, /PRNewswire/ -- The global is projected to be valued at in 2024 and further increase at a CAGR of during the forecast period. Worldwide sales of furfuryl alcohols are set to total by 2034. The foundry industry is expected to grow globally, particularly in developing countries, due to the demand for furfuryl alcohol, a compound made from renewable materials like corn cobs and sugarcane bagasse.
This sustainable practice makes furfuryl alcohol an attractive option for various industries, including metal casting. Research and development activities will bring innovation and reduce costs, making it competitive in the industry. Furfuryl alcohol's strength-to-weight ratio and heat resistance make it suitable for composite materials.
Its improved fire resistance and adhesion properties could open up new markets in the building and aerospace sectors. The compound's antibacterial and anti-inflammatory properties could also attract opportunities in the cosmetic and pharmaceutical industries. Government regulations and policies will influence the C5H6O2 sector.
The introduction of 'furfurylation' technique for wood processing is propelling sales in the market. Rapid urbanization, expansion of residential and commercial sectors, along with increasing sales of home décor and wood furniture are chief factors driving demand in the wood industry. This technique is a chemical process by which commercial wood properties are enhanced using furfuryl alcohol as a low-viscosity modifying agent.