Tetrahydrofuran Market

Tetrahydrofuran (THF) Market (2023-2028)

The tetrahydrofuran (THF) industry is predicted to raise from $ 3.23 billion in the year 2022 to $ 4.40 billion by the end of the year 2028, with a current CAGR of 7.1% from 2023-2028

The Reppe process is preferred to the furfural process because the former is completely synthetic and therefore, unlike its counterpart, the availability of raw materials does not depend on agricultural conditions. Although employed as a starting material for various syntheses, THF can even be employed as a coating agent, adhesive, reaction medium or extractant. The chemical is highly volatile and flammable, so care must be taken to ensure that it is stored and handled in an environment where atmospheric oxygen is excluded or limited. Also due to its volatile nature, care must be taken that the contents run out quickly once the container is opened, as it is said to have a limited shelf life after exposure to the environment.

Tetrahydrofuran (THF) is a chemical compound with the molecular formula C4H8O. It is derived mainly from 1,4-butanediol. It is mainly employed as a polymer precursor and as a solvent for the Grignard reaction. Tetrahydrofuran (THF) is gaining importance due to the escalating call for PTMEG production. Improving economies in emerging countries is also boosting the worldwide tetrahydrofuran (THF) market. Tetrahydrofuran (THF) is a highly volatile organic solvent for general use. It is a colorless liquid, miscible with water and mobile.

Tetrahydrofuran (THF) Market Trends:

Tetrahydrofuran (THF) is employed as a solvent in the production and processing of various polymers and adhesives. This (THF) finds its greatest use in the manufacture of PTMEG and polytetrahydrofuran. THF polymerizes to form PTMEG which is employed as a raw material for various fibers (Spandex) in the textile industry. Spandex is employed in various textile garments to enhance the properties of textiles. The expansion of this market segment can be attributed to the low cost of raw materials and the easy availability of butadiene. In addition, the Reppe process is the most employed technology for the manufacture of tetrahydrofuran, due to its low cost and the reduced number of steps involved. The efficiency of the Reppe process technology in the manufacture of 1,4-butanediol (BDO) is high. The Butadiene Process segment of the THF market is predicted to grow at the highest CAGR, in terms of volume during the foreseen period due to the easy availability of low-cost raw materials.

TETRAHYDROFURAN (THF) MARKET REPORT COVERAGE:

Recent Developments in the Tetrahydrofuran (THF) Market:

Saudi International Petrochemical Co declared on Tuesday that its marketing arm opened a firm in Singapore that will sell and market all of the firm's goods.

Tetrahydrofuran (THF) Market Drivers:

The expansion of the THF market is driven by the escalating use of tetrahydrofuran in the manufacture of spandex and polyurethane. The thriving textile industry around the world is driving call for polytetramethylene ether glycol (PTMEG), which is employed as a raw material for the production of spandex. This, in turn, leads to an escalated call for tetrahydrofuran around the world. The growing call for elastane and polyurethane fibers around the world is driving the expansion of the tetrahydrofuran market. Factors such as the high call for polyurethane coupled with strong expansion in energy markets are positively affecting market expansion. Other factors that are helping the market include the expansion of spandex fiber. The growing call for spandex from the textile industry and the growing call for polyvinyl chloride manufacturing are driving the market. On the other hand, the availability of close substitutes and the dangerous nature (highly flammable and dangerous to health) of THF is hampering the expansion of the market.

Tetrahydrofuran (THF) Market Restraints:

The dangerous impact of tetrahydrofuran on human and animal health and its high manufacturing costs are the factors that are holding back the expansion of the THF market around the world.

Opportunities in the Tetrahydrofuran (THF) Market:

Strong call for tetrahydrofuran from emerging economies such as China and several Southeast Asian countries also provides tremendous opportunities for the expansion of the THF market.Tetrahydrofuran is widely used as a solvent for small-scale laboratory experiments, primarily because it can dissolve a wide variety of organic compounds and has a relatively low boiling point. These characteristics of tetrahydrofuran are driving its demand in various end-use industries such as the pharmaceutical industry, food packaging, plastics industry, etc., which will greatly increase the market for tetrahydrofuran.

Challenges in the Tetrahydrofuran (THF) Market:

Tetrahydrofuran is flammable and carcinogenic. Exposure to Tetrahydrofuran can cause serious health hazards for humans and animals. However, challenges such as escalating buyer bargaining power and an emphasis on high-quality, low-cost products are forcing major changes in the tetrahydrofuran (THF) supply chain.

Tetrahydrofuran (THF) Market Segmentation:

By Application:

• PTMEG
• Solvents

The PTMEG applications sector is predicted to lead the THF industry throughout the foreseen period, on the basis of volume. This market segment is also predicted to grow at the highest CAGR, in terms of volume between 2020 and 2025. The expansion of the PTMEG applications segment of the THF market can be attributed to the extensive use of PTMEG in the production of spandex and polyurethane

By Technology:

• Reppe Process
• Davy Process
• Propylene Oxide Process
• Butadiene Process

On the basis of technology, the Reppe process sector is predicted to be leading the THF industry, on the basis of volume throughout the foreseen period.

Tetrahydrofuran (THF)Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The Asia-Pacific region is the world's largest market for tetrahydrofuran. The Asia-Pacific THF market is predicted to grow at the highest CAGR, in terms of volume between 2020 and 2025. China, India, and several countries in North and South Asia are the main contributors to the call for tetrahydrofuran. Strong expansion in the automotive and packaging industries in the Asia-Pacific region has driven the expansion of the THF market in this region. The Asia-Pacific THF market is predicted to grow at the highest CAGR, in terms of volume during the foreseen period. Strong expansion in the manufacturing sector in the Asia-Pacific region due to escalating industrialization has driven a call for tetrahydrofuran in the chemical, textile, packaging, automotive and consumer goods industries. Tetrahydrofuran is employed as a solvent in adhesives, paints, coatings, pharmaceuticals, inks, and cosmetics. Therefore, the escalated consumption of tetrahydrofuran in these industries in the region is predicted to drive the expansion of the THF market in Asia-Pacific during the foreseen period. In addition, growing investments by major chemicals in the chemical industry in the Asia-Pacific region are also driving the call for tetrahydrofuran in the region.

Tetrahydrofuran (THF) Market Key Players:

1. THF are Sigma-Aldrich Corp
2. TCC Chemical Corporation
3. Mitsubishi Chemical Corporation
4. Dairen Chemical Corporation
5. Saudi International Petrochemical Company
6. Ashland Inc.