Furan Resins Market to Observe Strong Development by 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.
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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. 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.
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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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