Tetrahydrofuran Market to procure substantial returns from pharmaceutical industry over 2019-2025

Tetrahydrofuran Market demand from pharmaceutical industry is likely to increase by the forecasted timeframe. It is largely used as a reaction medium in grignard syntheses or reduction of lithium aluminium hydride and act as an extractor for several drugs. Global API market is estimated to be around USD 180 billion in 2019 and is likely to surpass over USD 245 billion in 2024 owing to increasing prevalence of chronic diseases and intake of biopharmaceuticals, which may foster the product demand.

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The polytetramethylene ether glycol application segment is driving tetrahydrofuran market as it extensively used in manufacturing clothes such as swimwear, aerobic garments, and athletic wear. Global apparel industry is currently valued at over USD 3 trillion and as is predicted to rise owing to changing trends in apparel industry coupled with growing health awareness among masses which has led to an increase in fitness activities, thereby driving the industry growth.

Tetrahydrofuran is widely used for manufacturing polyurethane resins and its wide usage in automotive, construction, and electronic industry owing to its lightweight properties may drive the tetrahydrofuran market growth. Polyurethane resins market size was valued at over USD 65.6 billion in 2018. Stringent environmental regulations owing to release of toxic gases on burning of fossil fuel may hinder the market growth. Various key improvements under TSCA act have been adopted to foster environmental conversation by using environmentally friendly method of product manufacturing.

Company profile in the tetrahydrofuran market:

1. BASF Corporation
2. Mitsubishi Chemical Corporation
3. Dairen Chemical
4. Nan Ya Plastics
5. Ashland
6. Sipchem
7. Nova Molecular Technologies
8. Pennakem
9. BioAmber
10. Bluestar New Chemical Materials

North America tetrahydrofuran market size, led by the U.S., Canada, and Mexico is likely to show significant growth by forecast timeframe. The U.S. fuel oil sales accounted at over 40% and automotive fuel oil sales at over 10% in 2017 owing to rising demand in automotive may drive the regional industry growth. Manufacturing of various processing aids and solvents in petroleum industry in downstream and midstream application is likely to spur the industry growth.

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Europe, led by UK, France, Italy, and Germany tetrahydrofuran market share is predicted to rise on account of growing prevalence of ready to eat food and take-away food. Regional packaging market revenue is predicted to increase at around 4.5% over the forecasted timeframe, attributed to growing number of food processing industries and flexible packaging, thus augmenting the product market.

Tetrahydrofuran Market, By Process Technology, 2014-2025 (kilo Tons) (USD Million)
1. Propylene Oxide-Based Process
2. Davy Process
3. Reppe Process
4. Butadiene Process
Tetrahydrofuran Market, By Applications, 2014-2025 (Kilo Tons) (USD Million)
1. Polytetramethylene ether Glycol (PTMEG)
I. Spandex
II. PU Resins
III. Thermoplastic Polyester Elastomers
2. Solvent
I. Coatings
II. Adhesives
III. Printing Inks
IV. Resins
V. Reactions & Purifications
VI. Organic Synthesis
3. Others

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