Global Tetrahydrofuran (THF) Market Size, Share & Industry Trends Analysis Report By End-Use, By Application (Polytetramethylene Ether Glycol (PTMEG), Solvents, and Others), By Regional Outlook and Forecast, 2023 - 2030
The Global Tetrahydrofuran (THF) Market size is expected to reach $7.3 billion by 2030, rising at a market growth of 7.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,670.66 Kilo Tonnes experiencing a growth of 6.0% (2019-2022).
The adhesives and sealants industry in North America has witnessed growth, and THF is utilized in the formulation of adhesives due to its solvency properties. Therefore, North America segment generated $962.9 million revenue in the market in 2022. As North America focuses on renewable energy sources and electronics production, the demand for THF in these sectors is expected to rise, contributing to market regional expansion. The North America region acquired a significant revenue share in the market. Some of the factors impacting the market are growth in the electronics industry, expansion of the construction sector and raw material price volatility.
THF is employed in the electronics industry to produce coatings, adhesives, and other materials. The increasing demand for electronic devices, along with technological advancements, drives the growth of the THF. THF is utilized in the production of coatings for electronic components. These coatings protect against environmental factors, moisture, and corrosion. As the demand for electronic devices continues to rise, the use of THF in the formulation of protective coatings expands. Polyurethane foams, produced using THF, find applications in the electronics industry for insulation and cushioning. Additionally, the construction industry is a significant consumer of THF, using it to produce various materials such as coatings, adhesives, and sealants. The global expansion of construction and infrastructure development projects is a factor in the rising demand for THF. THF is a key component in producing polyurethane foams used for insulation purposes in construction. The insulation materials contribute to energy efficiency by providing thermal insulation in buildings. These coatings enhance construction materials' durability, weather resistance, and aesthetic appeal. The growth in construction activities leads to an increased use of THF in coatings. Therefore, adopting innovative display technologies in electronic devices further supports the growth of the market and expansion of the construction sector have been a pivotal factor in driving the growth of the market.
However, Volatility in raw material prices can lead to supply chain disruptions. Manufacturers may face challenges in securing a stable and cost-effective supply of raw materials, leading to potential delays in production and distribution. Managing and mitigating the risks associated with raw material price volatility requires effective risk management strategies. Companies may need to invest in financial instruments, such as hedging, to offset the impact of price fluctuations, adding complexity to their operations. Raw material price volatility is a significant challenge that hampers the growth of the market.
End-Use Outlook
Based on end-use, the market is classified into textile, pharmaceutical, paints & coatings, polymer and others. The polymer segment acquired a substantial revenue share in the market in 2022. Tetrahydrofuran serves as a versatile solvent in the polymer segment. It is particularly effective in dissolving polyvinyl chloride (PVC) and polyurethane, essential components in producing a wide range of plastics. As the polymer industry expands, the demand for solvents like THF increases to support various polymerization and processing steps. With an increasing emphasis on sustainability, there is a growing demand for biodegradable polymers. Tetrahydrofuran is involved in synthesizing certain biodegradable polymers, contributing to the expansion of this segment.
Application Outlook
By application, the market is categorized into polytetramethylene ether glycol (PTMEG), solvents, and others. In 2022, the polytetramethylene ether glycol (PTMEG)segment held the highest revenue share in the market. A crucial raw material in the production of polyurethanes, which have numerous applications, including flexible and rigid foams, elastomers, and coatings, is the polytetramethylene ether glycol (PTMEG) segment. The synthesis of PTMEG involves the polymerization of tetrahydrofuran, establishing a direct link between the two. Polyurethane-based products, including those produced with PTMEG and THF, find applications in insulation, sealants, adhesives, and coatings. The expansion of the construction industry directly influences the demand for THF due to its role in the production of PTMEG, which is used in the synthesis of polyurethane materials.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. Rapid urbanization and industrialization have occurred in Asia, especially in China and India. The Asia Pacific region, home to one of the largest manufacturing bases for plastics and polymers, contributes significantly to the increasing adoption of THF.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mitsubishi Chemical Holdings Corporation, BASF SE, Honeywell International, Inc., Univar Solutions, Inc., Toray Industries, Inc., Ashland Inc. (Ashland Global Holdings Inc.), Merck KGaA, LyondellBasell Industries Holdings B.V., Eastman Chemical Company, and Tokyo Chemical Industry Co. Ltd.
Scope of the Study
Market Segments covered in the Report:
By End-Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- Paints & Coatings
- Textile
- Pharmaceutical
- Polymer
- Others
- Polytetramethylene Ether Glycol (PTMEG)
- Solvents
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- Russia
- UK
- France
- Italy
- Netherlands
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
- Mitsubishi Chemical Holdings Corporation
- BASF SE
- Honeywell International, Inc.
- Univar Solutions, Inc.
