According to the research report titled ‘Global Furfuryl Alcohol Market Size study, by Application (Resins, Solvent, Corrosion Inhibitors, Others) by End-Use (Foundry, Agriculture, Paints & Coatings, Pharmaceuticals, Food & Beverages, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global furfuryl alcohol market is expected to record a strong CAGR during 2020-2027.
 

Increasing usage in various applications like chemical feedstock, wetting agents for five membered oxygen heterocycles, foundry resins, adhesives, solvents, and others is primarily driving the growth of global furfuryl alcohol market.
 

In addition, usage of furfuryl alcohol as a biofuel boosts the product demand. The reducing reserves for fossil fuels have led to development of alternatives like biofuels to power large machines, specially rockets, wherein combination of furfural alcohol and concentrated nitric acid are used as propellants.
 

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For those unversed, furfuryl alcohol is an organic compound that contains a furan replaced with a hydroxymethyl group. It is a colorless liquid, the old samples of which are amber in color. It has a bitter taste, with a slight burning odor. The compound is soluble in organic solvents, though it is unstable in water. It can be produced from waste vegetable materials including rice husk, cane bagasse, oat hulls, and corn cobs.
 

According to the Energy International Association, 15.78 billion gallons of ethanol biofuel, which is equivalent to 375.63 million barrels, was produced by the US in 2019. The nation also consumed 14.54 billion gallons (346 million barrels) the same year. Paradigm shift towards biofuels, and supportive government norms for green chemical production are augmenting global furfuryl alcohol industry share.
 

On the downside, varying price of raw materials is anticipated to impede worldwide furfuryl alcohol industry expansion over the forecast timespan.
 

Speaking of the geographical spectrum, North America presently accounts for majority global furfuryl alcohol market share, on account of increasing usage of biofuels in the region.
 

On the other hand, Asia Pacific furfuryl alcohol industry size is poised to amass massive returns by 2027, attributable to high production of fury resins, especially in China, and growing foundry sector.
 

Established firms in global furfuryl alcohol market are Furnova Polymers Ltd., Xian Welldon Trading Co. Ltd., Shandong Crownchem Industries Co. Ltd., Hebei Xingtai Chunlei Furfuryl Alcohol Co. Ltd., DalinYebo, TransFurans Chemicals BVBA, Illovo Sugar (PTY) Ltd., KRBL Ltd., Silvateam S.p.A., and Hongye Holding Group Corp. Ltd.