Players in the furfuryl alcohol market are focusing on strategic industry collaborations to sustain raw material supply and distribution channels throughout the pandemic.
DUBAI, UAE / ACCESSWIRE / August 10, 2020 / Future Market Insights: The coronavirus pandemic has adversely affected the paints & coating, and construction & infrastructure sectors. Consequently, the furfuryl alcohol market is likely to witness reduced demand in the short term. On the other hand, the furfuryl alcohol industry will benefit from a booming DIY industry, which contributes to demand for end products and contributes to revenues during the forecast period.
"Furfuryl mono polymer materials have been proven to provide superior characteristics of resistance to corrosion. The expansion of the paints and coating industry, particularly in healthcare applications can provide growth opportunities during the pandemic period," says the FMI analyst.
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Furfuryl Alcohol - Primary Takeaways
- Furfuryl alcohol is finding extensive roles in chemical precursor and industrial solvent applications owing to initiatives to cut VOCs in multiple end use verticals.
- Pesticide and herbicide applications are witnessing rapid growth owing to capabilities of penetrating leaf structures.
- Asia Pacific is a key market for furfuryl alcohol, primarily driven by China, which accounts for more than 80% of production, owing to easy availability of raw materials.
Furfuryl Alcohol - Growth Factors
- Strong demand for furan resins in construction materials, coatings, and adhesive products.
- Niche applications for pharmaceutical drug development are likely to generate lucrative growth opportunities.
Furfuryl Alcohol - Major Constraints
- Side effects from skin contact or ingestion including irritation of eyes, skin, and mucous membranes hamper market prospects.
- Strict regulations on the production, handling, and transport of furfuryl alcohol and derivatives restrict profit margins.
The Projected Impact of Coronavirus
As a major producer of furfuryl alcohol and derivatives, the major impact of the coronavirus pandemic on China has adversely impacted the market for short term. Trade restrictions, supply chain disruptions, and unpredictability in raw material prices hold back market growth. Logistics restrictions, and lack of workers in the crisis will hamper growth in the months ahead.
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Competition Landscape
The furfuryl alcohol market comprises players including but not limited to Illovo Sugar Pyt. Ltd., Hongye Holding Group Corp., KRBL Ltd., Zibo Huaao Chemical Co., Ltd., Furfuryl Alcohol Furan Resin Co Ltd., International Furan Chemicals B.V., Shiziajuang Worldwide Furfural, China XLX Fertilizer Ltd., Silvateam, and Aurus Specialty Chemical Ltd.
Market players are investing in research initiatives to aid to boost production and explore new niche applications of furfuryl alcohol to widen their portfolios, and increase the potential of profitability.
For instance, Silvateam Energias Renovables SA has invested US$ 10 million in a biomass-powered power plant, which will also generate furfuryl alcohol and derivatives in Argentina. Similarly, researchers at the National Chemical Laboratory of India has developed a new process to speed up the production of furfural from biomass involving an improved variant of zeolite catalyst. Further, UK based Composites Evolution is working on an alternative to glass in the aviation sector made from polyfurfuryl alcohol combinations of aramid, basalt, or flax.
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More About the Study
The FMI study provides detailed insights on the furfuryl alcohol market. The market is broken down in terms of application (corrosion inhibitor, foundry resin, solvents, and others), source (sugarcane bagasse, corn cob, and others) across nine key regions (North America, Latin America, Western Europe, Eastern Europe, China, India, Japan, Middle East & Africa, and SEA & Pacific).
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SOURCE: Future Market Insights