H1 2023: In the first half of 2023, the Tetrahydrofuran market in the Asia Pacific region witnessed mixed prices. During the first quarter of 2023, Tetrahydrofuran experienced a nuanced market scenario in the Asia-Pacific region. Initially, prices saw an increase in the first half of Q1, buoyed by stable feedstock (butanediol) prices in the market. The Chinese market rebounded in January, initiating new industrial activities. However, feedstock (butanediol) prices exhibited slight shifts due to a subdued demand outlook, and the Lunar Festival holidays impacted operational activities, influencing final prices. Hindered by a staff shortage and the absence of a full industrial resurgence, Tetrahydrofuran prices declined in the second quarter of 2023, driven by weakened demand and economic oscillations. The deceleration in Tetrahydrofuran prices during the quarter can be primarily attributed to the fragility in customer spending, which influenced market dynamics. Despite the positive expansion of the Chinese economy in Q2 2023, Tetrahydrofuran prices experienced a continuous decline. This can be explained by the decreasing costs of feedstock (butanediol), a crucial component in Tetrahydrofuran production. The market response suggests that the decline in prices was more influenced by the cost dynamics of raw materials than the overall economic growth. The resumption of production, coupled with increased buying activities and an efficient workforce in China, further contributed to the sustained reduction in Tetrahydrofuran prices, emphasizing the significant impact of production efficiency and cost factors in shaping market trends.
The global Tetrahydrofuran market stood at approximately 1015 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 3.12% during the forecast period until 2032. The primary application involves serving as a monomer in the synthesis of polytetramethylene ether glycol (PTMEG), an essential constituent in the fabrication of cast and thermoplastic urethane elastomers, polyurethane stretch fibers (spandex), and high-performance copolyester-polyether elastomers (COPE).
Tetrahydrofuran (THF) finds versatile applications across multiple industries. In the polymer sector, it serves as a vital solvent for the synthesis of polytetrahydrofuran (polyTHF), a key component in the production of spandex fibers, elastane, and polyurethane. As a solvent in chemical synthesis, THF plays a crucial role in various reactions, including Grignard reactions and reductions using lithium aluminum hydride. It is widely employed in organic synthesis processes, contributing to the creation of diverse chemical compounds. THF is integral in resin production, notably in the manufacturing of polyvinyl chloride (PVC) and polyvinylidene fluoride (PVDF). The adhesive and coating industry benefits from THF's ability to dissolve polymers effectively, influencing formulations in this sector. The pharmaceutical industry utilizes THF in the synthesis of pharmaceutical compounds and drug delivery systems. Additionally, THF functions as an extraction agent, separating specific components from mixtures in various processes. Its applications extend to the electronics industry, where it contributes to the production of photoresistors and the cleaning of electronic components. In the ink and printing sector, THF acts as a solvent for specific ink formulations. Moreover, it plays a role in paint stripping applications.
The building and construction sector's expansion drive the utilization of Tetrahydrofuran in polyurethane coatings and paints, with increased demand anticipated alongside the growing construction activities. Tetrahydrofuran plays a significant role in polyurethane fibers and urethane elastomers, contributing to the rising demand for polyurethanes globally. The chemical serves as a crucial intermediate in drug manufacturing, aligning with the increasing consumption of prescribed medications. Additionally, Tetrahydrofuran's role as a solvent in the production of polyvinyl chloride (PVC) addresses the escalating use of plastic-made products. Furthermore, Tetrahydrofuran's wide application in the chemical industry, both as a solvent and precursor in various chemical syntheses, aligns with the growth observed in the global chemical industry. Due to these reasons, Tetrahydrofuran market size is likely to expand in the coming years and is anticipated to reach roughly 1380 thousand tonnes by 2032.
Based on region, Asia Pacific region is the largest consumer of Tetrahydrofuran and is likely to maintain its status as the largest consumer of Tetrahydrofuran. The Asia Pacific region is set to sustain its position as the primary consumer of Tetrahydrofuran, driven by its pivotal role in the thriving chemical manufacturing landscape. With the region being a key hub for pharmaceuticals, dyes, and other chemical-intensive industries, the demand for Tetrahydrofuran remains robust. The region's rapid industrialization, ongoing urbanization, and continued emphasis on infrastructure projects contribute to the steady growth of chemical applications. Tetrahydrofuran's diverse uses, ranging from catalysis in organic synthesis to its involvement in explosives manufacturing and detergents production, align seamlessly with the multifaceted needs of the evolving industrial sectors in the Asia Pacific.
Based on the end-user industry, the global Tetrahydrofuran market is divided into Polymer, Textile, Pharmaceutical, Paints and Coatings, and Others. Among these, Paints and Coatings industry is the leading consumers of the global Tetrahydrofuran market. In 2022, this industry consumed 35% of the global THF market.
Major players in the Global Tetrahydrofuran market are Ashland, Banner Chemicals Limited, BASF SE, BHAGWATI CHEMICALS, DCC, Hefei TNJ Chemical Industry Co., Ltd., Henan GP Chemicals Co., Ltd, Mitsubishi Chemical Corporation, Nasit Pharma Chem, Ree Atharva Lifescience Pvt. Ltd, Riddhi Siddhi Industries, Shenyang East Chemical Science-Tech Co., Ltd., Sipchem Company, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Tetrahydrofuran which covers production, demand and supply of Tetrahydrofuran market in the globe.
• To analyse and forecast the market size of Tetrahydrofuran
• To classify and forecast Global Tetrahydrofuran market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Tetrahydrofuran market in the globe.
To extract data for Global Tetrahydrofuran market, primary research surveys were conducted with Tetrahydrofuran manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Tetrahydrofuran market over the coming years.
ChemAnalyst calculated Tetrahydrofuran demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Tetrahydrofuran. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Tetrahydrofuran manufacturers and other stakeholders
• Organizations, forums and alliances related to Tetrahydrofuran distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Tetrahydrofuran manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Tetrahydrofuran market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
1015 thousand tonnes
Market size Volume in 2032
1380 thousand tonnes
Growth Rate
CAGR of 3.12% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historical Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Polymer, Textile, Pharmaceutical, Paints and Coatings, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Tetrahydrofuran in terms of volume in 2022?
Ans:
The global market size of Tetrahydrofuran had reached approximately 1015 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Tetrahydrofuran?
Ans:
Asia Pacific region is the leading consumer of Tetrahydrofuran globally.
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