The Tetrahydrofuran (THF) market is projected to grow at a CAGR of 6.9%, in terms of value between 2017 and 2022.
The THF market is projected to grow from USD 2.95 billion in 2017 to USD 4.12 billion by 2022, at a CAGR of 6.9% from 2017 to 2022. The increasing demand for spandex fibers and polyurethane across the globe is driving the growth of the THF market. The hazardous impact of tetrahydrofuran on human and animal health and its high manufacturing costs are the factors restraining the growth of the THF market across the globe.
Among technologies, the butadiene process segment of the THF market is projected to grow at the highest CAGR, in terms of volume during the forecast period.
The butadiene process segment of the THF market is projected to grow at the highest CAGR, in terms of volume between 2017 and 2022. The growth of this segment of the market can be attributed to the low cost of raw materials and easy availability of butadiene. In addition, the Reppe process is the most widely used technology for manufacturing tetrahydrofuran, owing to its low cost and less number of steps involved in it. The efficiency of the Reppe process technology in manufacturing 1,4-Butanediol (BDO) is high.
Among applications, the Polytetramethylene Ether Glycol (PTMEG) segment of the THF market is projected to grow at the highest CAGR, in terms of volume during the forecast period.
Among applications, the PTMEG segment is projected to lead the THF market between 2017 and 2022, in terms of volume. The growth of this segment of the market can be attributed to the increased investments being made by the key players for the increased production of spandex across the globe. The high growth of the textile industry across the globe due to increased demand for sportswear is mainly responsible for the increased demand for spandex. This, in turn, is expected to drive the growth of the THF market across the globe.
The Asia Pacific THF market is projected to grow at the highest CAGR, in terms of volume during the forecast period.
The Asia Pacific THF market is projected to grow at the highest CAGR, in terms of volume during the forecast period. The growth of the Asia Pacific THF market can be attributed to the increased demand for tetrahydrofuran in PTMEG, solvents, and chemical intermediate applications. The high growth of the manufacturing sector in the Asia Pacific region due to growing industrialization has fueled the demand for tetrahydrofuran in the chemical, textile, packaging, automotive, and consumer goods industries. Tetrahydrofuran is used as a solvent in adhesives, paints, coatings, pharmaceuticals, inks, and cosmetics. Thus, the increased consumption of tetrahydrofuran in these industries of the region is expected to fuel the growth of the Asia Pacific THF market during the forecast period. Similarly, increasing investments by major chemical players in the chemical industry of the Asia Pacific region are also driving the demand for tetrahydrofuran from the region.
This study on the THF market has been validated through primaries conducted with various industry experts, worldwide.
The primary sources have been divided into three categories based on company type, designation, and region.
- By Company Size- Tier 1-70%, Tier 2 -20%, and Tier 3-10%
- By Designation - C Level-5%, Director Level-20%, and Others-75%
- By Region - Asia Pacific-45%, Europe-35%, North America-5%, and RoW-15%
Companies Profiled in the Report:
The key players profiled in the report include BASF (Germany), Dairen Chemical (Taiwan), Ashland (US), INVISTA (US), Mitsubishi Chemical (Japan), LyondellBasell (the Netherlands), Sipchem (Saudi Arabia), Penn A Kem (US), Nova Molecular Technologies (US), and BioAmber (US), among others.
The report offers insights on the use of tetrahydrofuran in a number of applications in various end-use industries across different regions. It aims at estimating the size of the THF market during the forecast period and projects future growth potential of the market based on technology, application, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the THF market, along with their company profiles, SWOT analysis, recent developments undertaken by them, and key growth strategies adopted by them.
Key Benefits of Buying the Report:
The report is expected to help market leaders/new entrants in the THF market by providing them the closest approximations of the revenues for the overall market and its various subsegments. This report is expected to help stakeholders obtain an improved understanding of the competitive landscape of the THF market and gain insights to enhance their businesses and devise suitable growth strategies. The report also aims at helping the stakeholders understand the pulse of the market and help them acquire information on key drivers, restraints, challenges, and opportunities impacting the growth of the THF market.