Tetrahydrofuran Market Size, Growth, Analysis, Trends and Forecast to 2030 | ChemAnalyst

NEW YORK - Nov. 23, 2022 - PRLog -- According to ChemAnalyst report, "Global Tetrahydrofuran (THF) Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030", global Tetrahydrofuran market has shown a promising growth in the past five years and is projected to achieve a CAGR of 6.85% during the forecast period.

Growing demand for spandex and paints and coatings coupled with the increasing demand from other end use industries is expected to drive the demand of tetrahydrofuran for the forecast period. Tetrahydrofuran is an organic, volatile, and water-soluble compound, manufactured through several processes such as Reppe process, Davy process, Propylene Oxide process, Butadiene process. Among these processes, the Reppe process leads the global market for tetrahydrofuran due to its industrial viability and low cost.

Tetrahydrofuran is also used as an intermediate in the manufacturing of PVC, magnetic tapes, adhesives etc. and used as solvent for plastics. Polytetramethylene ether glycol (PTMEG) and solvents are the major applications of THF. PTMEG is used in the manufacturing of spandex and other polyurethanes and there is a high demand of Spandex in the Textile industry whereas polyurethane has wide range of applications like foams, insulation panels, seals, automotive suspension bushings etc.

Therefore, major end use industries for Tetrahydrofuran include polymer, textile, chemicals, pharmaceutical, paints and coatings, automotive, construction and others. The growing demand of Tetrahydrofuran in the production of Polyurethanes and PVC are fueling the market for Tetrahydrofuran globally.

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In 2020, COVID-19 outbreak in major global economies caused nationwide lockdowns which had an impact on a number of industries. Construction, Automobile and Textile were among the most affected industries during the pandemic. This had a negative impact on the demand of paints and coatings and spandex which ultimately affects the market for Tetrahydrofuran. However, the growing demand for THF from Asia Pacific and North America is projected to boost its market in the forecast period.

Some of the major players operating global tetrahydrofuran market are BASF SE, Ashland, Baren Chemicals Industries, INVISTA, Dairen Chemical, Mitsubishi Chemical co. Ltd, LyondellBasell, Sipchem Chemical Industry, Nova Molecular Technologies, BioAmber Inc., and Sigma-Aldrich Corp.