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Tetrahydrofuran (THF) Market - Growth, Trends, and Forecast (2020-2025)

  • ID: 5012323
  • Report
  • March 2020
  • Region: Global
  • 120 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Ashland
  • Banner Chemicals Limited
  • BASF SE
  • BHAGWATI CHEMICALS
  • DCC
  • ES CHEM Co.,Ltd
  • MORE
The market for tetrahydrofuran is expected to grow at a CAGR of 6% globally during the forecast period. Growing demand for spandex from the textile industry and increasing demand for polyvinyl chloride manufacturing are driving the market. On the flip side, the availability of close substitutes and hazardous nature (highly flammable and health hazard) of THF are hindering the growth of the market.

Tetrahydrofuran market is expected to grow during the forecast period owing to the increasing demand for Polytetramethylene Ether Glycol (PTMEG)

Asia-Pacific region to dominate the market across the globe with the largest consumption from countries such as China, India, and Japan.

Key Market Trends

Growing Demand for Polytetramethylene Ether Glycol (PTMEG)
  • Tetrahydrofuran (THF) is widely used for Polytetramethylene Ether Glycol (PTMEG) manufacturing which is used as a base chemical in the manufacturing of polyurethanes and is expected to be the fastest-growing market during the forecast period.
  • Spandex is a synthetic fabric that is composed of 85% polyurethane by weight. Spandex is a segmented polymer that contains alternating rigid and flexible segments of polyurethane.
  • Due to the superior characteristics of spandex, it is used widely in women's clothing, swimsuits, casual wear, and sports fabrics to provide more comfort and elasticity. It has good strength, high uniformity, and high abrasion resistance.
  • More than 65% of the tetrahydrofuran produced globally is used in the manufacturing of PTMEG which is used mainly in the production of spandex and other polyurethanes. The increasing demand for spandex in the textile industry is expected to drive the market for tetrahydrofuran during the forecast period.
Asia-Pacific Region to Dominate the Market
  • The Asia-Pacific region is expected to dominate the market for tetrahydrofuran during the forecast period due to an increase in demand from countries like China, India, and Japan.
  • The growing textile industry in emerging economies like China and India is expected to drive the market during the forecast period. According to the National Development and Reform Commission, China’s domestic sales of apparel and knitwear stood at around USD 172.4 billion for the first 11 months of 2019, representing growth of about 3% year-on-year over the same time period in 2018.
  • Apart from the textile industry, THF is mainly used as a solvent in various processes in pharmaceutical industries along with minor applications being from paints and coatings, adhesives and magnetic tapes.
  • In the pharmaceutical industry, THF is used to synthesize cough serum, rifamycin, progesterone & other hormone drugs and as a reaction medium in the Grignard synthesis process. India’s pharmaceutical industry occupies a 20% share in global supply by volume and is placed third worldwide for production by volume. The increasing demand and expansion of pharmaceutical industries is expected to drive the market for THF.
  • The aforementioned factors, coupled with government support, are contributing to the increasing demand for tetrahydrofuran (THF) market in the Asia-Pacific during the forecast period.
Competitive Landscape

The global tetrahydrofuran (THF) market is partially fragmented with players accounting for a marginal share of the market. Few companies include Ashland, BASF SE, DCC, Mitsubishi Chemical Corporation and Banner Chemicals Limited

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FEATURED COMPANIES

  • Ashland
  • Banner Chemicals Limited
  • BASF SE
  • BHAGWATI CHEMICALS
  • DCC
  • ES CHEM Co.,Ltd
  • MORE
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand for Spandex from Textile Industry
4.1.2 Increasing Demand for PVC Manufacturing
4.2 Restraints
4.2.1 Availability of Close Substitutes
4.2.2 Hazardous Nature (Highly Flammable and Health Hazard) of THF
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

5 MARKET SEGMENTATION
5.1 Application
5.1.1 Polytetramethylene Ether Glycol (PTMEG)
5.1.2 Solvent
5.1.3 Others
5.2 End-user Industry
5.2.1 Polymer
5.2.2 Textile
5.2.3 Pharmaceutical
5.2.4 Paints & Coatings
5.2.5 Others
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Ashland
6.4.2 Banner Chemicals Limited
6.4.3 BASF SE
6.4.4 BHAGWATI CHEMICALS
6.4.5 DCC
6.4.6 ES CHEM Co.,Ltd
6.4.7 Hefei TNJ Chemical Industry Co.,Ltd.
6.4.8 Henan GP Chemicals Co.,Ltd
6.4.9 Mitsubishi Chemical Corporation
6.4.10 NASIT PHARMACHEM
6.4.11 REE ATHARVA LIFESCIENCE PVT. LTD.
6.4.12 RIDHDHI SIDHDHI CHEMICALS
6.4.13 Sipchem

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovations in Development of Bio-based Tetrahydrofuran (THF)
7.2 Other Opportunities
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  • Ashland
  • Banner Chemicals Limited
  • BASF SE
  • BHAGWATI CHEMICALS
  • DCC
  • ES CHEM Co.,Ltd
  • Hefei TNJ Chemical Industry Co.,Ltd.
  • Henan GP Chemicals Co.,Ltd
  • Mitsubishi Chemical Corporation
  • NASIT PHARMACHEM
  • REE ATHARVA LIFESCIENCE PVT. LTD.
  • RIDHDHI SIDHDHI CHEMICALS
  • Sipchem
Note: Product cover images may vary from those shown
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