin, furfural resin, bran ketone resin, and branone formaldehyde resin. The furfural resin segment led the largest share of the furan resins market with a market share of around 40% in 2022. The resins are typically utilised in sand castings as binders. Excellent heat stability characterises these resins. Operating continuously between 100 and 120 °C is normal. Even at temperatures as high as 150 °C, some of these resins can be employed. Some grades are renowned for both their superior strength and low flammability and smoke emission. Additionally, these resins are used as raw materials to create polymer concrete and bricks, which have high mechanical strength and corrosion resistance. This concrete is also utilised in the construction of chemical plants and chemical machinery as a refractory liner.

By Application

The application segment is automobile, paint & coating, adhesive & sealant, foundry, plastic, and others. The foundry segment led the largest share of the furan resins market with a market share of around 42% in 2022. A foundry is a facility that produces metal castings. Metals are created by melting them into a liquid, pouring the liquid into a mould, allowing the metal to cure, and then removing the mould. In this procedure, furan resin serves as a bonding agent. The two metals that are handled the most are cast iron and aluminium. Castings are created in foundries using additional metals including zinc, steel, magnesium, bronze, brass, and other metals. Using this technique, parts of the desired shapes and sizes can be produced.

Global Furan Resins Market - Sales Analysis.

The sale of the furan resins market expanded at a CAGR of 4% from 2016 to 2022.

Made from furfuryl alcohol, furan resins are heterocyclic organic compound polymers. Oats, wheat bran, maize cobs, and sugarcane bagasse are the sources of the raw ingredient, or furfuryl alcohol. Fran resins are used in rocketry as a hypergolic fuel that catches fire when exposed to fuming nitric acid. It is employed in many different fields, including adhesives, wetting agents, plastics, foundries, solvents, and gas hardening processes. They are dispersible in organic solvents such as ether, alcohol, and acetone. Furan resins have boiling temperatures that are comparable to room temperature and are combustible, volatile, and colourless. Furfuryl Alcohol Resin, Furfural Resin, Bran Ketone Resin, and Branone Formaldehyde Resin are the four different forms of furan resins that are readily available on the market.

Over the Projection period, the market is going to be driven by rising environmental regulations that favour eco-friendly products over their synthetic equivalents and expanding consumer awareness of bio-based products. In the upcoming years, the market is anticipated to benefit from a number of characteristics of furan resins, such as their high weight to strength ratio, waterproof nature, and chemical and acid resistance. In addition, the market is anticipated to grow for a variety of uses for furan resins, including foundry, adhesives, gas hardening processes, solvents, wetting agents, and automobiles. Also, When combined with water- and alcohol-based coatings, the use of furans for a quicker stripping process will grow the market.

Thus, owing to the aforementioned factors, the global furan resins market is expected to grow at a CAGR of 5.5% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the furan resins market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the furan resins market and held a 37% share of the market revenue in 2022.

• The Asia Pacific region witnessed a major share. This expansion can be due to an increase in product demand from end-use industries like adhesives & sealants, foundries, paints & coatings, and automotive. Furthermore, due to its rapid industrialization, rising foreign investments, and supportive government policies for promoting manufacturing in nations like China and India.
• North America is anticipated to experience significant growth during the Projection period. The market in North America is expanding as a result of the availability of raw materials and rising demand from the building and construction and paint and coating industries. Due to rising demand across a variety of applications and a growing demand for products made with furan resins that are safe for the environment, furan resin consumption is anticipated to progressively expand in the region.

Global Furan Resins Market - Country Analysis:

• Germany

Germany's furan resins market size was valued at USD 1.2 billion in 2022 and is expected to reach USD 1.8 billion by 2030, at a CAGR of 5.6% from 2023 to 2030.

Because raw ingredients are readily available as furan resins are used so often.

• China

China’s furan resins market size was valued at USD 1.53 billion in 2022 and is expected to reach USD 2.40 billion by 2030, at a CAGR of 5.8% from 2023 to 2030.

