Tetrahydrofuran Market to Grow with a CAGR of 5.31% through 2028
Surge in research and development activities is expected to drive the Global
Tetrahydrofuran Market growth in the forecast period, 2024-2028
According to TechSci Research report, “Tetrahydrofuran
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Tetrahydrofuran Market stood at USD4.36
billion in 2022 and is anticipated to grow with a CAGR of 5.31% in the forecast
period, 2023-2028. The initiatives taken by government based on Tetrahydrofuran
has led to favorable market conditions for the Global Tetrahydrofuran Market.
Several factors contribute to the growth of various Tetrahydrofuran products. The U.S.
Environmental Protection Agency (EPA) conducted a comprehensive toxicological
review of THF, carefully examining its potential hazards and assessing the
dose-response relationship. This thorough review provides scientific support
and a rationale for the identification of potential risks associated with
exposure to THF. By understanding these risks, we can take necessary
precautions to ensure the safety and well-being of individuals.
In order to
safeguard the health and safety of employees, the Occupational Safety and Health
Administration (OSHA) has implemented regulations that limit exposure to THF in
the workplace. These measures are particularly important in industries where
THF is frequently used, as they aim to protect workers from the potential
adverse effects of prolonged or high levels of exposure. By strictly adhering
to these regulations, employers can create a safer working environment for
their employees. Recognizing the need for sustainable and environmentally
friendly alternatives, the Small Business Innovation Research (SBIR) program in
the U.S. has actively supported research into improved methods for producing
THF from biomass. This initiative seeks to identify alternative production
methods that are not only economically viable but also have a reduced impact on
the environment. By promoting innovation in THF production, the SBIR program
aims to contribute to the development of greener technologies and pave the way
for a more sustainable future.
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Tetrahydrofuran Market”
Research and
development (R&D) activities play a crucial role in driving the growth of
the THF market. These activities are focused on enhancing production methods,
exploring new applications, and improving the properties of THF. Numerous
research initiatives have been undertaken to develop more efficient and
environmentally friendly methods of producing THF. For instance, the Small
Business Innovation Research (SBIR) program in the U.S. has supported research
into enhanced methods for producing THF from biomass. These initiatives aim to
minimize the environmental impact of THF production while increasing
cost-effectiveness.
Furthermore,
R&D activities are dedicated to exploring novel applications for THF. As
the versatility of THF becomes increasingly evident, researchers are
discovering new uses for this compound across various sectors. The expanding
range of applications significantly contributes to the growth of the THF
market.
The Global
Tetrahydrofuran Market is segmented into technology, end user, regional
distribution, and company.
Based on its end user, the Paints and Coatings segment
held the largest share in the market. The increasing population and the rise in
infrastructural activities have led to a surge in the demand for
tetrahydrofuran-based paints and coatings. Tetrahydrofuran is widely used as a
solvent for producing topcoats, corrosion protection coatings, and other
solutions, making it a key driver for the growth of the tetrahydrofuran market
in solvent manufacturing. Moreover, the rise in R&D activities for
developing various chemicals has opened up potential applications for
tetrahydrofuran as solvents in organic synthesis laboratories, further fueling the
growth of the tetrahydrofuran market in solvent applications. This growing
demand and expanding utility of tetrahydrofuran highlight its significance and
potential in the market.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
The rapid growth of China's paints and coatings
manufacturing sector has created a surge in demand for more efficient
tetrahydrofuran, which is used as surface coatings and anti-corrosion coatings.
This increase in production has prompted tetrahydrofuran manufacturers to
improve their processes and develop advanced formulations to meet the
industry's needs.
Meanwhile, the textile sector in India is experiencing
significant growth due to the rising fashion consciousness among people.
Tetrahydrofuran plays a crucial role as a raw material for producing various
fibers, including spandex and others. A recent report published by the Indian
Brands Equity Foundation in May 2022 highlighted that India's home textile
exports witnessed a healthy growth rate of 9% in 2021. This positive trend is
expected to continue, further driving the demand for tetrahydrofuran in the
growing textile industry.
As a result, the Asia-Pacific region is poised to see
a substantial boost in the tetrahydrofuran market, driven by the increasing
demand from both the paints and coatings manufacturing sector in China and the
flourishing textile sector in India.
Major companies operating in Global Tetrahydrofuran
Market are:
- Ashland Inc.
- Banner Chemicals Limited
- BASF SE
- DCC PLC
- Hefei TNJ Chemical Industry Co.Ltd.
- Henan GP Chemicals Co., Ltd
- Mitsubishi Chemical Corporation
- REE ATHARVA LIFESCIENCE PVT. LTD
- Shenyang East Chemical Science-Tech Co.,
Ltd.
- Sipchem Chemicals Co
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“Growing application of Tetrahydrofuran in various end
user industries are key drivers of the Tetrahydrofuran Market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of Tetrahydrofuran with every
passing year are anticipated to register an impressive growth to Global
Tetrahydrofuran Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Tetrahydrofuran Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology (Reppe Process, Davy Process, Propylene Oxide Process, Butadiene Process), By End User (Polymer, Textile, Pharmaceutical, Paints and Coatings, Others), By Region and Competition, 2018-2028F”, has evaluated
the future growth potential of Global Tetrahydrofuran Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Tetrahydrofuran Market.
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