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CHEMICALS AND ADVANCED MATERIALS

Tetrahydrofuran Market Segmentation by End User (Textile, Pharmaceutical, Paints and Coatings, Polymer, and Others); by Application (Solvent, Polytetramethylene Ether Glycol (PTMEG), and Others); by Technology (Davy, Reppe, Butadiene, and Propylene Oxide Process)– Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Tetrahydrofuran Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·   March 1, 2021: BASF announced that it will increase the selling prices for butanediol and its derivatives, including tetrahydrofuran in the European Union. These products are widely used for producing solvents, polyurethanes and elastic spandex.

Tetrahydrofuran Market Highlights 2022 – 2030

The tetrahydrofuran market is estimated to garner a sizeable revenue by recording a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to increasing demand for tetrahydrofuran (THF) from end user industries, rising number of construction and infrastructural development projects in the world, and growing requirement for spandex from textile industry. In 2020, the revenue of the construction industry in the United States alone reached to USD 1.3 billion. The value was almost USD 1 billion in 2018. Along with these, rise in usage of THF as adhesive, coating agent and reaction medium is also expected to boost market growth in the upcoming years. Furthermore, high demand for polyvinyl chloride (PVC) and polyurethane manufacturing is projected to offer lucrative opportunities to the market in the near future.  

Tetrahydrofuran Market

The market is segmented by application into solvent, polytetramethylene ether glycol (PTMEG), and others, out of which, the PTMEG segment is anticipated to hold the largest share in the tetrahydrofuran market on account of the growing usage of PTMEG for the production of tetrahydrofuran and increasing application of the chemical to manufacture swimsuits, sportswear and casual wear. In addition, the development of chemical industry across the globe is also assessed to lead the growth of the market segment in the future. Moreover, on the basis of technology, the Reppe process segment is evaluated to occupy the largest share during the forecast period, which can be credited to the low investment required to perform the process, high production effectiveness and its suitability for mass production of THF. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals Manufacturing

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Tetrahydrofuran Market Regional Synopsis

On the basis of geographical analysis, the tetrahydrofuran market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to grab the largest share and witness the highest CAGR over the forecast period on the back of increasing demand for THF from countries such as Japan, China and India, and rising usage of the chemical in the textile and pharmaceutical sectors of the region. Apart from these, escalating growth of automotive and packaging industries in China and India is also anticipated to drive market growth in APAC the coming years. Furthermore, the market in North America is also assessed to occupy notable share in terms of revenue owing to the growing sales of automobiles and fuel oils, coupled with high manufacturing of petroleum solvents in the region. For instance, the car sales in the United States reached more than 4.5 million in 2018. However, the sales declined to a large extent owing to COVID-19 pandemic.

Tetrahydrofuran Market

The tetrahydrofuran market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the tetrahydrofuran market includes the following segments:

By End User

  • Textile
  • Pharmaceutical
  • Paints and Coatings
  • Polymer
  • Others

By Application

  • Solvent
  • Polytetramethylene Ether Glycol (PTMEG)
  • Others

By Technology

  • Davy Process
  • Reppe Process
  • Butadiene Process
  • Propylene Oxide Process

Growth Drivers

  • Growing THF Demand from End Users
  • High Spandex Requirement in the Textile Industry

Challenges

  • Harmful Effects of Tetrahydrofuran on Health

Top Featured Companies Dominating the Market

  • BASF AG
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Mitsubishi Chemical Corporation
  • Banner Chemicals Limited
  • Ashland Global Holdings Inc.
  • DCC plc
  • Dairen Chemical Corporation
  • LyondellBasell Industries Holdings B.V.
  • Koch Industries, Inc.
  • Nova Molecular Technologies, Inc.
  • PENNAKEM, LLC

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