Due to the increasing demand for furan resins from the painting industry, the region is expanding at a rapid rate.

• India

India's furan resins market size was valued at USD 1.18 billion in 2022 and is expected to reach USD 1.83 billion by 2030, at a CAGR of 5.7% from 2023 to 2030.

With a large supply of the raw materials needed to make furan resin and a high consumption rate in recent years, it is also anticipated to maintain its dominance over the Projection period.

Key Industry Players Analysis:

To increase their market position in the global furan resins market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.       

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

Latest Development:

• On February 10, 2020, Automatic Lamination Technologies announced the acquisition of J-MEC in Arcisate, Italy, mechanical shop & new solutions as a new subsidiary into the Brand Dynachem group of companies. They believed that their mechanical shop solutions expertise will significantly help to expand our product offerings and improve the developing of new projects as well.
• On December 23, 2020, Hong Kong played host to the Conference Extraordinary General, which gave the go-ahead for China's China Risun Group Limited, a premier integrated coke, cooking chemical, and refined chemical manufacturer, to acquire six companies from Hongye Chemical Enterprises for RMB4.85 billion. The Group may continue to improve its dominant market position after the completion of these acquisitions by utilising the scale economics, resources, and cost advantages of these deals.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	5.5%
Market Size	16 billion in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Type, By Application, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	The Chemical Company, Continetal Industries Group Inc., Nova Molecular technologies, DynaChem Inc., NeuChem Inc., Hongye Chemical Co. Ltd, Penn A Kem LLC., Novasynorganics, Shenzhen Shu Hang Industrial Development Co. Ltd., SweetLake Chemical Ltd., and International Process Plants.
By Type	Furfuryl Alcohol Resin Furfural Resin Bran Ketone Resin Branone Formaldehyde Resin
By Application	Automobile Paint & Coating Adhesive & Sealant Foundry Plastic Others
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Furan Resins Market By Type:

• Furfuryl Alcohol Resin
• Furfural Resin
• Bran Ketone Resin
• Branone Formaldehyde Resin

Global Furan Resins Market By Application:

• Automobile
• Paint & Coating
• Adhesive & Sealant
• Foundry
• Plastic
• Others

Global Furan Resins Market By Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia

Political Factors- The furan resins market should carefully consider the protests made by pressure groups, social and environmental activists, and labour unions because they are essential to the creation of policies. Working closely with these groups may increase the furan resins market's ability for civic participation and the achievement of long-term corporate goals. A strong governance framework and a democratic political environment also enhance the business environment for markets like the furan resins market industry. Both bureaucracy and corruption have a negative impact on the business environment. In countries with high levels of corruption and inadequate law enforcement, the furan resins market's activities are becoming more unpredictable due to the weakened public confidence in commercial organisations and the overall political and economic environment.

Economic Factors- The supply and demand of labour have an impact on wages and the accessibility of skilled workers. The furan resins market must analyse and Projection the situation of the labour market in order to comprehend how it can draw in exceptional people and use their skills to improve business performance. When labour markets are open, the market for furan resins market can profit from increased labour productivity. However, operating in constrained labour markets may result in pay challenges as well as other issues raised by tenacious labour unions. The availability of qualified human resources should also be carefully considered by the furan resins market, as a lack of these individuals can affect business productivity and make it more difficult to attract and retain talent.

Social factors- Managers of international marketing consider culture to be a crucial factor. Every culture has its own norms and values, which play a key role in dictating how individuals behave as consumers. To create marketing strategies that are suited for the local environment, the furan resins market should form local partnerships and teams to better understand local perspectives and social mores. The monitoring of social class stratification is valuable to the furan resins market. To offer luxury items at premium prices to a market where the high-end consumer is comparatively small, the furan resins market will need to adopt specialised marketing strategies. Market segmentation based on social class may also be unsuccessful in places with little social class stratification.

