Tetrahydrofuran Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4053
Tetrahydrofuran Market size may witness high growth rate from 2019 to 2025 owing to rising demand of polyurethane and spandex fibres. It is an important intermediate in manufacturing thermoplastic polyurethane elastomers (TPU) and spandex fibres, it is polymerized to form PTMEG which is used as a raw material for spandex within the textile industry. Moreover, increasing application in automotive, construction, and footwear industries, may further stimulate the tetrahydrofuran market growth.
It is an organic heterocyclic compound with a molecular formula (CH2)4O. It is a colourless, water soluble organic liquid with considerably low viscosity, mainly used as a precursor to polymers. It is also used for extremely abrasion-resistant & flexible hoses, cable sheathing, and films. In addition, it is used for manufacturing polyether amide, thermo-plastic, cast polyurethane elastomers, and polyether esters, which have proven use for inline skates & skateboard wheels.
Tetrahydrofuran is derived by dehydrating BDO, which is produced using several processes; including furfural, butadiene, reppe, and davy process. Reppe process is the most suited manufacturing process owing to its high manufacturing efficiency and little investment costs. Moreover, this process is ideal for mass production of tetrahydrofuran as a smaller number of steps are involved in the process making it time efficient.
Tetrahydrofuran is widely used for manufacturing polyurethane resins and its wide usage in automotive, construction, and electronic industry owing to its lightweight properties may drive the tetrahydrofuran market growth. Polyurethane resins market size was valued at over USD 65.6 billion in 2018. Stringent environmental regulations owing to release of toxic gases on burning of fossil fuel may hinder the market growth. Various key improvements under TSCA act have been adopted to foster environmental conversation by using environmentally friendly method of product manufacturing.
It is used as a solvent to dissolve strong synthetic and natural resins such as vinylidene chloride copolymers & polyvinylchloride. The product is also used as a solvent in processing of various adhesives as well as polymers and to produce PTMEG & polytetrahydrofuran. Global polytetrafluoroethylene market size is predicted to rise at over USD 3.2 billion by 2023 owing to increasing recycling of tetrafluoroethylene monomers for polytetrafluroethylene, sealants, medical implants, and wiring insulation, which may stimulate the industry growth.
The product is used in polyvinyl chloride production as an industrial solvent and manufacturing of varnishes. PVC market size is likely to surpass USD 70 billion by 2020 on account of its rising demand from end-use industries, urbanization, population, and rise in disposable income of people, which accelerates the tetrahydrofuran market share.
Tetrahydroduran market demand from pharmaceutical industry is likely to increase by the forecasted timeframe. It is largely used as a reaction medium in grignard syntheses or reduction of lithium aluminium hydride and act as an extractor for several drugs. Global API market is estimated to be around USD 180 billion in 2019 and is likely to surpass over USD 245 billion in 2024 owing to increasing prevalence of chronic diseases and intake of biopharmaceuticals, which may foster the product demand.
The polytetramethylene ether glycol application segment is driving tetrahydrofuran market as it extensively used in manufacturing clothes such as swimwear, aerobic garments, and athletic wear. Global apparel industry is currently valued at over USD 3 trillion and as is predicted to rise owing to changing trends in apparel industry coupled with growing health awareness among masses which has led to an increase in fitness activities, thereby driving the industry growth.
The product causes skin problems, eye irritation, dizziness, and nausea when exposed in sunlight, moreover, substitutes such as 2-methyl tetrahydrofura is used in industries which may hinder the product market growth.
North America tetrahydrofuran market size, led by the U.S., Canada, and Mexico is likely to show significant growth by forecast timeframe. The U.S. fuel oil sales accounted at over 40% and automotive fuel oil sales at over 10% in 2017 owing to rising demand in automotive may drive the regional industry growth. Manufacturing of various processing aids and solvents in petroleum industry in downstream and midstream application is likely to spur the industry growth.
Europe, led by UK, France, Italy, and Germany tetrahydrofuran market share is predicted to rise on account of growing prevalence of ready to eat food and take-away food. Regional packaging market revenue is predicted to increase at around 4.5% over the forecasted timeframe, attributed to growing number of food processing industries and flexible packaging, thus augmenting the product market.
Asia Pacific tetrahydrofuran market, led by India, Japan, and China may witness significant growth by the forecasted timeframe on account of rising demand from end-segment industries such as automobiles, and chemicals. Indian chemical industry market size is predicted to reach to USD 300 billion by 2025 from USD 160 billion in 2018 on account of rising demand for speciality chemicals & petrochemical intermediates, which would grow product demand.
Global tetrahydrofuran market share is significantly competitive and fragmented. BASF, Dairen Chemical, Ashland, Nan Ya Plastics, Nova Molecular Technologies, Mitsubishi Chemical, LyondellBasell, Sipchem, Pennakem, and BioAmber are some of the manufacturers. Companies are adopting strategies of merger & acquisition as well as agreement & partnership to enhance their product portfolio.
Tetrahydrofuran Market, By Process Technology, 2014-2025 (kilo Tons) (USD Million)
- Propylene Oxide-Based Process
- Davy Process
- Reppe Process
- Butadiene Process
Tetrahydrofuran Market, By Applications, 2014-2025 (Kilo Tons) (USD Million)
- Polytetramethylene ether Glycol (PTMEG)
- PU Resins
- Thermoplastic Polyester Elastomers
- Printing Inks
- Reactions & Purifications
- Organic Synthesis
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- BASF Corporation
- Mitsubishi Chemical Corporation
- Dairen Chemical
- Nan Ya Plastics
- Nova Molecular Technologies
- Bluestar New Chemical Materials
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