Tetrahydrofuran (THF) Market Report 2021 - Global Growth, Trends, COVID-19 Impact, and Forecasts to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Tetrahydrofuran (THF) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Tetrahydrofuran (THF) Market is projected to register a CAGR of 6% during the forecast period (2021-2026).
The market was negatively impacted due to COVID-19 in 2020. Countries like India, China, Italy, France, Poland, the United Kingdom, South Africa, and New Zealand went into lockdown during 2020.
Moreover, owing to restrictive mass quarantines due to coronavirus, polymer, textile, paints, and coatings industries were negatively impacted. The construction industry has also been impacted, as the workers keep themselves away from the project sites, which affected the demand for paints and coatings, consequently affecting the tetrahydrofuran market.
In India, construction workers are kept away from work sites, which has put a hold on almost 20,000 ongoing projects in the country. Berger Paints, India's second-largest paint company, reported a 6.5 percent drop in consolidated net profit for the fourth quarter ended March 31 to INR 1,032 million (USD13.76 million). Due to COVID-19, the petrochemical industry was also negatively impacted and thus impacted the polymer industry. Owing to all these factors, the tetrahydrofuran market is negatively impacted by COVID-19.
In the medium term, growing demand for spandex from the textile industry and increasing demand for polyvinyl chloride manufacturing are the major factors driving the market.
On the flip side, the availability of close substitutes, hazardous nature (highly flammable and health hazard) of THF, and negative impact of COVID-19 pandemic are hindering the growth of the market.
The Asia-Pacific region is expected to dominate the market across the world, with the largest consumption from countries, such as China, India, and Japan.
Key Market Trends
Growing Demand for Polytetramethylene Ether Glycol (PTMEG)
- Tetrahydrofuran (THF) is widely used for polytetramethylene ether glycol (PTMEG) manufacturing, which is used as a base chemical in the manufacturing of polyurethanes, and it is expected to be the fastest-growing market during the forecast period.
- More than 65% of the tetrahydrofuran produced globally is used in the manufacturing of PTMEG, which is used mainly in the production of spandex and other polyurethanes. The increasing demand for spandex in the textile industry is expected to drive the market for tetrahydrofuran during the forecast period.
- Spandex is a synthetic fabric that is composed of 85% polyurethane by weight. Spandex is a segmented polymer that contains alternating rigid and flexible segments of polyurethane.
- Due to the superior characteristics of spandex, it is used widely in women's clothing, swimsuits, casual wear, and sports fabrics to provide more comfort and elasticity. It has good strength, high uniformity, and high abrasion resistance. This is increasing its demand, which is consequently boosting the market studied.
- According to Cotton Incorporated, in 2020 28% of people in the United States feel spandex is a very safe clothing material and 27% of people feel that it is very comfortable.
- According to Covestro, the estimated demand for polyurethane worldwide in the year 2019 was 18.4 million tons and is forecasted to reach 22.5 million tons by 2024.
- The revenue from the global apparel market was estimated at USD 1.4 trillion in 2020, and it is projected to recah USD 2.2 trillion by 2025. This is expected to stimulate the market over the forecast period.
- Owing to all these factors, increasing demand for polytetramethylene ether glycol is expected to drive the market for tetrahydrofuran during the forecast period.
The global tetrahydrofuran (THF) market is partially fragmented with major players accounting for a marginal share of the market. Few companies include Ashland, BASF SE, Mitsubishi Chemical Corporation, DCC, and Banner Chemicals Limited.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand for Spandex from the Textile Industry
4.1.2 Increasing Demand for PVC Manufacturing
4.2.1 Availability of Close Substitutes
4.2.2 Hazardous Nature (Highly Flammable and Health Hazard) of THF
4.2.3 Negative Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Polytetramethylene Ether Glycol (PTMEG)
5.1.3 Other Applications
5.2 End-user Industry
5.2.4 Paints and Coatings
5.2.5 Other End-user Industries
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Banner Chemicals Limited
6.4.3 BASF SE
6.4.4 BHAGWATI CHEMICALS
6.4.6 Hefei TNJ Chemical Industry Co.,Ltd.
6.4.7 Henan GP Chemicals Co.,Ltd
6.4.8 Mitsubishi Chemical Corporation
6.4.9 NASIT PHARMACHEM
6.4.10 REE ATHARVA LIFESCIENCE PVT. LTD
6.4.11 Riddhi Siddhi Industries
6.4.12 Shenyang East Chemical Science-Tech Co., Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovations in Development of Bio-based Tetrahydrofuran (THF)
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