Technological Factors- The furan resins market must consider both the micro and macro expenditures made by rivals in order to comprehend how new technologies affect the firm's value chain and present cost structure. Research and development efforts are essential in a situation where creative disruption is common. The furan resins market should invest in disruptive technologies and then reinvest the profits in the creation of new disruptive technologies in order to maximise revenues in this scenario. The use of new technology has shortened the lifespan of creating new items. Today, the development of new products happens quickly, and supply chain partners also have more influence.

Environmental Factors- To promote the use of renewable energy sources, some countries offer financial assistance. The furan resins market can benefit from it and invest in renewable technology to ensure long-term viability. This investment will also lead to greater stakeholder satisfaction and a broader customer base because of improved brand perception. The efficiency with which enterprises run can be impacted by weather and climatic fluctuations. For instance, extreme weather conditions could increase operating costs and pressure the furan resins market to modify the value chain. These changes may have an impact on consumers' purchasing patterns as well, necessitating changes to a company's product and marketing strategies.

Legal Factors- Data protection has become a critical problem due to consumers' worries about their privacy and security. The furan resins market must investigate data protection regulations in order to protect consumer data. Laws are also in place to control costs, ensure a certain standard of quality, and protect consumers from misleading advertising claims. Certain factors must be taken into consideration for the furan resins market industry to comply with consumer protection laws. Intellectual property laws are designed to protect the valuable ideas and patents that businesses possess. The position of the furan resins market in relation to other market participants may be harmed by losing a competitive edge as a result of failing to uphold intellectual property rights.

1. Introduction
   • 1. Objectives of the Study
   • 2. Market Definition
   • 3. Research Scope
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
   • 1. Porter’s Five Forces Analysis
   • 2. Value Chain Analysis
   • 3. Top Investment Pockets
     • 3.1. Market Attractiveness Analysis By Type
     • 3.2. Market Attractiveness Analysis By Application
     • 3.3. Market Attractiveness Analysis By Region
   • 4. Industry Trends
5. Market Dynamics
   • 1. Market Evaluation
   • 2. Drivers
     • 2.1. Increase Production
   • 3. Restraints
     • 3.1. Some Disadvantages
   • 4. Opportunities
     • 4.1. Rise in Usage
   • 5. Challenges
     • 5.1. Stringent Regulations

6. Global Furan Resins Market Analysis and Projection, By Type
   • 1. Segment Overview
   • 2. Furfuryl Alcohol Resin
   • 3. Furfural Resin
   • 4. Bran Ketone Resin
   • 5. Branone Formaldehyde Resin
7. Global Furan Resins Market Analysis and Projection, By Application
   • 1. Segment Overview
   • 2. Automobile
   • 3. Paint & Coating
   • 4. Adhesive & Sealant
   • 5. Foundry
   • 6. Plastic
   • 7. Others
8. Global Furan Resins Market Analysis and Projection, By Regional Analysis
   • 1. Segment Overview
   • 2. North America
     • 2.1. U.S.
     • 2.2. Canada
     • 2.3. Mexico
   • 3. Europe
     • 3.1. Germany
     • 3.2. France
     • 3.3. U.K.
     • 3.4. Italy
     • 3.5. Spain
   • 4. Asia-Pacific
     • 4.1. Japan
     • 4.2. China
     • 4.3. India
   • 5. South America
     • 5.1. Brazil
   • 6. Middle East and Africa
     • 6.1. UAE
     • 6.2. South Africa

9. Global Furan Resins Market-Competitive Landscape
   • 1. Overview
   • 2. Market Share of Key Players in the Furan Resins Market
     • 2.1. Global Company Market Share
     • 2.2. North America Company Market Share
     • 2.3. Europe Company Market Share
     • 2.4. APAC Company Market Share
   • 3. Competitive Situations and Trends
     • 3.1. Technology Launches and Developments
     • 3.2. Partnerships, Collaborations, and Agreements
     • 3.3. Mergers & Acquisitions
     • 3.4. Expansions

