The global furan resins market is expected to witness brisk growth over the forecast period. Growing demand from major end-use industries is touted to be beneficial to the overall market. Heterocyclic organic compounds that are produced from furfuryl alcohol are known as furan resins. Furfuryl alcohol is attained through bio-based raw materials such as oats, wheat bran, sugarcane bagasse, and corn cobs. Growing consumer awareness regarding bio-based products is estimated to aid the global market growth over the forecast period. Minimal to zero hazardous emissions are slated to bolster global market growth. The rise in demand for bio-based specialty chemicals is also expected to boost the overall market growth over the forecast period.
Growing health and environmental concerns regarding conventional and synthetic resins usage are presumed to play a critical role in shaping the future of the global furan resins market. Apprehension concerning high VOC content in the synthetic resins has ended with a shift in consumer preference. Industry participants have invested heavily in R&D initiatives to develop superior and cheaper bio-based resins. High strength to weight ratio ability is estimated to boost the global market growth over the forecast period. The coatings industry is predicted to grow rapidly over the next seven years.
Furan resins are mixed with water and alcohol-based coatings for a faster stripping process. This trend is projected to augment global market growth. Environmental and health concerns have encouraged rapid furan resins acceptance in industries such as construction, paints, and coatings, thus favoring the global market development. Scientific innovations require furan resins in large quantities. These resins when mixed with reinforced materials turn out to be extremely resistant to high temperatures and chemicals. Regulatory agencies such as the Environmental Protection Agency (EPA) have implemented numerous favorable regulations, thereby aiding the global market growth. Global level conventions to protect the environment such as the Montreal Protocol are expected to further complement the market growth. The automobile industry has witnessed brisk growth over the past few years and is further estimated to grow over the next seven years.
Furan resins are mixed with various automotive parts in order to increase their tensile strength and reduce overall vehicular weight. This trend is expected to be beneficial for the global furan resins market growth. Shifting consumer preferences to plastics has boosted the global plastics industry. Furan resins are also mixed along with conventional plastics to improve their physical properties such as durability and flexibility. This in turn is presumed to boost the overall market growth. However, massive unconventional hydrocarbon production in North America has pushed oil & gas prices to extremely low levels. Such a downturn in oil & gas prices has resulted in higher synthetic resins production due to higher profit margins. Such a shifting trend towards synthetic resins production is touted to hamper market growth. Potential health hazards related to furan resin usage is slated to hinder global market growth. High safety issues concerning transportation are also predicted to hamper market growth. Also, different trade policies for different countries are slated to retard global market growth.
Asia Pacific has dominated the global furan resins market owing to readily available raw materials and a high consumption rate over the recent past. China, India, and Malaysia have dominated the regional market. North America is also touted to have a high growth rate over the next seven years due to a rise in demand from the paints industry. Europe is expected to witness brisk growth due to the high demand for eco-friendly products and high research activities for rocketry and wind energy.
Prominent global furan resins industry participants include Dyna Chem Inc., International process plants, Hongye Chemical Co. Ltd., The Chemical Company, Novasynorganics, Ideal Chemical, and Supply Company. Other market participants include Sweet Lake Chemical Ltd., Nova Molecular Technologies, NeuChem Inc., Penn A Kem LLC, Continental Industries Group Inc., SolvChem Inc., and Shenzhen Shu Hang Industrial Development Co. Ltd. Owing to a large number of industry participants the market is said to be highly fragmented.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.