Market Overview:
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, ripe
is most widely used due to high efficiency and greater cost-effectiveness of
this process.
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.
Key
Player:
Ø BASF Corporation
Ø Dairen Chemical Corporation
Ø Merck KGaA
Ø Technical Chemical Compan
Ø Mitsubishi Chemical Corporation
Ø Ashland
Ø INVISTA
Ø BioAmber Inc
Ø LyondellBase
Ø Credence Chem Private Limited
Industry/ Innovation/ Related News:
January, 2018 - BASF Corporation closed its THF and
butanediol plant in North America post two events that happened at Geismar,
Louisiana, manufacturing facility.
October, 2017– INVISTA, a leading integrated producer of
chemical intermediates, polymers, and fibers, signed aggrement to sell its
apparel and advanced textiles business to Shandong Ruyi Investment Holding.
INVISTA will retain intellectual property rights for 1.4 butanediol (BDO),
tetrahydrofuran (THF), and polytetramethylene ether glycol (PTMEG) technologies.
August, 2017– Ashland has stopped production of 1.4
butanediol and tetrahydrofuran (THF) in Europe after the fire incidence took
place at its manufacturing facility at Marl, Germany.
Competitive Analysis:
Tetrahydrofuran is at the growth stage and is expanding rapidly
across the globe especially in the Asia pacific region owing to the expanding
textile industry. Some of the growing trends noticed among the market players
are acquisition. However, some market players have stopped production of THF
and butanediol as a result of fire incidences happened at their manufacturing
plants. For instance, BASF SE is expanding its manufacturing capacity of the
Tetrahydrofuran under the brand name Cellasto in Gujarat. This is with respect
to the growing demand for the product from the automotive industry coupled with
increasing spending on the vehicles by the middle income group in India.
Regional
Analysis
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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