10. Company Profiles
    • The Chemical Company
      • 1.1. Business Overview
      • 1.2. Company Snapshot
      • 1.3. Company Market Share Analysis
      • 1.4. Company Technology Portfolio
      • 1.5. Recent Developments
      • 1.6. SWOT Analysis
    • Continetal Industries Group Inc.
      • 2.1. Business Overview
      • 2.2. Company Snapshot
      • 2.3. Company Market Share Analysis
      • 2.4. Company Technology Portfolio
      • 2.5. Recent Developments
      • 2.6. SWOT Analysis
    • Nova Molecular technologies
      • 3.1. Business Overview
      • 3.2. Company Snapshot
      • 3.3. Company Market Share Analysis
      • 3.4. Company Technology Portfolio
      • 3.5. Recent Developments
      • 3.6. SWOT Analysis
    • DynaChem Inc.
      • 4.1. Business Overview
      • 4.2. Company Snapshot
      • 4.3. Company Market Share Analysis
      • 4.4. Company Technology Portfolio
      • 4.5. Recent Developments
      • 4.6. SWOT Analysis
    • NeuChem Inc.
      • 5.1. Business Overview
      • 5.2. Company Snapshot
      • 5.3. Company Market Share Analysis
      • 5.4. Company Technology Portfolio
      • 5.5. Recent Developments
      • 5.6. SWOT Analysis
    • Hongye Chemical Co. Ltd
      • 6.1. Business Overview
      • 6.2. Company Snapshot
      • 6.3. Company Market Share Analysis
      • 6.4. Company Technology Portfolio
      • 6.5. Recent Developments
      • 6.6. SWOT Analysis
    • Penn A Kem LLC.
      • 7.1. Business Overview
      • 7.2. Company Snapshot
      • 7.3. Company Market Share Analysis
      • 7.4. Company Technology Portfolio
      • 7.5. Recent Developments
      • 7.6. SWOT Analysis
    • Novasynorganics
      • 8.1. Business Overview
      • 8.2. Company Snapshot
      • 8.3. Company Market Share Analysis
      • 8.4. Company Technology Portfolio
      • 8.5. Recent Developments
      • 8.6. SWOT Analysis
    • Shenzhen Shu Hang Industrial Development Co. Ltd.
      • 9.1. Business Overview
      • 9.2. Company Snapshot
      • 9.3. Company Market Share Analysis
      • 9.4. Company Technology Portfolio
      • 9.5. Recent Developments
      • 9.6. SWOT Analysis
    • SweetLake Chemical Ltd.
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis
    • International Process Plants
      • Business Overview
      • Company Snapshot
      • Company Market Share Analysis
      • Company Technology Portfolio
      • Recent Developments
      • SWOT Analysis

