The global tetrahydrofuran (THF) market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). THF market growth is driven by strong demand for THF from a variety of end-user industries, including PVC, polymer, sealants & adhesives, pharmaceuticals, and more. In addition, the high usage of THF to make PVC plastic that makes most of the interior pipes in modern homes,is further contributing to the market growth.
In July 27, 2020, Ashland Global Holdings Inc. entered into a formal sale of maleic anhydride company business and production facility in West Virginia for $100 Million to AOC Materials LLC. Earlier, Ashland sold its Butanediol plant in Germany to focus on selling unique ingredients instead of composite components to increase the demand for the THF.
Furthermore, increasing the supply of products across several verticals industries adds to the global market share of tetrahydrofuran. However, the scope of use of this biological component is still growing, which may boost industrial growth in the coming years. For instance, on August 13, 2020, a University of California researcher who recently founded MG Fuels to use his new technology in the field of biofuel received the latest US funding EPA.
Therefore, in line with this, his team received a donation of $75,000 from EPA P3 (Environment Protection Agency’s People, Prosperity and Planet Program) for improving the extraction of hemp through these transformational technologies that use water and tetrahydrofuran market. Additionally, the new method can degrade lignin at lower temperatures than traditional methods, resulting in less risk-free production and such inventions are likely to increase the demand for the product across the globe.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Process
- By Application
- By End-Users
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape-Lyondell Basell Industries N.V., Saudi International Petrochemical Company, Penn A Kem LLC, Ashland Global Specialty Chemicals Inc., Nova Molecular Technologies, and BioAmber Inc., among others.
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Global Tetrahydrofuran THF Market Report by Segment
By Process
- Acetylene Based Process
- Butadiene-Based Process
- Others
By Application
- Polytetramethylene Ether Glycol
- Solvent Applications
- Others
By End-Use
- Polymer
- PVC
- Pharmaceutical
- Sealants & Adhesives
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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