Tetrahydrofuran Market: An Overview
The global Tetrahydrofuran market was valued at USD 3.2 trillion in 2019 and is expected to reach USD 5.45 trillion by 2027, at a CAGR of 6.8 percent, according to the current analysis of Reports and Data. A colourless, volatile liquid that is also water-miscible is tetrahydrofuran (THF). With a relatively low boiling point and first-rate solvency, tetrahydrofuran is an excellently stable compound. THF is widely used in the synthesis of polytetramethylene ether glycol (PTMEG) for the dissolution of many substances as well as feedstocks. The saturated furan derivative is tetrahydrofuran. Tetrahydrofuran is an excellent solvent for higher molecular compounds such as polyvinyl chloride and other copolymers at ambient temperatures. Tetrahydrofuran helps to improve the solvency of different polymer compounds in conjunction with methyl-ethyl-ketone.
Tetrahydrofuran Market DynamicsAs the compound has a wide variety of applications for PVC top coatings in the automotive industry and polyurethane coatings for fabric finishes, the tetrahydrofuran market is growing. Tetrahydrofuran is the preferred ink solvent that is used for PVC film printing. In addition, in market segments such as PVC welding components, and other leather-related adhesive applications, and polymer compositions, tetrahydrofuran use has proliferated. In the chemical industries, the tetrahydrofuran market finds substantial prospects for use. THF solvency quality is used in many organic compounds that are inorganic. Often used as reagents, catalysts and for polymerization are the products and solutions of tetrahydrofuran. Oxolane or tetrahydrofuran is also regularly used by the pharmaceutical industry for solvent cleansing used in polymer fabrication and processing equipment.
Tetrahydrofuran is commonly used in the manufacture of polyurethane resins and is widely adopted in the automobile, building and electronic industries for its lightweight characteristics. This is expected to fuel the growth of the market for tetrahydrofuran. Market growth may be hampered by strict environmental regulations on fossil fuel burning to control toxic gas emissions. Various reforms have been adopted under the Toxic Substance Control Act to promote environmental dialogue by using the tetrahydrofuran market's environmentally sustainable method of product processing.
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Tetrahydrofuran Market: Regional Outlook
It is predicted that the Asia Pacific tetrahydrofuran market will have a CAGR of 7% over the forecast period, followed by North America and Europe, with a CAGR of 6.9% and 6.7%, respectively. Extensive use of THF across industries is the main driver for accelerating demand growth across all regions during the forecast period. It is estimated that the Asia Pacific region will hold 50.6 percent of the global demand for oxolane. The rise in solvent applications in countries such as India, China, Australia and Korea would also lead to this increase in revenue growth in the industry.
In the U.S., Canada and Mexico, North America's tetrahydrofuran market, led by end-use industries, is expected to show substantial growth over the projected timeframe. It is likely that the development of various processing aids and solvents in the petroleum industry will spur the growth of the industry. The European market for oxolane, led by the United Kingdom, France, Italy and Germany, is expected to rise as a result of growing demand for ready-to-eat food and take-away food.
Tetrahydrofuran Market: Key Players
- BASF SE
- Dairen Chemical Corporation
- INVISTA
- Mitsubishi Chemical Holdings Corporation
- LyondellBasell Industries N.V.
- Saudi International Petrochemical Company
- Penn A Kem LLC
- Ashland Global Specialty Chemicals Inc.
- Nova Molecular Technologies
- BioAmber Inc.
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COVID-19 Impact on Tetrahydrofuran Market:
All markets have taken a serious hit due to the insurgence of COVID-19 and while some businesses have gone under, others have hunkered down and waiting for the crisis to blow over. Various application sectors for tetrahydrofuran have been negatively and positively impacted by the worldwide spread of the virus. With the automotive and construction industries having largely downscaled their activities, the tetrahydrofuran market has sustained losses. On the other hand, the pharmaceutical industry is acting in full swing and has created addition al demand for tetrahydrofuran. It is expected once things go back to normal and supply chains are up and running, the industry can make up for this temporary and unexpected loss.
Report Highlights:
- Detailed overview of the market
- Evolving tetrahydrofuran market dynamics
- In-depth tetrahydrofuran market classification
- Historical, present, and anticipated tetrahydrofuran market size and share in terms of volume and value
- Recent tetrahydrofuran market trends and advances
- Competitive landscape
- Strategies adopted by key players and products portfolio
- Segments, sub-segments, and geographic regions exhibiting growth prospects
- A neutral and global perspective on tetrahydrofuran market performance
Tetrahydrofuran Market: Segmentation
For a better understanding of the study, Reports and Data has segmented the Tetrahydrofuran market based on Type, Application, End-use, and Region:
Process Type (Revenue in USD Million; Volume in Tons, 2017–2027)
- Acetylene-based Process
- Butadiene-based Process
- Maleic Anhydride-based Process
- Propylene-Based Process via Allyl Alcohol
- Propylene Oxide-based Process
Application (Revenue in USD Million; Volume in Tons, 2017–2027
- Polytetramethylene ether glycol (PTMEG)
- Solvent applications
- Other Applications
End-Use (Revenue in USD Million; Volume in Tons, 2017–2027)
- Polymer
- PVC
- Pharmaceutical
- Sealants & Adhesives
- Others
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Regional Outlook (Revenue in USD Million; Volume in Tons, 2017–2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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