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Tetrahydrofuran Market to Grow at a CAGR of 6.85% by 2030 | ChemAnalyst
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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.
Explore full report with table of contents: https://www.chemanalyst.com/industry-report/tetrahydrofuran-market-586
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, Automotive and Textile were among the most affected industries during the pandemic. This had a negative impact on the demand for 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 Technology
- 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, Automotive, 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 on which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi,
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 million tons
Market size volume in 2030
2.778 million tones
CAGR of 6.85% from 2021 to 2030
Base year for estimate
2015 – 2019
2022 – 2030
Demand in tones and CAGR from 2021 to 2030
Revenue forecast, demand & supply, competitive analysis, competitive landscape, growth factors, and trends
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)
North America; Europe; Asia-Pacific; South America; Middle East & Africa
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.
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ChemAnalyst is a subsidiary of Techsci Research, which was established in 2008, and has been providing exceptional management consulting to its clients across the globe for over a decade now. For the past four years, ChemAnalyst has been a prominent provider of Chemical commodity prices in more than 15 countries. We are a team of more than 100 Chemical Analysts who are committed to providing in-depth market insights and real-time price movement for 300+ chemical and petrochemical products. ChemAnalyst has reverberated as a preferred pricing supplier among Procurement managers and Strategy professionals worldwide. On our platform, we provide an algorithm-based subscription where users can track and compare years of historical data and prices based on grades and incoterms (CIF, CFR, FOB, & EX-Works) in just one go.
The ChemAnalyst team also assists clients with Market Analysis for over 1200 chemicals including assessing demand & supply gaps, locating verified suppliers, choosing whether to trade or manufacture, developing Procurement Strategies, monitoring imports and exports of Chemicals, and much more. The users will not only be able to analyze historical data for past years but will also get to inspect detailed forecasts for the upcoming years. With access to local field teams, the company provides high-quality, reliable market analysis data for more than 40 countries.
ChemAnalyst is your one-stop solution for all data-related needs. We at ChemAnalyst are dedicated to accommodate all of our world-class clients with their data and insights needs via our comprehensive online platform.
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