Friday, 8 April 2016

Furan Resins Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020

Furan resins are heterocyclic organic compound polymers manufactured from furfuryl alcohol. It has applications in solvents, foundry, plastics, wetting agents, adhesives, automotive and in gas hardening processes. The raw material furfuryl alcohol is obtained from sugarcane bagasse and corn cobs, wheat bran, oats and others. It has application in rocketry as a hypergolic fuel which ignites readily in presence of fuming nitric acid and red fuming nitric acid. It is also used as raw material for other specialty chemicals for various applications.

Increasing demand for bio-based products owing to increasing awareness among consumers coupled with rising environmental regulations is expected to drive the furan resins market. Furan resins are manufactured from renewable raw materials such as sugarcane bagasse, wheat bran and oats. Environmental regulations favor eco-friendly products over synthetic counter parts.

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Furan resins find application in paints & plastic industry which is anticipated to drive the market due to increase in demand from construction and paints industry. In addition, growing demand for furan resin in foundry application is expected to drive the market growth. Bio-based resins and paints are gaining demand from developed countries with strict environmental regulations. Furan resin derivatives are waterproof, acid & chemical resistant and offer high weight to strength ratio. These properties make them indispensable in construction and industrial structures industry. Further demand for furan resins from automotive industry is expected to boost the market growth. Furan resins and its derivatives are used in different parts of automotives to reduce the weight. For example, epoxy furan is used as matrix material in automotive manufacture.

However the safety issues regarding transportation and export rules of different developing countries is expected to restrain the market growth. Furan is highly flammable and volatile at room temperature that makes transportation difficult. Environmental regulations are imposed with exposure limits of furan resins and its derivatives due to its toxic nature and potential to cause cancer.

Research and developments in the field of rocketry are expected to provide immense opportunities for manufacturers of furan resins in the near future. Furan resins with reinforced material are highly resistant to high temperature and chemicals that is used in protective structure of the rocket parts while re-entering earth’s atmosphere. Further novel furan resins application in composites is expected to open up new opportunities in the near future.

Asia Pacific was the largest producer and consumer of furan resin in which China contributes to the highest consumption. Proximity to raw material and increasing applications in plastics & resins are expected to drive the market in this region. Foundry industry is the major contributor towards the growth of furan resin market in this region. Asia Pacific was followed by Europe in terms of consumption owing to increase in the application area of furan resins and eco-friendly nature of furan resin based products. Research activities in the field of wind energy and rocketry are expected to provide opportunity for furan resin market in this region. North America is expected to grow at a faster pace owing to increase in availability of raw materials and rising demand from construction and paints industry.

Some of the key players in Furan Resins market include DynaChem Inc., The Chemical Company, Hongye Chemical Co. Ltd, Penn A Kem LLC, Nova Molecular technologies, Continetal Industries Group Inc., Shenzhen Shu Hang Industrial Development Co. Ltd., SolvChem Inc., NeuChem Inc., SweetLake Chemical Ltd., Ideal Chemical & Supply Company, Novasynorganics, International Process Plants among others.

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