- Toray Industries, Inc.
- Ashland Inc. (Ashland Global Holdings Inc.)
- Merck KGaA
- LyondellBasell Industries Holdings B.V.
- Eastman Chemical Company
- Tokyo Chemical Industry Co. Ltd.
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- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Tetrahydrofuran (THF) Market, by End-Use
- 1.4.2 Global Tetrahydrofuran (THF) Market, by Application
- 1.4.3 Global Tetrahydrofuran (THF) Market, by Geography
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.3 Porter’s Five Force Analysis
- Chapter 4. Global Tetrahydrofuran (THF) Market, by End-Use
- 4.1 Global Paints & Coatings Market, by Region
- 4.2 Global Textile Market, by Region
- 4.3 Global Pharmaceutical Market, by Region
- 4.4 Global Polymer Market, by Region
- 4.5 Global Others Market, by Region
- Chapter 5. Global Tetrahydrofuran (THF) Market, by Application
- 5.1 Global Polytetramethylene Ether Glycol (PTMEG) Market, by Region
- 5.2 Global Solvents Market, by Region
- 5.3 Global Others Market, by Region
- Chapter 6. Global Tetrahydrofuran (THF) Market, by Region
- 6.1 North America Tetrahydrofuran (THF) Market
- 6.1.1 North America Tetrahydrofuran (THF) Market, by End-Use
- 6.1.1.1 North America Paints & Coatings Market, by Country
- 6.1.1.2 North America Textile Market, by Country
- 6.1.1.3 North America Pharmaceutical Market, by Country
- 6.1.1.4 North America Polymer Market, by Country
- 6.1.1.5 North America Others Market, by Country
- 6.1.2 North America Tetrahydrofuran (THF) Market, by Application
- 6.1.2.1 North America Polytetramethylene Ether Glycol (PTMEG) Market, by Country
- 6.1.2.2 North America Solvents Market, by Country
- 6.1.2.3 North America Others Market, by Country
- 6.1.3 North America Tetrahydrofuran (THF) Market, by Country
- 6.1.3.1 US Tetrahydrofuran (THF) Market
- 6.1.3.1.1 US Tetrahydrofuran (THF) Market, by End-Use
- 6.1.3.1.2 US Tetrahydrofuran (THF) Market, by Application
- 6.1.3.2 Canada Tetrahydrofuran (THF) Market
- 6.1.3.2.1 Canada Tetrahydrofuran (THF) Market, by End-Use
- 6.1.3.2.2 Canada Tetrahydrofuran (THF) Market, by Application
- 6.1.3.3 Mexico Tetrahydrofuran (THF) Market
- 6.1.3.3.1 Mexico Tetrahydrofuran (THF) Market, by End-Use
- 6.1.3.3.2 Mexico Tetrahydrofuran (THF) Market, by Application
- 6.1.3.4 Rest of North America Tetrahydrofuran (THF) Market
- 6.1.3.4.1 Rest of North America Tetrahydrofuran (THF) Market, by End-Use
- 6.1.3.4.2 Rest of North America Tetrahydrofuran (THF) Market, by Application
- 6.2 Europe Tetrahydrofuran (THF) Market
- 6.2.1 Europe Tetrahydrofuran (THF) Market, by End-Use
- 6.2.1.1 Europe Paints & Coatings Market, by Country
- 6.2.1.2 Europe Textile Market, by Country
- 6.2.1.3 Europe Pharmaceutical Market, by Country
- 6.2.1.4 Europe Polymer Market, by Country
- 6.2.1.5 Europe Others Market, by Country
- 6.2.2 Europe Tetrahydrofuran (THF) Market, by Application
- 6.2.2.1 Europe Polytetramethylene Ether Glycol (PTMEG) Market, by Country
- 6.2.2.2 Europe Solvents Market, by Country
- 6.2.2.3 Europe Others Market, by Country
- 6.2.3 Europe Tetrahydrofuran (THF) Market, by Country
- 6.2.3.1 Germany Tetrahydrofuran (THF) Market
- 6.2.3.1.1 Germany Tetrahydrofuran (THF) Market, by End-Use
- 6.2.3.1.2 Germany Tetrahydrofuran (THF) Market, by Application
- 6.2.3.2 Russia Tetrahydrofuran (THF) Market
- 6.2.3.2.1 Russia Tetrahydrofuran (THF) Market, by End-Use
- 6.2.3.2.2 Russia Tetrahydrofuran (THF) Market, by Application
