Tetrahydrofuran Market Growth, Trends Plans, Top Key Players, Share, Global Size Analysis by Forecast to 2027

Posted May 24, 2021 by Marketresearchfuture

Tetrahydrofuran Market Growth, Trends Plans, Top Key Players, Share, Global Size Analysis by Forecast to 2027
Market Overview:

The product demand is increasing from sports industry due to rising interest of the consumers towards adventure sports for fitness. Escalating demand from automobile industry for rigid insulation lanes is driving the market for polyurethane elastomers. Increasing use of building and construction industry due to abrasion resistance is fuelling the polyurethane demand. Additionally, flexible polyurethane form is increasingly used in the furniture making, and packaging industry is owing to greater strength, high durability and excellent comfort. Moreover, it is used as a chemical reagent in pharmaceutical synthesis, which may fuel the demand for the product from the pharmaceuticals industry. Among the other processes used for synthesizing tetrahydrofuran, ripe is most widely used due to high efficiency and greater cost-effectiveness of this process.

Tetrahydrofuran is widely used in the formulation of organic substances. It can be synthesized through four chemical processes such as reppe, furfural, butadiene, davy, and others. The product is significantly used as a precursor in the manufacturing of polytetramythelene ether glycol and is also used as a different type of solvents such as reaction, resin, and chromatographic solvents. It is widely used in the manufacturing of spandex and polyurethane elastomers. Spandex is used in the manufacturing of sportswear due to its high elastic property, casual wear, and home furnishing.

Key Player:
Ø  BASF Corporation
Ø  Dairen Chemical Corporation
Ø  Merck KGaA
Ø  Technical Chemical Compan
Ø  Mitsubishi  Chemical Corporation
Ø  Ashland
Ø  BioAmber Inc
Ø  LyondellBase
Ø  Credence Chem Private Limited
Industry/ Innovation/ Related News:

January, 2018 - BASF Corporation closed its THF and butanediol plant in North America post two events that happened at Geismar, Louisiana, manufacturing facility.

October, 2017– INVISTA, a leading integrated producer of chemical intermediates, polymers, and fibers, signed aggrement to sell its apparel and advanced textiles business to Shandong Ruyi Investment Holding. INVISTA will retain intellectual property rights for 1.4 butanediol (BDO), tetrahydrofuran (THF), and polytetramethylene ether glycol (PTMEG) technologies.

August, 2017– Ashland has stopped production of 1.4 butanediol and tetrahydrofuran (THF) in Europe after the fire incidence took place at its manufacturing facility at Marl, Germany.

Competitive Analysis:

Tetrahydrofuran is at the growth stage and is expanding rapidly across the globe especially in the Asia pacific region owing to the expanding textile industry. Some of the growing trends noticed among the market players are acquisition. However, some market players have stopped production of THF and butanediol as a result of fire incidences happened at their manufacturing plants. For instance, BASF SE is expanding its manufacturing capacity of the Tetrahydrofuran under the brand name Cellasto in Gujarat. This is with respect to the growing demand for the product from the automotive industry coupled with increasing spending on the vehicles by the middle income group in India.
Regional Analysis

Asia Pacific region is witnessing a significant growth for tetrahydrofuran due to its extensive use in the major end-use industries in this region such as textile and apparel industry; it is one of the fastest growing industries in India and China. Growing penetration of organized retailers and increasing sales and trading through e-commerce mode is propelling the growth of the regional market. Furthermore, the demand for the product from paints and coatings industry is increasing due to growing demand from the residential and commercial building construction and automotive industry in this region, especially in India, China, South Korea, and Thailand.

North America and Europe regions are expected to witness a sluggish growth during the assessment period owing to the stringent government regulations in place to limit the production of tetrahydrofuran, which harms the health and environment.

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Last Updated May 24, 2021