According to ChemAnalyst report, “Tetrahydrofuran (THF) Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Market Analysis, 2015-2030”, Tetrahydrofuran market has shown a promising growth in the past five years and is projected to achieve a CAGR of 6.85% during the forecast period. Growing demand for spandex and paints and coatings coupled with the increasing demand from other end use industries is expected to drive the demand of tetrahydrofuran for the forecast period. Tetrahydrofuran is an organic, volatile, and water-soluble compound, manufactured through several processes such as Reppe process, Davy process, Propylene Oxide process, Butadiene process. Among these processes, the Reppe process leads the global market for tetrahydrofuran due to its industrial viability and low cost.
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Tetrahydrofuran is also used as an intermediate in the manufacturing of PVC, magnetic tapes, adhesives etc. and used as solvent for plastics. Polytetramethylene ether glycol (PTMEG) and solvents are the major applications of THF. PTMEG is used in the manufacturing of spandex and other polyurethanes and there is a high demand of Spandex in the Textile industry whereas polyurethane has wide range of applications like foams, insulation panels, seals, automotive suspension bushings etc. Therefore, major end use industries for Tetrahydrofuran include polymer, textile, chemicals, pharmaceutical, paints and coatings, automotive, construction and others. The growing demand of Tetrahydrofuran in the production of Polyurethanes and PVC are fueling the market for Tetrahydrofuran globally.
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In 2020, COVID-19 outbreak in major global economies caused nationwide lockdowns which had an impact on a number of industries. Construction, Automobile and Textile were among the most affected industries during the pandemic. This had a negative impact on the demand of paints and coatings and spandex which ultimately affects the market for Tetrahydrofuran. However, the growing demand for THF from Asia Pacific and North America is projected to boost its market in the forecast period.
Regionally, Asia Pacific dominates the tetrahydrofuran market and holds the largest market share in due to the presence of textile hub in China and India coupled with the rapid growth automotive as well as pharmaceutical sectors in the region. Heavy demand from PTMEG industry is likely to propel the Asia Pacific market for Tetrahydrofuran in the forthcoming years. Moreover, increasing demand for spandex in US and Europe for textile industry is expected to boost the market for Tetrahydrofuran in the region.
- BASF SE
- Baren Chemicals Industries
- Dairen Chemical
- Mitsubishi Chemical co. Ltd
- Sipchem Chemical Industry
- Nova Molecular Technologie
- BioAmber Inc., and Sigma-Aldrich Corp.
“Due to wide range applications of Tetrahydrofuran and its derivative such as PTMEG, there is a high demand for it in the end use industries including Polymer, Textile, Construction, Automobile, Paints & Coatings, Packaging, Chemicals and Pharmaceuticals which drives the global market for Tetrahydrofuran. China, India and Japan are the key growth regions with sufficiently installed capacities for Tetrahydrofuran in APAC region. Additionally, North America and Europe are also predicted to grow at a significant rate for the forecasted period. With the new competitors emerging across the Asia Pacific Tetrahydrofuran market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
In this report, Tetrahydrofuran market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
|Market size volume in 2020||1.46 milliontons|
|Market size volume in 2030||2.778 million tons|
|Growth Rate||CAGR of 6.85% from 2021 to 2030|
|Base year for estimation||2020|
|Historic Data||2015 – 2019|
|Forecast period||2022 – 2030|
|Quantitative units||Demand in tons and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, demand & supply, competitive analysis, competitive landscape, growth factors, and trends|
|Segments covered||By Application: (Polytetramethylene Ether Glycol (PTMEG) and Solvents)|
By End Use: (Polymer, Textile, Pharmaceutical, Paints and Coatings)
By Sales Channel: (Direct/Institutional Sales, Indirect Sales)
|Regional scope||North America; Europe; Asia Pacific; South America; Middle East & Africa|
|Country scope||United States; Mexico; Canada; China; India; Japan; South Korea; Taiwan; Singapore; Germany; Belgium; France; United Kingdom; Spain; Italy; Sweden; Austria; Saudi Arabia; Iran; South Africa; Brazil; Argentina|
|Key companies profiled||BASF, Dairen Chemical, Ashland, INVISTA, Mitsubishi Chemical, LyondellBasell, Sipchem, Penn A Kem, Nova Molecular Technologies, and BioAmber.|
|Customization scope||Free report customization with purchase. Addition or alteration to country, regional & segment scope.|
|Pricing and purchase options||Avail customized purchase options to meet your exact research needs. Explore purchase options|
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