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 global 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.
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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.
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.
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.
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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.
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.
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.
