A category of thermosetting polymers, furan resins are produced from furfuryl alcohol. Furan resins are characterized by their remarkable durability and resistance to heat and chemicals. These polymers are extensively utilized in producing foundry cores, molds, high-performance composite materials, and other industrial goods. The formation of furan resin is accomplished through the polymerization of furfuryl alcohol. Furfuryl alcohol is generated via the process of furfural conversion. During the polymerization process, the furfuryl alcohol molecules develop a three-dimensional network structure through cross-linking.
In the construction industry, furan resins are frequently utilized as binders in concrete protection and repair systems. They resist chemicals, abrasion, water, and concrete surfaces. Coatings for concrete structures that are resistant to corrosion and durable are produced using these polymers, thereby protecting them from severe environmental conditions. Additionally, mortars and grouts, which reinforce and connect construction materials, contain furan resins.
The construction industry witnessed substantial growth on a global scale. For instance, in December 2021, the US Census Bureau anticipated construction expenditures to amount to USD 1,639.9 billion, adjusted annually for seasonal factors. The figure indicates a 0.2 percent growth compared to the revised estimate of USD 1,636.5 billion in November. Moreover, in 2021, construction expenditures ascended to USD 1,589.0 billion, an 8.2% growth over the previous year's figure of USD 1,469.2 billion. Thus, the expansion of the construction industry will accelerate the development of the global market.
Renewable raw materials, such as lignocellulosic substances like corncobs, sugarcane bagasse, or furfuryl alcohol derived from agricultural byproducts, can produce furan resins. Consequently, they possess a high degree of biodegradability. Compared to producing alternative resins, the generation of furan resins may yield relatively low emissions. In terms of lowering greenhouse gas emissions, bio-based feedstocks outperform polymers made from fossil fuels.
There has been a growing trend among consumers in recent years to adopt a more sustainable approach. Sustainability is a factor considered by 75% of millennial respondents and 66% of all respondents, according to a McKinsey & Co. survey, when making purchases. Therefore, the global market for bio-based resins is anticipated to expand at a CAGR of over 16% during the forecast period. International environmental protection conventions, including the Kyoto Protocol, also strive to decrease greenhouse gas (GHG) emissions. All of these factors are anticipated to create opportunities for market expansion.
Asia-Pacific is the most significant market shareholder and is expected to expand substantially over the forecast period. Significant growth is being observed in the furan resins market in the Asia-Pacific region, primarily due to the brisk industrial sector development, particularly in emerging economies like China and India. Similarly, the construction industry in the region is experiencing accelerated growth due to factors such as a rising population, a surge in housing unit demand, and expanding investments in various projects, including 5G networks, artificial intelligence, IoT, and data centers. These developments contribute to the heightened demand for furan resins in the region.
Additionally, several countries, such as Indonesia, China, Japan, and India, have implemented diverse emission control strategies. For instance, the Indian government decided in 2016 to abandon the Bharat Stage V emission regulations in favor of adopting the Bharat Stage VI emission standards by 2020. The nation was placed under a prohibition on the sale and registration of automobiles that met BS-IV standards by the Supreme Court in 2020. The prohibition went into effect on April 1, 2020. This is anticipated to generate a substantial expansion prospect for the lightweight materials sector within the automotive manufacturing industry in India, thereby bolstering the furan resins market.
The key global furan resins market players are Dyna Chem Inc., International Process Plants, Hongye Chemical Co. Ltd., Novasynorganics, The Chemical Company, Supply Company, Sweet Lake Chemical Ltd., Nova Molecular Technologies, Ideal Chemical, NeuChem Inc., Penn A Kem LLC, Shenzhen Shu Hang Industrial Development Co. Ltd, and others.