Tetrahydrofuran Market Price Trend 2018 to 2023, Exclusive Manufacturers - BASF Corporation, Dairen Chemical, Merck KGaA, Technical Chemical Company, Mitsubishi Chemical, Ashland, INVISTA, BioAmber, LyondellBase and Credence Chem Private Limited

Regional Analysis

Asia Pacific emerged as the fastest growing region in Tetrahydrofuran as a result of growing industrial base in India, China, and Japan. Surging demand for apparels mainly in India and China are driving the textile industry growth coupled with rising aspiration based purchase by the consumers. Increasing use of synthetic fibre in clothing, shoes, and furniture is driving the market growth. Furthermore, as per the Indian Economic Survey, Government of India is focusing on the expansion of labor-intensive industries such as textile and apparel to create more employment opportunities. Rising demand for coatings from various industries due to corrosion resistance is propelling the market growth in this region.

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North America is expected to drive the market growth owing to rising apparel industry coupled with changing trends. Growing demand from the pharmaceutical industry due to rising geriatric population and rising disposable income is increasing the market growth. However, due to health and environmental issues, its usage has been limited by the Food and Drug Association (FDA). Furthermore, FDA has also recommended revising the permitted daily exposure limit of Tetrahydrofuran to reduce the extent of carbon emission.

The European region is likely to increase the market for Tetrahydrofuran due to rising demand from building and construction industries. Rising purchasing power and improving living standard of the people are fuelling the demand for the construction industry in the remodelling of houses. The product demand from the textile and apparel industry is growing substantially due to changing fashion trends and increasing aspiration based purchase.

Tetrahydrofuran Market 2018 to 2023

Tetrahydrofuran is a highly volatile organic solvent used as a raw material for various syntheses such as for the formulation of ether chemicals with high molecular mass by polymerization. It is derived from dehydrating BDO, which can be produced using various processes including reppe, furfural, butadiene, and davy process. It finds application in resin and reaction solvents and polytetramethylene ether glycol (PTMEG). It is widely used in the production of spandex fibres and polyurethane elastomers. It is also used as a solvent due to a strong dissolving agent of synthetic and natural resins such as polyvinylchloride & vinylidene chloride copolymers.

Increasing use of artificial leather in various applications such as clothing, footwear, upholstery, and fabrics is set to remain a key driving factor for market growth over the forecast period. The product demand has increased in textile and garments, especially for skin-tight garments due to elasticity and faster drying properties. Rising fitness activities due to health consciousness among the consumers are fuelling sportswear demand. Growing use in the manufacturing of coatings, adhesives & speciality coating systems is driving the market growth across the globe. Increasing production of numerous organic substances is stimulating the product demand. Escalating demand for printing ink from packaging industry is propelling the market growth. Rising automobile, defence & aerospace industries in the developing nations such as India, China, and Japan are driving the paints and coatings market. Tetrahydrofuran use in building and construction industry is increasing due to rising population and improving living standard.

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