Tetrahydrofuran Market – Market Overview
Tetrahydrofuran (THF) is a highly volatile organic substance used as raw material for ether formulation by polymerization. It is synthesized by dehydrating butanediol (BDO) using any of the following processes which includes rep, furfural, butadiene, and day process. THF is widely used in the synthesis of other organic substances. The product finds application in resin, solvents, and polytetramethylene ether glycol (PTMEG). Polytetramethylene accounted for the largest market share owing to increasing demand for the skin –tight garments. PTMEG is widely used in the production of spandex fibres and polyurethane elastomers.
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Growing textile industry with surging demand for the sportswear, trendy garments and casuals coupled with changing fashion trends is driving the market growth. Rising fitness activities as a result of health consciousness among the consumers is fuelling the product demand. The product use is increasing in adhesives, coatings, and inks owing to enlarging demand from the end use industries such as automotive, construction, paints & coatings, and packaging industry. Growing sports industry with rising interest of the consumers towards adventure sports, tracking and other activities for fitness is uplifting the market growth. The product consumption is increasing in automobiles and building & construction industry owing to greater load bearing capacity, high impact strength and abrasion resistance.
Asia Pacific accounted for the largest market share in the tetrahydrofuran market as a result of rapidly expanding textile industry in the developing economies such as India and China. Additionally, during 2016-17, total fibre exports of India reached to USD 598 billion. However, rising imports post GST implementation are affecting the growth of textile industry in India. Increasing spending on sportswear by the consumers is driving the market growth in India further.
Tetrahydrofuran Market – Competitive Analysis
Tetrahydrofuran is at the growth stage and is expanding rapidly across the globe especially in the Asia pacific region owing to the expanding textile industry. Some of the growing trends noticed among the market players are acquisition. However, some market players have stopped production of THF and butanediol as a result of fire incidences happened at their manufacturing plants. For instance, BASF SE is expanding its manufacturing capacity of the Tetrahydrofuran under the brand name Cellasto in Gujarat. This is with respect to the growing demand for the product from the automotive industry coupled with increasing spending on the vehicles by the middle income group in India.
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Industry/ Innovation/ Related News:
January, 2018 – BASF Corporation closed its THF and butanediol plant in North America post two events that happened at Geismar, Louisiana, manufacturing facility.
October, 2017– INVISTA, a leading integrated producer of chemical intermediates, polymers, and fibers, signed aggrement to sell its apparel and advanced textiles business to Shandong Ruyi Investment Holding. INVISTA will retain intellectual property rights for 1.4 butanediol (BDO), tetrahydrofuran (THF), and polytetramethylene ether glycol (PTMEG) technologies.
August, 2017– Ashland has stopped production of 1.4 butanediol and tetrahydrofuran (THF) in Europe after the fire incidence took place at its manufacturing facility at Marl, Germany.
Ø BASF Corporation
Ø Dairen Chemical Corporation
Ø Merck KGaA
Ø Technical Chemical Compan
Ø Mitsubishi Chemical Corporation
Ø BioAmber Inc
Ø Credence Chem Private Limited
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