ID: MRFR/CnM/4348-HCR | February 2021 | Region: Global | 100 pages
Tetrahydrofuran Market Overview:
The Tetrahydrofuran Market size is projected as 6%. Tetrahydrofuran is an organic chemical used for various applications. It is widely used as a plastics solvent. Through this material performing organic synthesis is possible. It is a colourless transparent and low viscosity organic liquid. The Tetrahydrofuran Market is diversified into three segments. There is the application, end-user industry, and geographical segments in the market.
Polytetramethylene ether glycol is a solvent that has high demand among the end-users. Various end-users are having high requirements for the product. There are 15 countries across the world having the surging need for Tetrahydrofuran. Polymer, textile, pharmaceutical, paint and coatings markets are key end-users of the market.
Tetrahydrofuran is a liquid that is lighter than water and its low density makes it suitable for industrial applications. Tetrahydrofuran is the type of biofluids. THF is widely used in polymer research. It is also used to dissolve rubber for large scale purposes. It is the most preferred solvent for many sectors.
The polyvinyl chloride was created through the use of Tetrahydrofuran. The manufacturing sector has high usage of Tetrahydrofuran. The flourishing chemical industry is researching more with this product. It is a solution that is lower than the mass of Tetrahydrofuran. In the forecast period, there are plenty of factors that increase overall tetrahydrofuran market value.
The outbreak of covid is causing plenty of difficulties in tetrahydrofuran industry. Covid 19 has adverse impact on various industries. India, Japan, China, Poland, France, the UK, South Africa, and New Zealand are countries that are under lockdown. There is plenty of restriction in the market due to ongoing lockdowns. Furthermore, the coatings, textile and paintings market is facing a downfall in the market.
The construction industry is facing high damages in the market. On-site, constructions are restricted in this period.
Reducing demand for paints and coatings have revenue losses. Construction workers are halting their current projects due to the covid virus spread. In the forthcoming years, the demand will rapidly decline in these markets. In many regions the usage of alternatives of Tetrahydrofuran is high. This will create plenty of changes in the market trends. However, the next few years can increase the production of this chemical in developing economies. The Asia Pacific is expected to witness a gradual surge in demand rates.
The growing demand from the textile market is a crucial driver. In the next few years, the growing use of fake leather benefits this market. These leathers are used in n different applications such as garments, footwear, upholstery, and fabrics. This high usage can result in market expansion. Textile and garment demand has grown rapidly. Especially, tight-fitting garments with elasticity require the use of Tetrahydrofuran.
Today, the Sportswear market has a massive demand for this component. Fitness activities and consumer health trends boost the demand for the market. Higher adoption of Tetrahydrofuran in the textile industry will contribute to high profitability. Further, the growing demand from the paint coatings market is another growth factor. Tetrahydrofuran is used in coatings, adhesives, and speciality coating systems in manufacturing.
Adhesives and speciality coating systems is propelling the expansion of this market across the globe. Product demand is escalating by increased manufacturing of a variety of organic compounds. Demand for printing inks is another factor driving demand in this market. The rising production of organic substances is leading to higher adoption of Tetrahydrofuran. The demand driving factors will contribute to exceptional tetrahydrofuran market growth.
The growing demand from the Ether Glycol segment will create exceptional growth opportunities. Tetrahydrofuran is widely used in the production of polytetramethylene ether glycol. It is a chemical base for various plastic. Production of polyurethanes is possible through this proves. The demand from this segment is predicted to increase in the forthcoming years.
More than 65 per cent of the world's Tetrahydrofuran is utilized to create other forms of plastics and polytetramethylene. Also, the production of spandex and other polyurethanes use this component on large scale. During the forecast period, the market for Tetrahydrofuran is the growing use of polytetramethylene. The rising demand from the energy market is another growth factor in this market. Developing nations such as the Asia Pacific has a high need for reliable energy sources.
The growth of the energy market will positively impact the tetrahydrofuran market growth. The ongoing developments and enhancements in the product range are other factors contributing to growth. Investment from the key players is expected to rise for this market. This will create demand from new user ends. Innovation and penetration of Tetrahydrofuran in other developing regions will cause high growth. All these factors will enhance the supply rates of tetrahydrofuran.
