The Global Tetrahydrofuran (THF) Market is Projected to Reach 975 Thousand Metric Tons by 2024
Broad Spectrum of THF-based
PTMEG Applications Continues to Drive Growth in the Global Tetrahydrofuran
(THF) Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Tetrahydrofuran (THF)
market. The global Tetrahydrofuran
(THF) market is projected to reach 975 thousand metric tons by 2024, driven by growing
applications of THF-based PTMEG, specifically in spandex fibers. The increasing
emphasis on eco-friendly products is also fueling demand for bio-based THF.
Tetrahydrofuran
(THF), also known as Diethylene Oxide or Tetramethylene Oxide, is an extremely
flammable, clear and colorless liquid, majority of which is used as an
intermediate for the production of poly tetra methyl ether glycols (PTMEG).
Growth in the THF market is primarily driven by wide ranging applications of
THF-based poly tetra methyl ether glycols (PTMEG) in spandex fibers,
thermoplastic polyurethane (TPU), cast urethane elastomers, urethane adhesives,
sealants as well as surface coatings, supported by its superior attributes of
hydrolysis and fungus resistance, low temperature flexibility, minimum heat
build-up, high resilience, low viscosity and lowest noise characteristics.
Growing
demand for polytetramethylene ether
glycol (PTMEG)
as a major raw material in the manufacture of spandex fibers is a major growth
driver in the THF market. Growth is being fostered by the escalating demand for
footwear and sports apparel, where Spandex is used as a raw material. The
strong demand for Spandex is due to its unique capability of providing strength
and strong elasticity. While majority of THF is used in the production of PTMEG
polymer, THF also finds use in numerous applications in solvents such as
printing inks, adhesives, industrial resins, elastomers, vinyl films and
cellophanes and coatings. Copolyester-ether elastomers (COPE) represent another
high-growth application of THF-derived PTMEG that is expected to drive growth
in the coming years. Rising use of THF in industrial applications as a resin
solvent in PVC and CPVC pipe cement, magnetic tapes, inks for plastics; and
polyurethane fabric coaters, and as a reaction solvent in alkali metals,
pharmaceuticals and specialty chemicals, and steroids, is also expected to
provide growth opportunities for THF market.
Strong
demand for green technologies is triggering industry shift towards THF produced
through bio-based manufacturing process. For example, corncobs-based
2-MethylTetrahydrofuran (2MeTHF) is being popularized as an eco-friendly substitute
for petroleum-based tetrahydrofuran. Compared to petro-based THF, 2-MeTHF is
found to be a better option in terms of higher saturation concentrations, lower
volatility, lesser impurities, higher reaction yields and better stability in
acidic conditions.
As
stated by the new market research report on Tetrahydrofuran (THF), Asia-Pacific represents
the largest market worldwide. The region is also forecast to register the
fastest CAGR of 5.5% over the analysis period. Consumption of THF benefits from
its widespread use in several industries across nations such as China and
India. China represents the largest producer and consumer of THF primarily
driven by robust demand for PTMEG-based spandex from the apparel industry.
Demand for THF in China also emerges from its growing use in adhesives, PVC,
and coatings, among others. Other Asian countries, including India, are also
expected to supplement growth in demand in the region driven by robust demand
for spandex from the regional apparel industries.
Major
players in the market include Ashland Inc., BASF SE, BioAmber Inc., Dairen
Chemical Corporation, INVISTA, MilliporeSigma, Mitsubishi Chemical Corporation,
Penn A Kem LLC, Saudi International Petrochemical Company, Shanxi Sanwei Group
Co. Ltd., and TCC Chemical Corporation, among others.
The
research report titled “Tetrahydrofuran (THF): A
Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies. The report provides market estimates
and projections for all major geographic markets such as the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific
(China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of
Latin America) and Rest of World. The global and regions markets for
Tetrahydrofuran (THF) are analyzed by following End-Use Segments – PTMEG and
Solvent.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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