Furan Resin Global Market Report 2023

Major players in the furan resin market are Dyna Chem Inc., HongYe Chemical Co. Ltd., The Chemical Company, Novasyn Organics Pvt. Ltd., NeuChem Inc., Sweet Lake Chemical Ltd., ShuHang Industrial Development, BASF SE, Jinan Shengquan Group, Covestro Deutschland AG, Hitachi Automotive Systems, Toray Industries, HINDUSTHAN Adhesive & Chemicals, International Furan Chemicals (IFC) BV, and Sauereisen Inc.

New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Furan Resin Global Market Report 2023" - https://www.reportlinker.com/p06480016/?utm_source=GNW The global furan resin market is expected to grow from $16.52 billion in 2022 to $17.66 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The furan resin market is expected to reach $22.37 billion in 2027 at a CAGR of 6.1%.The furan resin market consists of sales of acetyl Resin, modified furfuryl alcohol resin, furfural-acetone resin, and furfural-phenol resin.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Furan resin refers to resins made from derivatives of furan, such as furfuryl alcohol or furfural, and used in adhesives and in infusing and coating compositions. Furan resins are mainly used as chemically resistant types of cement and binders for explosives, wood adhesives, and fiber composites.Asia-Pacific was the largest region in the furan resin market in 2022, and is expected to be the fastest-growing region in the forecast period. The regions covered in furan resin report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and AfricaThe main types of furan resins are furfuryl alcohol resin, furfural resin, bran ketone resin, and branone formaldehyde resin.Furfuryl Alcohol Resin refers to a type of polymer produced by the self-polycondensation of furfuryl alcohol monomer, which reacts with the active alpha-hydrogen of another furfuryl alcohol molecule in the presence of an acid catalyst to form the polycondensation resin.These are used for several applications, including adhesives and sealants, automobiles, paint and coating, plastic, and foundries, and are used by various end-users, such as the construction and chemical industries.The rising demand for lightweight and fuel-efficient automobiles globally is expected to propel the growth of the furan resin market.Lightweight and fuel-efficient automobiles refer to automobiles that use advanced lightweight structural materials that increase fuel economy while maintaining safety and performance.The multiple automotive parts are mixed or coated with furan resins and their derivatives, improving their tensile strength and reducing final vehicular weight.It offers many benefits, including lightweight, corrosion resistance, and high strength.Thus, the rising demand for lightweight and fuel-efficient automobiles globally is boosting the sales of furan resin. For instance, in April 2022, according to the European Automobile Manufacturers Association, a Belgium-based standards group of the automobile industry, 79.1 million motor vehicles were produced worldwide in 2021, an increase of 1.3% compared to 2020. Further, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the rising demand for lightweight and fuel-efficient automobiles globally is driving growth of the furan resin market.Technological advancements are a key trend gaining popularity in the furan resin market.Companies operating in the furan resin market are adopting new technologies to sustain their position in the market.For instance, in February 2020, AVA Biochem, a Switzerland-based company that specializes in bio-based chemistry, collaborated with Michelin to establish the world’s first commercial-scale production plant of 5-HMF and bring new product applications to the market. The applications improve the performance, economics, low carbon footprint, and non-toxicity of both consumer goods and manufacturing products.In December 2020, China Risun Group Limited, a China-based manufacturer and seller of chemical products, acquired Six Hongye Chemicals Enterprises for $700,000.This acquisition broadens, diversifies, and enriches China Risun’s portfolio to capture the potential growth of the coke and refined chemicals markets and can strengthen the group’s leading position in the market.HongYe Chemical Co. Ltd. is a China-based producer of various chemicals, including thiourea dioxide, pulp bleaching agent FAS, furfuryl alcohol, and furan resin.The countries covered in the furan resin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The furan resin market research report is one of a series of new reports that provides furan resin market statistics, including the furan resin industry global market size, regional shares, competitors with a furan resin market share, detailed furan resin market segments, market trends, and opportunities, and any further data you may need to thrive in the furan resin industry. This furan resin market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.Read the full report: https://www.reportlinker.com/p06480016/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________