The side effects and environmental harms of using tetrahydrofuran are restraining factors of this market. tetrahydrofuran is a chemical that can cause harmful effects on the environment. Especially, the usage of this component can release carbon emissions. This product is supposed to irritate the eyes, skin and mucous membrane of humans. When combined with atmospheric air it can affect the environment.
Due to the wide range of harm the demand for the product can decline. There is a restriction reading the use of tetrahydrofuran in many regions. These limitations of the product can cause a downfall in the demand. Especially, in this period, respiratory diseases are high. This will decline the adoption of tetrahydrofuran.
There are many substitutes available for tetrahydrofuran. The development of more alternatives can be a challenge to the market. The demand for tetrahydrofuran is decreasing due to its harms. However, the substitutes of this product are safe and secure to use. There are plenty of eco-friendly alternatives that can take over the market demand. The emergence of these substitutes can affect market growth. Also, the impact of covid 19 can cause more challenges in the market. Overall supply and demand can be affected due to these causes.
The tetrahydrofuran market trends is stable in the forecast period. The Reppe process segment is witnessing high demand in the market. Due to the surging demand for this technique the growth will increase. Further, demand driving factors such as need from the textile industry can positively impact the market.
The paint coating market will play a crucial role in raising the demand. Also, environmental harms can restrict the growth and adoption rate. In many regions, the product is restricted due to side effects. High cost is another prevalent challenge in many regions. However, growing demand for the emerging market will sustain growth.
Asia pacific will lead the market with the highest tetrahydrofuran market share. The rising industrial sector in India, China, and Japan is impacting the growth in this region. Asia pacific is has emerged as the fastest developing market in Tetrahydrofuran. Increasing demand for clothing and textile plays a crucial role. Especially in India and China, is propelling the textile sector is leading to growth. Increased consumers inclination is causing high spending.
The industry is growing due to the increasing usage of synthetic fibre textiles. Also, apparel, shoes, and furnishings are other industries using the component. Further, according to an Economic Survey, the government of India is expanding labour-intensive industries. This will expand like textile and apparel to provide plenty of job opportunities. All these factors will create high scope for tetrahydrofuran market in Asia pacific.
Tetrahydrofuran Market by technology
Tetrahydrofuran Market by Application:
Tetrahydrofuran Market by Region:
Global Tetrahydrofuran Market Share, by the Application (%)
Tetrahydrofuran market is diversified into three major regions such as Asia Pacific, Europe and North America. The Asia Pacific will lead the other market with the highest demand rate. North America is the next largest market. Due to growing textile North America is anticipated to lead the market growth. The market is growing due to increased demand from the pharmaceutical sector.
The growing geriatric population and rising disposable income are other demand drivers of the market. However, the Food Administration has few restrictions on Tetrahydrofuran use due to health and environmental concerns. Europe is the next region with high demand. Individuals spending power is raising and their living standards are improving. The construction industry is a demand driving factor in these regions.
The key players of Tetrahydrofuran Market are
|Market Size||2030: Significant Value|
|CAGR||Substantial CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Geographies Covered||North America, Europe, Asia-Pacific, Middle East & Africa and Latin America|
|Key Vendors||BASF Corporation (USA), Dairen Chemical Corporation (Taiwan), Merck KGaA (Germany), Technical Chemical Company (U.S.), Mitsubishi Chemical Corporation (Japan), Ashland (U.S.), INVISTA (U.S.), BioAmber Inc. (U.S.), LyondellBase (Netherlands), and Credence Chem Private Limited (India),|
|Key Market Opportunities||Growing use in the manufacturing of coatings, adhesives & speciality coating systems is driving the market growth|
|Key Market Drivers||Increasing use of artificial leather in various applications such as clothing, footwear, upholstery, and fabrics is set to remain a key driving factor|
Frequently Asked Questions (FAQ) :
Tetrahydrofuran is a highly volatile organic solvent used for various chemical syntheses.
Major applications of tetrahydrofuran are polytetramythelene ether glycol, solvents, and others.
The increasing demand for artificial leather is likely to be a major driver for the tetrahydrofuran market over the forecast period.
North America and Asia Pacific are likely to be important regional markets for the tetrahydrofuran industry.
Leading players in the tetrahydrofuran market include BASF, Merck, and Mitsubishi, among others.
The growth rate is estimated as 6% for the forecast period.