Tetrahydrofuran (THF) Market Size is projected to reach USD 5,760.0 Million by 2028, growing at a CAGR of 6.40%

bhagyashri shewale
Published on Jun 03, 2023

According to the latest analysis by Reports and Data, the global Tetrahydrofuran (THF) market was valued at USD 3,490.8 million in 2020. It is projected to reach USD 5,760.0 million by 2028, with a compound annual growth rate (CAGR) of 6.40%. THF is a colorless, volatile, and water-miscible liquid known for its stability, low boiling point, and excellent solvency. It is widely used as a solvent and feedstock for the synthesis of polytetramethylene ether glycol (PTMEG). THF finds applications in various industries, including automotive (PVC top coatings), textiles (polyurethane coatings for fabric finishes), printing (inks for PVC film), adhesives (leather and polymer compositions), and chemicals.

The THF market is expanding globally, with significant growth expected in the Asia Pacific region (CAGR of 6.9%), followed by North America (CAGR of 6.7%) and Europe (CAGR of 6.9%). The solvent application dominates the market, accounting for 54.1% of the global market share in 2019, particularly in the Asia Pacific region. The PTMEG segment is projected to be the fastest-growing market segment with a CAGR of 7.0%, although manufacturing costs pose a challenge.

The Acetylene-based process is expected to have the second-highest CAGR (6.9%) among the process types. In terms of end-use, the PVC segment is anticipated to reach USD 1.03 billion by 2027, growing at a CAGR of 6.40%. The polymer segment is expected to grow significantly at a rate of 7.1%, driven by the textile industry's demand. The Asia Pacific region is forecasted to hold the largest market share (50.6%), driven by solvent applications in countries like India, China, Australia, and Korea.

However, the hazardous nature of THF poses challenges to market growth. The pharmaceutical end-use segment is expected to register a CAGR of 6.7% during 2019-2027, while the others end-use segment (packaging, cement, oil & gas, piping, printing inks) is projected to reach USD 742.6 million by 2027.

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Key participants in the THF market include BASF SE, Dairen Chemical Corporation, INVISTA, Mitsubishi Chemical Holdings Corporation, LyondellBasell Industries N.V., Saudi International Petrochemical Company, Penn A Kem LLC, Ashland Global Specialty Chemicals Inc., Nova Molecular Technologies, and BioAmber Inc.

To gain a better understanding of the study, Reports and Data have segmented the THF market based on type, application, end-use, and region. The process types include Acetylene-based, Butadiene-based, Maleic Anhydride-based, Propylene-Based via Allyl Alcohol, and Propylene Oxide-based processes. Applications include PTMEG, solvent applications, and other applications. End-use segments encompass polymer, PVC, pharmaceutical, sealants & adhesives, and others. The market is further segmented by region, including North America (U.S., Canada), Europe (Germany, France, UK, Spain, Italy, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil).

Tetrahydrofuran (THF) Market: Drive factors

Factors Driving the Tetrahydrofuran (THF) Market Growth:

  1. Increasing Demand in Various Industries: The Tetrahydrofuran market is being driven by its wide range of applications in different industries. It is extensively used in the automotive industry for PVC top coatings, in the textile industry for polyurethane coatings on fabrics, and in the printing industry for inks on PVC film. Its use in adhesive applications, particularly in leather and polymer compositions, is also contributing to market growth.
  2. Growing Demand for Polytetramethylene Ether Glycol (PTMEG): PTMEG is a key product synthesized using Tetrahydrofuran as a feedstock. The increasing demand for PTMEG in various industries, such as textiles and automotive, is fueling the growth of the Tetrahydrofuran market.
  3. Expansion in Chemical Industries: Tetrahydrofuran has a significant presence in chemical industries due to its excellent solvency properties. It is widely used as a solvent for organic and inorganic compounds, as well as a reagent, catalyst, and polymerization agent. The expansion of chemical industries worldwide is driving the demand for Tetrahydrofuran.
  4. Growing Solvent Applications: Tetrahydrofuran is extensively used as a solvent for higher molecular compounds like polyvinyl chloride (PVC) and other copolymers. The increasing demand for solvents in various applications, such as PVC welding components and printing inks, is boosting the Tetrahydrofuran market.
  5. Regional Market Growth: The Asia Pacific region, including countries like India, China, Australia, and Korea, is witnessing significant market growth. The rising solvent applications in these countries, along with the growth of various industries, are driving the demand for Tetrahydrofuran in the region.
  6. Increasing Demand in the Pharmaceutical Industry: The pharmaceutical industry frequently uses Tetrahydrofuran as a solvent for cleaning polymer fabrication and processing equipment. The growth of the pharmaceutical sector and its requirements for solvent cleaning are contributing to the market expansion.

Overall, the Tetrahydrofuran market is driven by its versatile applications in different industries, the demand for PTMEG, expansion in chemical industries, solvent applications, regional market growth, and the increasing demand in the pharmaceutical industry.

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