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.
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.
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.
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