This “Tetrahydrofuran (THF) Market-Growth, Trends, COVID-19 Impact and Forecast (2021-2026)” Report has been added to ResearchAndMarkets.com provide.
The global tetrahydrofuran (THF) market is expected to have a compound annual growth rate of 6% during the forecast period (2021-2026).
Due to COVID-19 in 2020, the market has been negatively affected. Countries such as India, China, Italy, France, Poland, the United Kingdom, South Africa, and New Zealand will enter a lockdown in 2020.
In addition, the polymer, textile, paint and coating industries have been negatively affected due to the restrictive and large-scale isolation of the coronavirus. The construction industry is also affected because workers are far away from the project site, which affects the demand for paints and coatings and thus the tetrahydrofuran market.
In India, construction workers are far away from construction sites, which has caused nearly 20,000 ongoing projects in the country to be shelved. Berger Paints, India’s second-largest paint company, reported that its consolidated net profit for the fourth quarter ended March 31 fell by 6.5% to 10.32 billion Indian rupees ($13.76 million). Due to COVID-19, the petrochemical industry has also been negatively affected, thereby affecting the polymer industry. Due to all these factors, the tetrahydrofuran market has been negatively affected by COVID-19.
In the medium term, the growing demand for spandex in the textile industry and the growing demand for PVC manufacturing are the main factors driving market development.
On the other hand, the availability of close substitutes, the dangers of THF (highly flammable and health hazards), and the negative impact of the COVID-19 pandemic are hindering market growth.
The Asia-Pacific region is expected to dominate the global market, with the largest consumption in countries such as China, India, and Japan.
Main market trends
Growing demand for polytetramethylene ether glycol (PTMEG)
Tetrahydrofuran (THF) is widely used in the manufacture of polytetramethylene ether glycol (PTMEG). It is used as a basic chemical in polyurethane manufacturing and is expected to become the fastest growing market during the forecast period.
More than 65% of the tetrahydrofuran produced globally is used to make PTMEG, mainly for the production of spandex and other polyurethanes. During the forecast period, the textile industry’s demand for spandex continues to grow, which is expected to promote the development of the tetrahydrofuran market.
Spandex is a synthetic fiber composed of 85% polyurethane. Spandex is a block polymer that contains alternating rigid and flexible polyurethane segments.
Due to the superior characteristics of spandex, it is widely used in women’s clothing, swimwear, casual wear and sports fabrics to provide more comfort and flexibility. It has the characteristics of good strength, high uniformity and high wear resistance. This increases its demand and thus promotes the market under study.
According to Cotton Incorporated, in 2020, 28% of people in the United States think spandex is a very safe clothing material, and 27% think it is very comfortable.
According to Covestro, global polyurethane demand in 2019 is estimated to be 18.4 million tons and is expected to reach 22.5 million tons by 2024.
The revenue of the global apparel market in 2020 is estimated at 1.4 trillion U.S. dollars and is expected to reach 2.2 trillion U.S. dollars by 2025. This is expected to stimulate the market during the forecast period.
Due to all these factors, it is expected that the increased demand for polytetramethylene ether glycol during the forecast period will promote the development of the tetrahydrofuran market.
The global tetrahydrofuran (THF) market is partially fragmented, with major players occupying a marginal share of the market. A few companies include Ashland, BASF SE, Mitsubishi Chemical Company, DCC and Banner Chemicals Limited.
Key topics covered:
2 Research methods
3 Executive summary
4 Market dynamics
4.1.1 The textile industry’s demand for spandex continues to grow
4.1.2 Increasing demand for PVC manufacturing
4.2.1 Availability of close substitutes
4.2.2 The hazards of THF (highly flammable and health hazards)
4.2.3 Negative impact of the COVID-19 pandemic
4.3 Analysis of Industry Value Chain
4.4 Porter’s five forces analysis
5 Market segmentation
5.1.1 Polytetramethylene ether glycol (PTMEG)
5.1.3 Other applications
5.2 Terminal industry
5.2.4 Paints and coatings
5.2.5 Other end-user industries
6 Competitive landscape
6.1 Mergers and acquisitions, joint ventures, cooperation and agreements
6.2 Market share (%) **/ranking analysis
6.3 Strategies adopted by leaders
6.4 Company profile
6.4.2 Bangna Chemical Co., Ltd.
6.4.3 BASF Corporation
6.4.4 Bagwati Chemicals
6.4.5 Direct current
6.4.6 Hefei Tianjiang Chemical Co., Ltd.
6.4.7 Henan GP Chemical Co., Ltd.
6.4.8 Mitsubishi Chemical Corporation
6.4.9 Nasit Pharmaceutical
6.4.10 REE ATHARVA Life Science PVT.Limited company
6.4.11 Reddy Siddhi Industries
6.4.12 Shenyang Dongfang Chemical Technology Co., Ltd.
6.4.13 Xipu Chemical
7 Market opportunities and future trends
7.1 Development and innovation of bio-based tetrahydrofuran (THF)
For more information about this report, please visit https://www.researchandmarkets.com/r/uj8c2l