Furan resins are categoried under heterocyclic organic compounds having one oxygen atom and four carbon atoms connected to each other in an aromatic ring-shaped structure. Furan resins are generally soluble in commercially available organic solvents, such as ether, acetone and alcohols. They are generally colourless, flammable and volatile in nature with a boiling point equivalent to room temperature. These resins harden when heated. The hardening process can be accelerated if heating is done in the presence of an acid catalyst. Furan resins are characterized by high resistance to alkali, acids, chemicals and heat. Moreover, these furan resins impart exceptional mechanical strength to the end product. Commercially, there are four types of furan resins available in the market, namely furfuryl alcohol resin, furfural resin, bran ketone resin and branone formaldehyde resin. Raw material for furan resins namely furfuryl alcohol, is processed from corn cobs, sugarcane bagasse, oats, and wheat bran among others. Furfuryl alcohol finds application in aerospace industry as a hypergolic fuel, which shows a characteristic of rapid ignition in the presence of fuming nitric acid. It also finds application as a raw material in the synthesis of specialty chemicals that find adoption in different applications. Furan resins find adoption on a large scale in applications, such as the foundry industry, synthesis of adhesives and sealants, formulation of plastics and the automotive industry, to name a few. Furan resins are also used as raw materials in the synthesis of polymer mortars and polymer concretes, which exhibit a high level of mechanical strength and increased corrosion resistance. This concrete is further used in the construction of chemical plants and in chemical equipment as a refractory lining. Furthermore, furan resins are also used as binders in the manufacturing of glass plastics with exceptional hardness.
Furan Resin Market: Drivers and Restraints
In last few years, an increase in the production & consumption of furan resin has been observed and a similar roadmap and trend is expected to follow in the coming years. The primary reasons to which growth in consumption of furan resins can be attributed include viability and easy access to raw material, advanced technology and expansion in end use industries across geographies. Also, there is an increase in the demand for bio based products created by the increase in consumer awareness along with implementation of stringent environment regulations that fuel the demand for furan resin. Likewise, an increase in the demand for furan resins in the foundry application is expected to drive the increase in sales of furan resins globally. Furan resins and their by-products are used in different parts of automotive assembly in order to reduce vehicle weight so as to optimize fuel economy. However, factors, such as safety issues and export guidelines in different economies, are some of the adoption barriers are expected to hamper the growth in consumption of furan resins.
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Furan Resin Market: Segmentation
On the basis of type, the furan resin market can be segmented as:
- Furfuryl Alchol Resin
- Furfural Resin
- Bran Ketone Resin
- Branone Formaldehyde Resin
On the basis of application, the furan resin market can be segmented as:
- Paints & Plastics
- Foundry Industry
- Adhesives & Sealants
Furan Resin Market: Region-wise Outlook
The global furan resin market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2016, in North America, growth is driven by the viability of raw materials and increase in demand from construction industries. Furan resin market in Japan is expected to show relatively slow-moderate growth in terms of consumption. APEJ and Latin America regions will also register rapid growth due to the increasing demand for furan resins with the increase in application in plastics and resin formulations. Additionally, proximity to raw material within the region is expected to fuel the growth in demand for furan resins. Growth in the chemical industry, especially in emerging economies, such as China, South Korea and India is expected to be witnessed over the forecast period. Europe is anticipated to witness steady growth in consumption of furan resins, owing to growth in consumption across a variety of applications and increasing preference for ecofriendly products based on furan resins. MEA region is also projected to expand with a significant CAGR over the forecast period.
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Furan Resin Market: Market Participants
Examples of some of the market participants in the global Furan Resin Market identified across the value chain include:
- The Chemical Company
- Nova Molecular technologies
- DynaChem Inc.
- The Chemical Company
- Hongye Chemical Co. Ltd
- Penn A Kem LLC.
- Continetal Industries Group Inc.
- Shenzhen Shu Hang Industrial Development Co. Ltd.
- NeuChem Inc.
- SweetLake Chemical Ltd.
- Sweet Lake Chemical Ltd.
- International Process Plants