THF Market: Solvent Powerhouse in Pharmaceuticals, Polymers, and Coatings
what is tetrahydrofuran
Tetrahydrofuran (THF) is a colorless, organic compound with the chemical formula C4H8O. It is a cyclic ether and belongs to a class of compounds known as heterocyclic compounds, specifically oxygen-containing heterocycles. THF is widely used as a solvent in various industries due to its unique properties. It has a low boiling point and good solvency for a wide range of organic and inorganic substances. THF is particularly effective at dissolving polar compounds, making it useful in chemical reactions and as a reaction medium in laboratory settings.
The tetrahydrofuran (thf) market is projected to grow from USD 2.95 Billion in 2017 to USD 4.12 Billion by upcoming years, at a CAGR of 6.9%. The tetrahydrofuran (THF) market has experienced significant growth and is expected to continue expanding. THF is widely used as a solvent in industries such as pharmaceuticals, polymers, coatings, and adhesives. It is also an important chemical intermediate for the production of various compounds. The market is dominated by the Asia-Pacific region, particularly China. Environmental regulations and the development of eco-friendly alternatives may impact the market.
Browse 60 market data Tables and 33 Figures spread through 100 Pages and in-depth TOC on “Tetrahydrofuran (THF) Market by Application (PTMEG, Solvents), Technology (Reppe Process, Davy Process, Propylene Oxide Process, Butadiene Process), and Region (Asia Pacific, North America, Europe, RoW) — Global Forecast.
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The Asia Pacific THF market is projected to grow at the highest CAGR, in terms of volume during the forecast period.
The Asia Pacific region is the largest market for tetrahydrofuran. The Asia Pacific THF market is projected to grow at the highest CAGR, in terms of volume. Countries such as China and South Korea of the Asia Pacific region are expected to witness high growth during the forecast period. The Asia Pacific region is also a major market for textiles, packaging, automotive, and chemical processing, globally. Countries in the Asia Pacific region are expanding their production capacities and investing in new projects to decrease their dependence on imports, thereby fueling the regional energy security and autonomy. China has enormous production capacities for 1,4-Butanediol (BDO) and tetrahydrofuran. Moreover, the growing purchasing capacity of consumers, increasing dispensable income of the middle class population, and growing awareness among masses about benefits of fitness activities have surged the demand for spandex in sportswear. Government support for the promotion of various sports events in the Asia Pacific region has also led to increased demand for sportswear from the region, thereby leading to the increased demand for spandex. This, in turn, is contributing to the growth of the Asia Pacific THF market.
Key Players in the THF Market
The key players operating in the THF market are 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. These companies have adopted various dynamic business strategies to strengthen their position in the THF market.
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Among applications, the Polytetramethylene Ether Glycol (PTMEG) segment led the THF market in 2017, in terms of volume.
The PTMEG application segment led the THF market in 2017, in terms of volume. PTMEG is used in the production of spandex and polyurethane. Spandex is extensively used in women’s clothing such as leggings, form-fit garments, and trendy outfits; sportswear such as swimwear, athletic wear, and aerobic garments; and casual garments. Changes in trends in the apparel industry have been largely responsible for blending sportswear with the casual wear. In addition, the growing health awareness among masses has increased fitness activities across the globe. These trends have increased the demand for sportswear across the globe, thereby leading to the increased demand for spandex. This, in turn, is driving the demand for tetrahydrofuran in PTMEG application. Moreover, flourishing construction, automotive, and consumer goods industries have also fueled the consumption of polyurethane in PTMEG application, thereby leading to the increased demand for tetrahydrofuran.
