Tetrahydrofuran is widely used in the formulation of organic substances. It can be synthesized through four chemical processes such as reppe, furfural, butadiene, davy, and others. The product is significantly used as a precursor in the manufacturing of polytetramythelene ether glycol and is also used as a different type of solvents such as reaction, resin, and chromatographic solvents. It is widely used in the manufacturing of spandex and polyurethane elastomers. Spandex is used in the manufacturing of sportswear due to its high elastic property, casual wear, and home furnishing. The product demand is increasing from sports industry due to rising interest of the consumers towards adventure sports for fitness. Escalating demand from automobile industry for rigid insulation lanes is driving the market for polyurethane elastomers. Increasing use of building and construction industry due to abrasion resistance is fuelling the polyurethane demand. Additionally, flexible polyurethane form is increasingly used in the furniture making, and packaging industry is owing to greater strength, high durability and excellent comfort. Moreover, it is used as a chemical reagent in pharmaceutical synthesis, which may fuel the demand for the product from the pharmaceuticals industry. Among the other processes used for synthesizing Tetrahydrofuran, reppe is most widely used due to high efficiency and greater cost-effectiveness of this process.
Some of the key players in the Global Tetrahydrofuran Market are BASF Corporation (USA), Dairen Chemical Corporation (Taiwan), Merck KGaA (Germany), Technical Chemical Company (U.S.), Mitsubishi Chemical Corporation (Japan), Ashland (U.S.), INVISTA (U.S.), BioAmber Inc. (U.S.), LyondellBase (Netherlands), Credence Chem Private Limited (India).
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The Global Tetrahydrofuran Market is segmented on the basis of application and region.
On the Basis of the Application, the Global Tetrahydrofuran Market is categorized into polytetramethylene ether glycol, solvents, and others.
Based on the Production Process, the market is segregated as reppe, furfural, butadiene, davy, and others.
Geographically, the Global Tetrahydrofuran Market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific region is witnessing a significant growth for Tetrahydrofuran due to its extensive use in the major end-use industries in this region such as textile and apparel industry; it is one of the fastest growing industries in India and China. Growing penetration of organized retailers and increasing sales and trading through e-commerce mode is propelling the growth of the regional market. Furthermore, the demand for the product from paints and coatings industry is increasing due to growing demand from the residential and commercial building construction and automotive industry in this region, especially in India, China, South Korea, and Thailand.
North America and Europe regions are expected to witness a sluggish growth during the assessment period owing to the stringent government regulations in place to limit the production of Tetrahydrofuran, which harms the health and environment.
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