Market Overview:
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.
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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.
Tetrahydrofuran Market –
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 Market 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.
Key Player:
·
Merck
KGaA
·
Technical
Chemical Compan
·
Mitsubishi
Chemical Corporation
·
Ashland
·
INVISTA
·
BASF Corporation
·
Dairen
Chemical Corporation
·
BioAmber
Inc
·
LyondellBase
·
Credence
Chem Private Limited
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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 agreement 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.
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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Note: Our Team of researchers are
studying Covid-19 and its impact on Various industry Verticals and wherever
required we will be considering Covid-19 footprints for a better analysis of
markets and industries. Cordially get in touch for more details.
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