The Tetrahydrofuran (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.
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The report "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 to 2022",
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 to 2022"
High demand for spandex and polyurethane across the globe is driving the growth of the THF market. Increased demand for spandex from the textile and apparel industries due to the high strength and elasticity offered by spandex has led to increase in the production of Polytetramethylene Ether Glycol (PTMEG), thereby leading to the growth of the THF market.
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The growing demand for tetrahydrofuran from the chemical and textile industries is also leading to the growth of the THF market. The textile industry in emerging economies such as China and India is expected to witness increased demand for tetrahydrofuran during the forecast period.
Among technologies, the Reppe process segment led the THF market in 2017, in terms of volume.
The Reppe process segment led the THF market in 2017, in terms of volume. The Reppe process is a mature technology and is widely used for the production of tetrahydrofuran due to its high production efficiency and low investment costs.
It is also suitable for the mass production of tetrahydrofuran. Less number of steps involved in this process, saves the process time, thereby making manufacturing of tetrahydrofuran easy.
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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.
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.
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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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