DUBLIN--(BUSINESS WIRE)--The "Tetrahydrofuran (THF) Market by Application (PTMEG, Solvents), Technology (Reppe Process, Davy Process, Propylene Oxide Process, Butadiene Process), and Region (Asia Pacific, North America, Europe, RoW) - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The THF market Is Projected to Grow From USD 2.95 Billion In 2017 to USD 4.12 Billion By 2022, at a CAGR of 6.9% from 2017 to 2022.
The increasing demand for spandex fibers and polyurethane across the globe is driving the growth of the THF market. The hazardous impact of tetrahydrofuran on human and animal health and its high manufacturing costs are the factors restraining the growth of the THF market across the globe.
The butadiene process segment of the THF market is projected to grow at the highest CAGR, in terms of volume between 2017 and 2022. The growth of this segment of the market can be attributed to the low cost of raw materials and easy availability of butadiene. In addition, the Reppe process is the most widely used technology for manufacturing tetrahydrofuran, owing to its low cost and less number of steps involved in it. The efficiency of the Reppe process technology in manufacturing 1,4-Butanediol (BDO) is high.
Among applications, the PTMEG segment is projected to lead the THF market between 2017 and 2022, in terms of volume. The growth of this segment of the market can be attributed to the increased investments being made by the key players for the increased production of spandex across the globe. The high growth of the textile industry across the globe due to increased demand for sportswear is mainly responsible for the increased demand for spandex. This, in turn, is expected to drive the growth of the THF market across the globe.
The growth of the Asia Pacific THF market can be attributed to the increased demand for tetrahydrofuran in PTMEG, solvents, and chemical intermediate applications. The high growth of the manufacturing sector in the Asia Pacific region due to growing industrialization has fueled the demand for tetrahydrofuran in the chemical, textile, packaging, automotive, and consumer goods industries. Tetrahydrofuran is used as a solvent in adhesives, paints, coatings, pharmaceuticals, inks, and cosmetics.
Market Dynamics
Drivers
- Growing Demand for Spandex Fiber
- High Demand for Polyurethane (PU)
Restraints
- Hazardous Nature of THF
Opportunities
- Increasing Importance of Green Chemistry
- High Growth in Emerging Markets
Challenges
- Increasing Environmental Regulations
Companies Mentioned
- Ashland
- BASF
- Bioamber
- Bluestar New Chemical Materials
- Dairen Chemical
- Invista
- Korea PTG
- Lyondellbasell
- Mitsubishi Chemical Corporation
- Nan Ya Plastics
- Pennakem
- Shanxi Sanwei
- Sinochem Qingdao
- Sipchem
- Tcc Chemical
For more information about this report visit https://www.researchandmarkets.com/research/kvqlrg/tetrahydrofuran?w=4
