Tetrahydrofuran Market 2020 growth latest application share recent trends and better investment opportunities by forecast to 2027
TETRAHYDROFURAN MARKET
Market Research
Future (MRFR) announces a new release on the global tetrahydrofuran market. The
global tetrahydrofuran market is profiled in detail in the report, which
presents a comprehensive coverage of the major drivers and restraints affecting
the global market as well as the leading players and key segments within the
market.
Tetrahydrofuran
is produced by dehydrating BDO through various production mechanisms and is
used in the production of polytetramethylene ether glycol, solvents, and
others. The production of polytetramethylene ether glycol is the dominant
application of the global tetrahydrofuran market and is likely to remain in the
position over the forecast period due to the growing demand for
polytetramethylene ether glycol in the production of fake leather, Spandex, and
other artificial materials. The growing demand for artificial leather in
footwear, clothing, upholstery, and other fabrics is likely to be a major
driver for the Tetrahydrofuran
Market over the forecast period, as the growing disposable income of
consumers and the increasing ease of producing artificial leather has resulted
in a growing demand for artificial leather. The growing support for the animal
rights movement, which opposes the production of genuine leather due to the
concerns regarding animal cruelty, is also likely to be a major driver for the
global tetrahydrofuran market over the forecast period.
Tetrahydrofuran
is also used to produce solvents used in printing inks, paints, and coatings,
which is also likely to be a major driver for the global tetrahydrofuran market
over the forecast period. The growing packaging industry, which has been driven
by the steady growth prospects of ecommerce in emerging regions, has driven the
demand for printing inks, whereas the paints and coatings industry has been
driven by the increasing industrial production in countries such as China and
India, which has driven the demand for coatings at a solid growth rate over the
last few years. The growing automotive and construction industries in Asia
Pacific are also likely to lead to growth of the tetrahydrofuran market over
the forecast period, as the demand for paints and coatings is likely to be high
from these industries over the forecast period.
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Segmentation:
The global
tetrahydrofuran market is segmented on the basis of manufacturing process,
application, and region.
On the basis of
manufacturing process, the global tetrahydrofuran market is segmented into Reppe,
butadiene, furfural, Davy, and others.
By application,
the global tetrahydrofuran market is segmented into polytetramethylene ether
glycol, solvents, and others. The production of polytetramethylene ether glycol
took up about 60% of the global tetrahydrofuran market in 2017 and is likely to
remain the leading application segment of the tetrahydrofuran market over the
forecast period. Solvents also accounted for a significant share in the market
and are likely to retain an important role in the global tetrahydrofuran market
over the forecast period.
Regional Analysis:
The global
tetrahydrofuran market is segmented into North America, Latin America, Europe,
the Middle East and Africa, and Asia Pacific.
North America is
likely to dominate the global tetrahydrofuran market over the forecast period
due to the growing textile industry and the growing demand for artificial
leather. The growing presence of the animal rights movement in North America is
also conducive to rapid growth of the tetrahydrofuran market in the region, as
the demand for artificial leather is likely to be impacted significantly by the
political power and popular impact of the animal rights lobby. Growing demand
from the pharmaceutical industry is also likely to be a major driver for the
tetrahydrofuran market in North America over the forecast period, as the
growing geriatric population in the region and the growing healthcare
expenditure have driven the demand for solvents in the pharmaceuticals
industry.
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Asia Pacific is likely to exhibit rapid growth
in the global tetrahydrofuran market over the forecast period due to the strong
growth prospects of the textiles industry in populous countries such as India
and China. Growing demand for leather goods, which represent Western
prosperity, is likely to drive the tetrahydrofuran market in Asia Pacific over
the forecast period.
Competitive Analysis:
Leading players
in the global tetrahydrofuran market include BASF SE, Merck KGaA, Mitsubishi
Chemical Corporation, Invista, LyondellBasell, Credence Chem Private Limited, BioAmber
Inc., Ashland, Technical Chemical Company, and Dairen Chemical Corporation.
Industry Updates:
In February
2019, Invista completed the sale of its apparel and advanced textiles business
to Shandong Ruyi Investment Holding. However, Invista retains control over its
tetrahydrofuran technologies and will continue to license it on a global basis.
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