Vancouver, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The global Tetrahydrofuran (THF) market size was USD 4.21 Billion in 2022 and is expected to register a revenue CAGR of 7.1% during the forecast period to the latest analysis by Emergen Research. Rising demand for spandex fiber is driving the market revenue growth. Tetrahydrofuran (THF) demand rise in the automotive and transportation sectors is expected to drive revenue growth of the market. The automotive and transportation sectors control a large portion of the Tetrahydrofuran (THF) market. To meet regulatory requirements and improve vehicle fuel efficiency, automakers are focusing on manufacturing lightweight cars made of composite materials to reduce Carbon Dioxide (CO2) emissions, which have a negative impact on the global climate.
THFs are used to enhance and preserve the aesthetic appeal of these composite components. Polyester Tetrahydrofurans (THF) are widely employed in a range of industries due to the rising demand in the transportation and maritime industries. Polyester resin Tetrahydrofuran (THF) is widely utilized in the marine industry due to its specific traits and features, such as water absorption, Ultraviolet (UV) degradation, and corrosion resistance. As a result, rising demand for polyester Tetrahydrofurans (THF) is driving the market revenue growth.
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However, styrene is the most widely used monomer in polyester resin-based Tetrahydrofuran (THF), and its excessive use has caused significant safety and health concerns for workers. This makes market expansion very difficult. Governments across the globe have put tight limitations and laws in place to control the amount of styrene emissions from resins and Tetrahydrofurans (THFs). As a result, the Tetrahydrofuran (THF) market is expected to face substantial challenges.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 4.21 Billion |
| CAGR (2023–2032) | 7.1% |
| Revenue forecast to 2032 | USD 8.33 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Application, end-use vertical, and region. |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Honeywell International Inc., Univar Solutions Inc., Ashland Global Holdings Inc., Alfa Aesar, TCI America, Eastman Chemical Company, BASF SE, Oakwood Products, Inc., Mitsubishi Chemical Holdings, and Toray Industries, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global Tetrahydrofuran (THF) market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the global Tetrahydrofuran (THF) market report are:
- Honeywell International Inc.
- Univar Solutions Inc.
- Ashland Global Holdings Inc.
- Alfa Aesar
- TCI America
- Eastman Chemical Company
- BASF SE
- Oakwood Products, Inc
- Mitsubishi Chemical Holdings
- Toray Industries, Inc
Strategic Development
- On November 14, 2022, The commercial release of ESTANE 3D TPU M88A Thermoplastic Polyurethane (TPU), which is mainly composed of THF, was announced by Lubrizol 3D Printing Solutions. The HP Jet Fusion 5200 series, a 3D printing option most suited for production applications, is the only product for which this grade is specifically created and certified. The flexible and incredibly strong material ESTANE 3D M88A is ideal for printing intricate geometries and lattice structures as well as manufacturing items.
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Some Key Highlights From the Report
- The Polytetramethylene Ether Glycol (PTMEG) segment is expected to register a significantly fast revenue growth rate during the forecast period. The need for stretch fabrics of greater quality is growing as more textile applications demand Polytetramethylene Ether Glycol (PTMEG). According to the World Federation of the Sporting Goods Industry, this industry has rebounded over the last two years more swiftly than other industries, achieving strong growth and equal or exceeding pre-pandemic levels.
- The packaging segment accounted for largest revenue share in 2022 due to the rising demand for polyvinyl chloride and rising use of tetrahydrofuran as an industrial solvent for polyvinyl chloride. Polyvinyl Chloride (PVC) is in greater demand in the packaging industry because of its dependability, dependability, and light weight.
- The market in Asia Pacific is expected to register a significantly fast revenue growth rate during the forecast period. With an increase in use in PVC and other solvent applications, the demand for Tetrahydrofuran (THF) is rising in the Asia Pacific region. In addition, Tetrahydrofuran (THF) is utilized more frequently in this industry since it is favored in the pharmaceutical industry for grignard processes.
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Emergen Research has segmented the global Tetrahydrofuran (THF) market on the basis of application, end use vertical, and region:
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Polytetramethylene Ether Glycol (PTMEG)
- Reagent
- Extraction
- Solvent
- End-Use Vertical Outlook (Revenue, USD Billion; 2019–2032)
- Textile
- Paints & Coatings
- Packaging
- Polymer
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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