- 6.2.3.3 UK Tetrahydrofuran (THF) Market
- 6.2.3.3.1 UK Tetrahydrofuran (THF) Market, by End-Use
- 6.2.3.3.2 UK Tetrahydrofuran (THF) Market, by Application
- 6.2.3.4 France Tetrahydrofuran (THF) Market
- 6.2.3.4.1 France Tetrahydrofuran (THF) Market, by End-Use
- 6.2.3.4.2 France Tetrahydrofuran (THF) Market, by Application
- 6.2.3.5 Italy Tetrahydrofuran (THF) Market
- 6.2.3.5.1 Italy Tetrahydrofuran (THF) Market, by End-Use
- 6.2.3.5.2 Italy Tetrahydrofuran (THF) Market, by Application
- 6.2.3.6 Netherlands Tetrahydrofuran (THF) Market
- 6.2.3.6.1 Netherlands Tetrahydrofuran (THF) Market, by End-Use
- 6.2.3.6.2 Netherlands Tetrahydrofuran (THF) Market, by Application
- 6.2.3.7 Rest of Europe Tetrahydrofuran (THF) Market
- 6.2.3.7.1 Rest of Europe Tetrahydrofuran (THF) Market, by End-Use
- 6.2.3.7.2 Rest of Europe Tetrahydrofuran (THF) Market, by Application
- 6.3 Asia Pacific Tetrahydrofuran (THF) Market
- 6.3.1 Asia Pacific Tetrahydrofuran (THF) Market, by End-Use
- 6.3.1.1 Asia Pacific Paints & Coatings Market, by Country
- 6.3.1.2 Asia Pacific Textile Market, by Country
- 6.3.1.3 Asia Pacific Pharmaceutical Market, by Country
- 6.3.1.4 Asia Pacific Polymer Market, by Country
- 6.3.1.5 Asia Pacific Others Market, by Country
- 6.3.2 Asia Pacific Tetrahydrofuran (THF) Market, by Application
- 6.3.2.1 Asia Pacific Polytetramethylene Ether Glycol (PTMEG) Market, by Country
- 6.3.2.2 Asia Pacific Solvents Market, by Country
- 6.3.2.3 Asia Pacific Others Market, by Country
- 6.3.3 Asia Pacific Tetrahydrofuran (THF) Market, by Country
- 6.3.3.1 China Tetrahydrofuran (THF) Market
- 6.3.3.1.1 China Tetrahydrofuran (THF) Market, by End-Use
- 6.3.3.1.2 China Tetrahydrofuran (THF) Market, by Application
- 6.3.3.2 India Tetrahydrofuran (THF) Market
- 6.3.3.2.1 India Tetrahydrofuran (THF) Market, by End-Use
- 6.3.3.2.2 India Tetrahydrofuran (THF) Market, by Application
- 6.3.3.3 Japan Tetrahydrofuran (THF) Market
- 6.3.3.3.1 Japan Tetrahydrofuran (THF) Market, by End-Use
- 6.3.3.3.2 Japan Tetrahydrofuran (THF) Market, by Application
- 6.3.3.4 South Korea Tetrahydrofuran (THF) Market
- 6.3.3.4.1 South Korea Tetrahydrofuran (THF) Market, by End-Use
- 6.3.3.4.2 South Korea Tetrahydrofuran (THF) Market, by Application
- 6.3.3.5 Indonesia Tetrahydrofuran (THF) Market
- 6.3.3.5.1 Indonesia Tetrahydrofuran (THF) Market, by End-Use
- 6.3.3.5.2 Indonesia Tetrahydrofuran (THF) Market, by Application
- 6.3.3.6 Australia Tetrahydrofuran (THF) Market
- 6.3.3.6.1 Australia Tetrahydrofuran (THF) Market, by End-Use
- 6.3.3.6.2 Australia Tetrahydrofuran (THF) Market, by Application
- 6.3.3.7 Rest of Asia Pacific Tetrahydrofuran (THF) Market
- 6.3.3.7.1 Rest of Asia Pacific Tetrahydrofuran (THF) Market, by End-Use
- 6.3.3.7.2 Rest of Asia Pacific Tetrahydrofuran (THF) Market, by Application
- 6.4 LAMEA Tetrahydrofuran (THF) Market
- 6.4.1 LAMEA Tetrahydrofuran (THF) Market, by End-Use
- 6.4.1.1 LAMEA Paints & Coatings Market, by Country
- 6.4.1.2 LAMEA Textile Market, by Country
- 6.4.1.3 LAMEA Pharmaceutical Market, by Country
- 6.4.1.4 LAMEA Polymer Market, by Country
- 6.4.1.5 LAMEA Others Market, by Country
- 6.4.2 LAMEA Tetrahydrofuran (THF) Market, by Application
- 6.4.2.1 LAMEA Polytetramethylene Ether Glycol (PTMEG) Market, by Country
- 6.4.2.2 LAMEA Solvents Market, by Country
- 6.4.2.3 LAMEA Others Market, by Country
- 6.4.3 LAMEA Tetrahydrofuran (THF) Market, by Country
