Tetrahydrofuran (THF) Market Research, 2031
The global tetrahydrofuran (THF) market was valued at $3.9 billion in 2021, and is projected to reach $8.2 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
Report key highlighters
- The tetrahydrofuran (THF) market has been analyzed in both value and volume. The value of calcium citrate market is analyzed in millions while the volume is analyzed in kilotons.
- The tetrahydrofuran (THF) market is fragmented by players such as Ashland Global Holdings Inc., Avient, BASF SE, Clariant AG, Corbion N.V., Croda International Plc., DuPont, Eastman chemical company, Evonik Industries, and Merk KGaA holding a significant share of the market.
- Countries such as China, the U.S., Japan, Germany, and Brazil hold a significant share in the global tetrahydrofuran (THF) market, which are analysed in detailed manner in the report.
Tetrahydrofuran (THF), also known as oxolane is an organic compound that holds great importance as an industrial solvent. It possesses various significant properties such as excellent miscibility, chemical stability, and low boiling point that make it suitable for use as a solvent and intermediate in various end-use sectors including plastic & polymers, pharmaceuticals, textiles, paints & coatings, and others.
The steadily growing application of tetrahydrofuran in various end-use sectors such as textiles, adhesives, paints & coatings, and others is the major key market trend in the global tetrahydrofuran market. Furthermore, rise in population coupled with rapid urbanization boosts the growth of the building & construction sector in both developed and developing economies such as the U.S., China, India, and others where tetrahydrofuran (THF)-based protective coatings are widely for surface protection, material strengthening, and corrosion resistance purposes. This is expected to boost the demand for tetrahydrofuran (THF) in the growing paints & coatings sector. Furthermore, the growing incidence of lifestyle diseases has led the pharmaceutical sector to witness a significant growth where tetrahydrofuran (THF) is widely used as a solvent for pharmaceutical formulation development. For instance, according to a report published by National Investment Promotion & Facilitation Agency, the Indian pharmaceutical sector is expected to reach $372 billion by 2022 at a compound annual growth rate (CAGR) of 39%. This may fuel the growth of the tetrahydrofuran (THF) market during the forecast period.
However, the use of tetrahydrofuran beyond the concentration limits may cause several health-related disorders such as dryness, cracking, and rashes of skin. Furthermore, the breathing of tetrahydrofuran can irritate the nose, lungs and throat, may cause coughing, wheezing and/or shortness of breath. In addition, excess exposure of tetrahydrofuran for a prolonged period may cause unconsciousness or even death. These factors are projected to restrain customers from using tetrahydrofuran; thus, hampering the market growth.
On the contrary, increase in fashion consciousness among people, a rise in adoption of western culture in both developed and developing countries such as the U.S. China and India have led the fashion and textile industry to witness significant growth which in turn has led the textile manufacturer to focus more on enhancing the quality of fabrics. Tetrahydrofuran is used as a raw material for producing various fibers such as spandex, and others. This is anticipated to surge the popularity of tetrahydrofuran (THF) in the growing textile sector; thus, creating lucrative opportunities for the market.
The tetrahydrofuran (thf) market is segmented into application and end-use, and region. On the basis of application, it is divided into polytetramethylene ether glycol (PTMEG), solvents, and others. On the basis of end use, the market is classified into polymer, textile, pharmaceutical, paints & coatings, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global tetrahydrofuran (THF) market profiles leading players that include Alfa Aesar, Ashland Global Holdings Inc., BASF SE, Eastman Chemical Company, EMCO Dyestuff, HONEYWELL INTERNATIONAL Inc, LyondellBasell Industries Holdings B.V., Merck KGaA, MITSUBISHI CHEMICAL HOLDINGS, Oakwood Products, Inc., Otto Chemie Pvt. Ltd., Solventis, TCI America, Toray Industries, Inc., and Univar Solutions Inc. The global tetrahydrofuran (THF) market report provides in-depth competitive analysis as well as profiles of these major players.
In 2021, the polytetramethylene ether glycol (PTMEG) segment was the largest revenue generator, and is anticipated to grow at a CAGR of 7.9% during the forecast period. The steadily growing application of polytetramethylene ether glycol (PTMEG) in various end-use sectors such as textiles, adhesives, paints & coatings, and others is the major key market trend in the global market. Furthermore, the growing industrialization in both developed and developing economies such as the U.S., China, India, and others have surged the potential applications of PTMEG in producing conveyor belts, gears, pipe linings, and other equipment. This may further foster the growth of the tetrahydrofuran market for PTMEG applications.
By end use, the paints & coatings segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 8.1% during forecast period. This is attributed to the growing population coupled with rise in infrastructural activities which in turn have surged the demand for tetrahydrofuran-based paints and coatings where tetrahydrofuran is widely used as solvents for producing topcoats, corrosion protection coatings, and other solutions. This may act as one of the key drivers responsible for the growth of the tetrahydrofuran market used for solvent manufacturing purposes. In addition, rise in R&D activities for developing various chemicals have surged the potential application of tetrahydrofuran as solvents among the laboratories used for organic synthesis purposes. This may further aid the growth of the tetrahydrofuran market for solvent application.
The Asia-Pacific tetrahydrofuran market size is projected to grow at the highest CAGR during the forecast period, owing the fact that China's paints & coatings manufacturing sector is increasing rapidly which has forced the tetrahydrofuran manufacturers to produce more efficient tetrahydrofuran used as surface coatings and anti-corrosion coatings. Furthermore, the textile sector in India is witnessing a significant growth owing to increasing fashion consciousness among people where tetrahydrofuran is used as a raw material for producing various fibers such as spandex, and others. For instance, according to a report published by Indian Brands Equity Foundation in May 2022, India's home textile exports grew at a healthy rate of 9% in 2021. This is anticipated to increase the sales of tetrahydrofuran among the growing textile sector; thus, boosting the growth of tetrahydrofuran market in the Asia-Pacific region.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the tetrahydrofuran (THF) market analysis from 2021 to 2031 to identify the prevailing tetrahydrofuran (THF) market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the tetrahydrofuran (THF) market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global tetrahydrofuran (thf) market trends, key players, market segments, application areas, and market growth strategies.
Tetrahydrofuran (THF) Market Report Highlights
Market Size By 2031
USD 8.2 billion
CAGR of 7.6%
2021 - 2031
Key Market Players
Ashland Global Holdings Inc., MERCK KGAA, Oakwood Products, Inc, Eastman Chemical Company, BASF SE, Alfa Aesar, Otto Chemie Pvt. Ltd., Solventis, Honeywell International Inc., Toray Industries, Inc., TCI America, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Holdings, Univar Solutions Inc., bioamber inc.
According to CXOs of leading companies, the global tetrahydrofuran (THF) market is expected to exhibit high growth potential. Tetrahydrofuran (THF) is used in producing polymeric resins, elastomeric polymeric fibers, and chemical intermediates in a variety of end-use sectors such as plastics manufacturing, textile, polymer, and others. Polymer applications that require highly efficient glazing systems, corrosion protection, and temperature resistant properties can be accomplished with the use of tetrahydrofuran (THF).
In addition, tetrahydrofuran (THF) possesses excellent significant properties such as light & weather resistance, thermal resistance, chemical stability, and corrosion resistance that make it best suited for use as an intermediate in producing protective coatings, adhesive inks, and other paint & coatings. CXOs further added that sustained economic growth and development of the textile sector have increased the popularity of tetrahydrofuran (THF).