Furfuryl alcohol is a common organic compound that find several applications. Produced from the hydrogenation of furfuran, the compound is considered as a green chemical. Furfuran is obtained from waste biomass like sugarcane bagasse or corncob. This makes it an environment friendly byproduct, thus boosting demand in the global furfuryl alcohol market. With thrust from governments across the world to reduce carbon footprints and adopt green measures of manufacturing, the global furfuryl alcohol market is set to grow further.
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The product, due to its low weight is preferred to facilitate ignition of rocket engines. This chemical is mixes with fuming nitric acid to launch rockets. The rising number of space exploration in developed and developing nations will increase consumption of the product in the coming years. Furthermore, a wide range of applications in making paints, coatings, and cements as a polymer is also key factor driving growth in the global furfuryl alcohol market. With rise in number of infrastructure projects, the consumption of paints, adhesives, and coatings will rise over the next few years. This bodes well for propelling expansion of the global furfuryl alcohol market.
Asia Pacific to Lead the Global Furfuryl Alcohol Market
China is one of the largest producers of corn today in the world. Corncob being a major source of furfuran, the production of furfuryl alcohol in China is expected to grow tremendously. At the same time, local weather conditions are also supporting cultivation of corn since the past few years in the region. Another factor that aides growth in the global furfuryl alcohol market in China.
Such aspects will keep Asia Pacific as the leader in the global furfuryl alcohol market. Regions like North America and Europe will continue to remain prominent as the space industry will drive demand for the product here. Besides self-sustaining on production, some countries will also look for importing the product from Asia Pacific.
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