North America Tetrahydrofuran Market size, led by the U.S., Canada, and Mexico is likely to show significant growth by forecast timeframe. The U.S. fuel oil sales accounted at over 40% and automotive fuel oil sales at over 10% in 2017 owing to rising demand in automotive may drive the regional industry growth. Manufacturing of various processing aids and solvents in petroleum industry in downstream and midstream application is likely to spur the tetrahydrofuran market growth.
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The polytetramethylene ether glycol application segment is driving tetrahydrofuran market as it extensively used in manufacturing clothes such as swimwear, aerobic garments, and athletic wear. Global apparel industry is currently valued at over USD 3 trillion and as is predicted to rise owing to changing trends in apparel industry coupled with growing health awareness among masses which has led to an increase in fitness activities, thereby driving the tetrahydrofuran market growth.
Tetrahydrofuran is widely used for manufacturing polyurethane resins and its wide usage in automotive, construction, and electronic industry owing to its lightweight properties may drive the tetrahydrofuran market growth. Polyurethane resins market size was valued at over USD 65.6 billion in 2018. Stringent environmental regulations owing to release of toxic gases on burning of fossil fuel may hinder the tetrahydrofuran market growth. Various key improvements under TSCA act have been adopted to foster environmental conversation by using environmentally friendly method of product manufacturing.
The product is used in polyvinyl chloride production as an industrial solvent and manufacturing of varnishes. PVC market size is likely to surpass USD 70 billion by 2020 on account of its rising demand from end-use industries, urbanization, population, and rise in disposable income of people, which accelerates the tetrahydrofuran market share.
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Global tetrahydrofuran market share is significantly competitive and fragmented. BASF, Dairen Chemical, Ashland, Nan Ya Plastics, Nova Molecular Technologies, Mitsubishi Chemical, LyondellBasell, Sipchem, Pennakem, and BioAmber are some of the manufacturers. Companies are adopting strategies of merger & acquisition as well as agreement & partnership to enhance their product portfolio.
- BASF Corporation
- Mitsubishi Chemical Corporation
- Dairen Chemical
- Nan Ya Plastics
- Nova Molecular Technologies
- Bluestar New Chemical Materials
Tetrahydrofuran Market, By Process Technology, 2014-2025 (kilo Tons) (USD Million)
- Propylene Oxide-Based Process
- Davy Process
- Reppe Process
- Butadiene Process
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