List of Table

1. Global Furan Resins Market, By Type, 2023–2030 (USD Billion)
2. Global Furfuryl Alcohol Resin, Furan Resins Market, By Region, 2023–2030 (USD Billion)
3. Global Furfural Resin, Furan Resins Market, By Region, 2023–2030 (USD Billion)
4. Global Bran Ketone Resin, Furan Resins Market, By Region, 2023–2030 (USD Billion)
5. Global Branone Formaldehyde Resin, Furan Resins Market, By Region, 2023–2030 (USD Billion)
6. Global Furan Resins Market, By Application 2023–2030 (USD Billion)
7. Global Automobile, Furan Resins Market, By Region, 2023–2030 (USD Billion)
8. Global Paint & Coating, Furan Resins Market, By Region, 2023–2030 (USD Billion)
9. Global Adhesive & Sealant, Furan Resins Market, By Region, 2023–2030 (USD Billion)
10. Global Foundry, Furan Resins Market, By Region, 2023–2030 (USD Billion)
11. Global Plastic, Furan Resins Market, By Region, 2023–2030 (USD Billion)
12. Global Others, Furan Resins Market, By Region, 2023–2030 (USD Billion)
13. Global Furan Resins Market, By Region, 2023–2030 (USD Billion)
14. North America Furan Resins Market, By Type, 2023–2030 (USD Billion)
15. North America Furan Resins Market, By Application 2023–2030 (USD Billion)
16. USA Furan Resins Market, By Type, 2023–2030 (USD Billion)
17. USA Furan Resins Market, By Application 2023–2030 (USD Billion)
18. Canada Furan Resins Market, By Type, 2023–2030 (USD Billion)
19. Canada Furan Resins Market, By Application 2023–2030 (USD Billion)
20. Mexico Furan Resins Market, By Type, 2023–2030 (USD Billion)
21. Mexico Furan Resins Market, By Application 2023–2030 (USD Billion)
22. Europe Furan Resins Market, By Type, 2023–2030 (USD Billion)
23. Europe Furan Resins Market, By Application 2023–2030 (USD Billion)
24. Germany Furan Resins Market, By Type, 2023–2030 (USD Billion)
25. Germany Furan Resins Market, By Application 2023–2030 (USD Billion)
26. France Furan Resins Market, By Type, 2023–2030 (USD Billion)
27. France Furan Resins Market, By Application 2023–2030 (USD Billion)
28. UK Furan Resins Market, By Type, 2023–2030 (USD Billion)
29. UK Furan Resins Market, By Application 2023–2030 (USD Billion)
30. Italy Furan Resins Market, By Type, 2023–2030 (USD Billion)
31. Italy Furan Resins Market, By Application 2023–2030 (USD Billion)
32. Spain Furan Resins Market, By Type, 2023–2030 (USD Billion)
33. Spain Furan Resins Market, By Application 2023–2030 (USD Billion)
34. Asia Pacific Furan Resins Market, By Type, 2023–2030 (USD Billion)
35. Asia Pacific Furan Resins Market, By Application 2023–2030 (USD Billion)
36. Japan Furan Resins Market, By Type, 2023–2030 (USD Billion)
37. Japan Furan Resins Market, By Application 2023–2030 (USD Billion)
38. China Furan Resins Market, By Type, 2023–2030 (USD Billion)
39. China Furan Resins Market, By Application 2023–2030 (USD Billion)
40. India Furan Resins Market, By Type, 2023–2030 (USD Billion)
41. India Furan Resins Market, By Application 2023–2030 (USD Billion)
42. South America Furan Resins Market, By Type, 2023–2030 (USD Billion)
43. South America Furan Resins Market, By Application 2023–2030 (USD Billion)
44. Brazil Furan Resins Market, By Type, 2023–2030 (USD Billion)
45. Brazil Furan Resins Market, By Application 2023–2030 (USD Billion)
46. Middle East and Africa Furan Resins Market, By Type, 2023–2030 (USD Billion)
47. Middle East and Africa Furan Resins Market, By Application 2023–2030 (USD Billion)
48. UAE Furan Resins Market, By Type, 2023–2030 (USD Billion)
49. UAE Furan Resins Market, By Application 2023–2030 (USD Billion)
50. South Africa Furan Resins Market, By Type, 2023–2030 (USD Billion)
51. South Africa Furan Resins Market, By Application 2023–2030 (USD Billion)

List of Figures 

1. Global Furan Resins Market Segmentation
2. Furan Resins Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Furan Resins Market Attractiveness Analysis By Type
9. Global Furan Resins Market Attractiveness Analysis By Application
10. Global Furan Resins Market Attractiveness Analysis By Region
11. Global Furan Resins Market: Dynamics
12. Global Furan Resins Market Share By Type (2023 & 2030)
13. Global Furan Resins Market Share By Application (2023 & 2030)
14. Global Furan Resins Market Share by Regions (2023 & 2030)
15. Global Furan Resins Market Share by Company (2021)