Rockville, MD , Sept. 30, 2024 (GLOBE NEWSWIRE) -- With sustainability being the buzzword across the world and in most industries, bio-based tetrahydrofuran will gain traction over the coming years, According to this new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Tetrahydrofuran Market, after reaching a size of US$ 2.5 billion in 2024, has been forecasted to increase at a CAGR of 7.5% between 2024 and 2034).
Tetrahydrofuran is produced from biomass furfural, which is a hydrocarbon feedstock. Currently, new advanced manufacturing technologies are coming up to commercialize the production of THF. The catalytic decarbonylation hydrogenation technology is an improved method that is being employed for THF production from biomass.
Companies are switching to sustainable alternatives due to changing customer preferences and governmental regulations.
• Recently, BASF launched a bio-based THF, QIRA. The product will offer more sustainable solutions to industrial customers.
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Key Takeaways from Market Study:
- The global tetrahydrofuran market is projected to expand at 7.5% CAGR and reach US$ 5.1 billion by 2034.
- North America is estimated to hold a market share of 29.1% by 2034.
- Some of the leading market players are BASF SE, Dairen Chemical Corporation (DCC), and Mitsubishi Chemicals Holdings Corporation
- Application in PTMEG is estimated to increase at a CAGR of 7.9%, creating an absolute $ opportunity of US$ 1 billion between 2024 and 2034.
- North America and East Asia, together, are expected to create an absolute $ opportunity of US$ 1.8 billion by 2034 says a Fact.MR analyst.
Leading Players Driving Innovation in the Tetrahydrofuran Market:
Key industry participants like ASF SE, Dairen Chemical Corporation (DCC), Mitsubishi Chemicals Holdings Corporation, Nan YA Plastics, Ashland, INVISTA, SIPCHEM., Korea PTG, and Mg Organics Pvt. Ltd, etc. are driving the tetrahydrofuran industry.
Market Development:
Developing economies are majorly contributing to the shift from THF being a market to a high-growth market. Countries such as China, which is the largest producer of PVC, is creating huge demand for THF. Companies are customizing the solvent according to varied customer demands to gain a competitive edge in the market.
• For instance, from October 2023, BASF started supplying biomass balance tetrahydrofuran to the Asahi Kasei’s ROICA division. Asahi Kasei is a multinational Japanese company that is famous for fibers. The collaboration was aimed at launching a new sustainable apparel collection.
Tetrahydrofuran Industry News:
Businesses are choosing to grow by locating their manufacturing facilities in various areas. To solve issues and provide innovative solutions, manufacturing businesses are allocating a significant percentage of their revenue to research and development. Businesses are using advanced manufacturing technology to achieve large-scale output while minimizing waste.
• In September 2023, BASF secured long-term access to a bio-based 1,4-butanediol QIRA, which will enhance its offering. Tetrahydrofuran and polytetrahydrofuran are already products offered by BASF.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global tetrahydrofuran market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on application (PTMEG, solvents, pharmaceuticals), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, and the Middle East & Africa).
Segmentation of Tetrahydrofuran Market Research:
By Application :
- PTMEG
- Solvents
- Pharmaceuticals
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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