January 19, 2023 12:00 ET | Source: GreyViews GreyViews
Pune India, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the furan resins market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the furan resins market are present across various countries in the above-mentioned regions.
Get Sample Copy of This Report @ https://greyviews.com/reports/furan-resins-market/408/request-sample
The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. The significant players operating in the global furan resins market The Chemical Company, Continetal Industries Group Inc., Nova Molecular technologies, DynaChem Inc., NeuChem Inc., Hongye Chemical Co. Ltd, Penn A Kem LLC., Novasynorganics, Shenzhen Shu Hang Industrial Development Co. Ltd., SweetLake Chemical Ltd., International Process Plants among others. To achieve a substantial market share in the worldwide furan resins market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. The term furan resin refers to polymers derived from furan compounds, the most common of which are furfuryl alcohol and furfuryl acetate. There are several bio-based raw materials used to make furfuryl alcohol, including wheat bran, oats, corncobs, and sugarcane bagasse. A growing interest among major populations worldwide in using bio-based products is expected to lead to a healthy demand for furan resins. There is a growing trend toward mixing furan resin into various automotive parts to enhance their strength and reduce overall vehicle weight, which should benefit the global furan resins market. There are, however, a number of adoption barriers that are expected to hinder the growth in furan resin consumption. For example, safety concerns and export guidelines in different countries can be barriers to adoption, stringent regulations and health hazards etc. Many favorable regulations have been implemented by regulatory agencies such as the Environmental Protection Agency (EPA), resulting in the growth of the global market. Furthermore, during rocket launch, furan resins are in higher demand in rocket parts. These resins regulate the overall temperature of rocket parts and provide thermal stability to them. Furthermore, furan resin is increasingly being used in bio-composites manufacturing. Among the primary factors that contribute to the growth in consumption of furan resins are the availability of raw materials, advances in technology, and expansion in end-use industries globally.
Enquiry Before Buying This Report @ https://greyviews.com/inquiry/408
Scope of Furan Resins Market Report:
Furfural resin is expected to be the fastest-growing segment in 2022.
The type segment includes furfuryl alcohol resin, furfural resin, bran ketone resin, and branone formaldehyde resin. The furfural resin segment is expected to witness the highest growth rate during the forecast period. A chemical compound derived from furan, furfural resin has a mild odor and a slightly sweet taste. Furfuric acid is used in the manufacture of furan resins, which in turn are used to manufacture polyurethane foams, adhesives and sealants, elastomers & composites, and coatings, printing inks, and paper. This resin is used in the construction sector as a raw material of concrete.
Foundry is expected to be the fastest-growing segment in 2022.
The application segment is automobile, paint & coating, adhesive & sealant, foundry, plastic, and others. The foundry segment is expected to witness the highest growth rate during the forecast period. Because of its superior properties, including low odour production when burned with coal or wood chips during melting, furfuryl alcohol resin has become popular for foundry applications. Besides its excellent heat resistance, it is also an effective solvent for metals such as lead, antimony, and zinc, making it ideal for casting alloys containing these metals into various moulds using steel alloys, iron meteorites, or sand cores.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the furan resins market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Because of the availability of raw materials and high consumption rates in recent years, Asia Pacific has dominated the furan resin market. Additionally, as a result of rapid industrialization, the rise of foreign investments, and supportive government policies for promoting manufacturing, nations like China and India have become increasingly competitive.
Germany's furan resins market size was valued at USD 1.2 billion in 2022 and is expected to reach USD 1.8 billion by 2030, at a CAGR of 5.6% from 2023 to 2030. A high demand for eco-friendly products and a high level of research in rocketry and wind power are expected to propel Germany's economic growth.
China’s furan resins market size was valued at USD 1.53 billion in 2022 and is expected to reach USD 2.40 billion by 2030, at a CAGR of 5.8% from 2023 to 2030. During the forecast period, the country is expected to experience the highest CAGR due to rapid industrialization coupled with an increase in foreign investments, as well as favorable government policies promoting manufacturing activities, which will boost the country's product demand.
India's furan resins market size was valued at USD 1.18 billion in 2022 and is expected to reach USD 1.83 billion by 2030, at a CAGR of 5.7% from 2023 to 2030. Growing product demand from a variety of end-use industries, including paints & coatings, foundry goods, adhesives & sealants and automobiles, is contributing to the growth of the market in the country. Covid-19 Impact Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand from the construction sector, propelling the growth of the market across the countries.
Buy Now Full Report @ https://greyviews.com/checkout/408/single_user_license
Contact Us Rocky Shah GreyViews Pune India Phone: (+44) 162-237-1047 Email: sales@greyviews.com
Industrial Protective Clothing Market Size By Product Type (Disposable and Durable), By End-User (Healthcare, Construction, Manufacturing and Others), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/industrial-protective-clothing-market/418
Furan Resins Market Size By Type (Furfuryl Alcohol Resin, Furfural Resin, Bran Ketone Resin, and Branone Formaldehyde Resin), By Application (Automobile, Paint & Coating, Adhesive & Sealant, Foundry, Plastic, and Others), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/furan-resins-market/408
Air & Gas Compressor Market Size By Type (Portable and Stationary), By Application (Oil & Gas, Manufacturing, Petrochemical and Chemical Industry, Power Sector, and Others), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/air-gas-compressor-market/406
Decorative Paints Market Size By Product Type (Solvent-Based Paints and Water-Based Paints), By Formulation (Distemper and Emulsion Based Paints), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/decorative-paints-market/400
Wire Insulation and Jacketing Compounds Market Size By Type (Halogenated Plastic Wire Insulation and Jacketing Compounds and Non-Halogenated Plastic Wire Insulation and Jacketing Compounds), By End-user (Automotive and Transportation, Building Construction, Energy, and Others), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/wire-insulation-and-jacketing-compounds-market/392
Textile Machine Lubricants Market Size By Base Oil (Mineral Oil-Based and Synthetic Oil-Based), By Application (Spinning Machine, Processing Machine, Winding Machine, Knitting Machine, Weaving Machine, Finishing Machine, and Others), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/textile-machine-lubricants-market/387
Polyester Fiber Market Size By Grade (PCDT Polyester and Polyethylene Terephthalate (PET) Polyester), By Form (Solid and Hollow), By Application (Carpets and Rugs, Home textiles, Non-Woven Fabrics, Apparel, and Others), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/polyester-fiber-market/375
Compostable Paper Trays Market Size By Type (Food Trays, Plates, Utility Trays, Bowls and Cups and Others), By Application (Confectioneries, Restaurants, Bars, and Others), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/compostable-paper-trays-market/368
Footwear Sole Material Market Size By Type (Non-Athletic and Athletic), By End-User (Men, Children, and Women), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/footwear-sole-material-market/365
Coated Abrasives Market Size By Type (Paper, Non-Woven, Cloth, and Others), By Application (Industrial, Building, Construction, Household, and Others), Regions, Segmentation, and Projection till 2030
https://greyviews.com/reports/coated-abrasives-market/364