NEW YORK, Oct. 23, 2019 /PRNewswire/ -- According to the current analysis of Reports and Data, the Tetrahydrofuran (THF) market was globally valued at USD 3.00 Billion in 2018 and is expected to reach USD 5.11 Billion by the year 2026, at a CAGR of 6.8%. Tetrahydrofuran (THF) is a colorless, volatile, and water-miscible liquid. Tetrahydrofuran is a highly stable compound with a relatively low boiling point and excellent solvency. THF is widely utilized as the reaction and dissolution of many substances as well as feedstock for the synthesis of polytetramethylene ether glycol (PTMEG). The tetrahydrofuran is the saturated derivative of furan. Tetrahydrofuran works as an excellent solvent for higher molecular compounds like polyvinyl chloride, and other copolymers at ambient temperature. The tetrahydrofuran, in combination with methyl-ethyl-ketone helps to increase the solvancy of various polymer compounds.
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The tetrahydrofuran market is enlarging and has a wide variety of applications in PVC top coatings in the automotive industry, polyurethane coatings for fabric finishes. Tetrahydrofuran is an excellent solvent of inks used for printing on PVC film. Besides, tetrahydrofuran market has expanded in other market segments like PVC welding components, and other adhesive applications related to leather, and polymers compositions. The tetrahydrofuran market has an extensive presence in chemical industries. THF's feature of solvency in many organic, inorganic compounds. The tetrahydrofuran products and solutions can also be used as reagents, catalysts as well as polymerization. The pharmaceutical industry also frequently uses tetrahydrofuran for solvent cleaning used for polymer fabrication and processing equipment. Due to THF's toxic nature, special care required for safe operations.
Further key findings from the report suggest
- The tetrahydrofuran market is growing at a CAGR of 7.0% in the Asia Pacific, followed by North America and Europe, with 6.9% and 6.7% CAGR, respectively. Extensive Usage across industries is the key factor to accelerate market growth during the forecast period across all regions
- As of 2018, the Solvent application is the dominating Tetrahydrofuran market which holds 54.1% of the global market. Asia Pacific market is the chief revenue-generating source for this product segment, followed by North America and Europe regions
- Polytetramethylene Ether Glycol is expected to be the fastest-growing market segment during the forecast period 2019-2026 with a CAGR of 7.0%. However, a large amount of manufacturing cost is a matter of concern.
- The Acetylene based process segment is expected to register second-highest CAGR amongst the Process type at 6.9%.
- The Market for PVC end-use segment is expected to reach USD 1.03 billion by the year 2026, elevating with a CAGR of 6.8% during the forecast period
- The polymer end-use segment was valued at 976.2 million in 2018 and is expected to grow at the most considerable rate of 7.1%. Increasing demand of the textile industry is the primary factor contributing to the market growth of this product segment
- The Asia Pacific is anticipated to hold 50.6% of the global Tetrahydrofuran market. Increase in the solvent applications in countries like India, China, Australia, Korea.
- Tetrahydrofuran is a hazardous compound to handle likely to hinder the market growth during the forecast period.
- The Pharmaceutical end-use segment is expected to register a CAGR of 6.7% during 2019-2026. Others end-use segment (that includes packaging, cement, oil & Gas, piping, Printing inks) was valued at USD 441.6 million and is expected reach USD 742.6 million by 2026
- Key participants 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.
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Segments covered in the report:
For a better understanding of the study, Reports and Data have segmented the tetrahydrofuran (THF) market based on Type, Application, End-use, and Region:
Process Type (Revenue in USD Million; Volume in Tons, 2016–2026)
- Acetylene-based Process
- Butadiene-based Process
- Maleic Anhydride-based Process
- Propylene-Based Process via Allyl Alcohol
- Propylene Oxide-based Process
Application (Revenue in USD Million; Volume in Tons, 2016–2026)
- Polytetramethylene ether glycol (PTMEG)
- Solvent applications
- Other Applications
End-Use (Revenue in USD Million; Volume in Tons, 2016–2026)
- Sealants & Adhesives
Regional Outlook (Revenue in USD Million; Volume in Tons, 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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