PUBLISHER: Grand View Research | PRODUCT CODE: 1610009
PUBLISHER: Grand View Research | PRODUCT CODE: 1610009
The global furfuryl alcohol market size is expected to reach USD 685.1 million by 2030, registering a CAGR of 6.9% from 2025 to 2030, according to a new report by Grand View Research, Inc. Factors such as rising demand for furfuryl alcohol resins from the construction and automotive sectors are expected to drive the market in the near future.
The product has witnessed high demand over the past decade, owing to its growing usage in the foundry, agriculture, and construction industries, among others. The product is broadly utilized in resins and plastics applications. A surge in research and development activities in the area of rocket fuel is estimated to trigger the demand. The products also play an essential role in manufacturing in the foundry sector in the formulation of molds for metal casting.
Asia Pacific is the largest producer as well as consumer of furfuryl alcohol due to increasing concerns regarding renewable products and growing population resulting in high demand for consumer products. The majority of the furfural manufactured in China, more than 85%, is utilized in the production of furfuryl alcohol. Consequently, the growing demand from various end-use industries, in regions such as Europe, is estimated to boost the furfural market growth over the forecast period.
Manufacturers compete on the basis of competitive pricing owing to the presence of price-sensitive buyers. Furthermore, the recent COVID-19 impact causing logistic disruption along with production shutdowns, especially in China have negatively influenced the pricing dynamics. However, the rapid growth of end-use industries along with recovering the production of furfuryl alcohol which is inclined toward bridging the gap between demand and supply is projected to stabilize the prices over the forecast period.