- 6.4.3.1 Brazil Tetrahydrofuran (THF) Market
- 6.4.3.1.1 Brazil Tetrahydrofuran (THF) Market, by End-Use
- 6.4.3.1.2 Brazil Tetrahydrofuran (THF) Market, by Application
- 6.4.3.2 Argentina Tetrahydrofuran (THF) Market
- 6.4.3.2.1 Argentina Tetrahydrofuran (THF) Market, by End-Use
- 6.4.3.2.2 Argentina Tetrahydrofuran (THF) Market, by Application
- 6.4.3.3 UAE Tetrahydrofuran (THF) Market
- 6.4.3.3.1 UAE Tetrahydrofuran (THF) Market, by End-Use
- 6.4.3.3.2 UAE Tetrahydrofuran (THF) Market, by Application
- 6.4.3.4 Saudi Arabia Tetrahydrofuran (THF) Market
- 6.4.3.4.1 Saudi Arabia Tetrahydrofuran (THF) Market, by End-Use
- 6.4.3.4.2 Saudi Arabia Tetrahydrofuran (THF) Market, by Application
- 6.4.3.5 South Africa Tetrahydrofuran (THF) Market
- 6.4.3.5.1 South Africa Tetrahydrofuran (THF) Market, by End-Use
- 6.4.3.5.2 South Africa Tetrahydrofuran (THF) Market, by Application
- 6.4.3.6 Nigeria Tetrahydrofuran (THF) Market
- 6.4.3.6.1 Nigeria Tetrahydrofuran (THF) Market, by End-Use
- 6.4.3.6.2 Nigeria Tetrahydrofuran (THF) Market, by Application
- 6.4.3.7 Rest of LAMEA Tetrahydrofuran (THF) Market
- 6.4.3.7.1 Rest of LAMEA Tetrahydrofuran (THF) Market, by End-Use
- 6.4.3.7.2 Rest of LAMEA Tetrahydrofuran (THF) Market, by Application
- Chapter 7. Company Profiles
- 7.1 Mitsubishi Chemical Holdings Corporation
- 7.1.1 Company Overview
- 7.1.2 Financial Analysis
- 7.1.3 Segmental Analysis
- 7.1.4 Research & Development Expense
- 7.1.5 SWOT Analysis
- 7.2 BASF SE
- 7.2.1 Company Overview
- 7.2.2 Financial Analysis
- 7.2.3 Segmental and Regional Analysis
- 7.2.4 Research & Development Expense
- 7.2.5 Recent strategies and developments:
- 7.2.5.1 Partnerships, Collaborations, and Agreements:
- 7.2.6 SWOT Analysis
- 7.3 Honeywell International, Inc.
- 7.3.1 Company Overview
- 7.3.2 Financial Analysis
- 7.3.3 Segmental and Regional Analysis
- 7.3.4 Research & Development Expenses
- 7.3.5 SWOT Analysis
- 7.4 Univar Solutions, Inc.
- 7.4.1 Company Overview
- 7.4.2 Financial Analysis
- 7.4.3 Segmental Analysis
- 7.4.4 Recent strategies and developments:
- 7.4.4.1 Acquisition and Mergers:
- 7.4.4.2 Geographical Expansions:
- 7.4.5 SWOT Analysis
- 7.5 Toray Industries, Inc.
- 7.5.1 Company Overview
- 7.5.2 Financial Analysis
- 7.5.3 Segmental and Regional Analysis
- 7.5.4 Research & Development Expense
- 7.5.5 SWOT Analysis
- 7.6 Ashland Inc. (Ashland Global Holdings Inc.)
- 7.6.1 Company Overview
- 7.6.2 Financial Analysis
- 7.6.3 Segmental and Regional Analysis
- 7.6.4 Research & Development Expenses
- 7.6.5 SWOT Analysis
- 7.7 Merck KGaA
- 7.7.1 Company Overview
- 7.7.2 Financial Analysis
- 7.7.3 Segmental and Regional Analysis
- 7.7.4 Research & Development Expense
- 7.7.5 SWOT Analysis
- 7.8 LyondellBasell Industries Holdings B.V.
- 7.8.1 Company Overview
- 7.8.2 Financial Analysis
- 7.8.3 Segmental and Regional Analysis
- 7.8.4 Research & Development Expenses
- 7.8.5 Recent strategies and developments:
- 7.8.5.1 Geographical Expansions:
- 7.8.6 SWOT Analysis
- 7.9 Eastman Chemical Company
- 7.9.1 Company Overview
- 7.9.2 Financial Analysis
- 7.9.3 Segmental and Regional Analysis
- 7.9.4 Research & Development Expense
- 7.9.5 SWOT Analysis
- 7.10. Tokyo Chemical Industry Co., Ltd.
- 7.10.1 Company Overview
- 7.10.2 SWOT Analysis
- Chapter 8. Winning Imperative of Tetrahydrofuran (THF) Market
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