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.

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