About Furan Resins
The furan resins are heterocyclic organic compound polymers that are obtained from furfuryl alcohol and this furfuryl alcohol are obtained from corn cobs, wheat bran, oats, sugarcane bagasse and others. The furan resins are those applications in rocketry as a hypergolic fuel which ignites readily in presence of fuming nitric acid and red fuming nitric acid. There has been significant rise in Phenolic resins which will hamper the growth of furan resin because its cost gets 55% lower than the standard furan resins. Further, increasing demand from the developing countries owing to growth in the health and environmental concerns owing to increasing application in bio-based activities. The Furan resins are mixed with various automotive parts in order to increase their tensile strength and reduce overall vehicular weight that expected to drive the demand for furan resins over the forecasted period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
“In furan resins market, it has been observed that most of the companies are introducing Furan-Phenol Hybrid that suited for the manufacture of moulds and cores designed for the production of advanced ductile iron castings, but also for high-quality steel castings.” Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Furan Resins market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
DynaChem Inc. (United States), Hongye Chemical Co. Ltd (China), Penn A Kem LLC (United States), Nova Molecular technologies (United States), Continetal Industries Group Inc. (United States), Shenzhen Shu Hang Industrial Development Co. Ltd. (China), SolvChem Inc. (United States), NeuChem Inc. (United States), SweetLake Chemical Ltd. (United States) and Ideal Chemical & Supply Company (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are CKE (United States), Novasynorganics (India) and International Process Plants (United States).
Segmentation Overview
AMA Research has segmented the market of Global Furan Resins market by Type (Furfuryl Alcohol Resin, Furfural Resin, Bran Ketone Resin and Branone - formaldehyde Resin), Application (Paints & Plastic, Foundry Industry, Automotive, Adhesive and Sealants and Others) and Region.
On the basis of geography, the market of Furan Resins has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Catalyst, the sub-segment i.e. Phosphoric will boost the Furan Resins market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Widespread applications witnessed in paints and plastics, gas hardening and foundry. and Value oriented customers preferred plastic materials.
Market Growth Drivers:
Growing awareness regarding bio-based raw materials boost the furan resins market. and Increase demand in automobile and foundry industries.
Challenges:
Environmental regulations on furan resins due to toxic in nature. and Exhaustion of stimulating gas during molding and pouring.
Restraints:
Safety issues in transportation Associated With furan resins. and High Cost associated with raw materials of furan Resins.
Opportunities:
Growing Demand of furan resins in rocket parts while entering into earth atmosphere. and Upsurge Demand of furan resin in composites applications.
Market Leaders and their expansionary development strategies
In November 2021, ASK Chemicals Group acquired of the industrial resins business from SI Group. With this acquisition, ASK Chemicals Group, headquartered in Hilden near Düsseldorf (Germany), is strengthening its position as a global supplier of high-performance industrial resins.
In July 2019, SI Group South Africa launched new hybrid furan resin system. The new launch High performance system providing higher strengths at identical resin and catalyst percentage addition levels, Reduced sulphur emissions – resin is more reactive, thus requiring lower sulphur content catalysts. Less fume on casting.
“According to CLP(Classification, Labelling and Packaging) regulation, the furan resins with a furfuryl alcohol content of over 25% (monomeric) are classified as toxic, which is in force throughout the EU. The foundryman is therefore left with the choice of either continuing to work with standard furan resins or switching to alternative systems. ”
Key Target Audience
Furan Resins Manufacturers, Furan Resins Traders, End-Use Market Participants of Different Segments of Furan Resins, Government and Research Organizations, R&D Institutions and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.