Tetrahydrofuran Market Size was valued at USD 4.0 Billion in 2023. The Tetrahydrofuran industry is projected to grow from USD 4.24 Billion in 2024 to USD 6.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.28% during the forecast period (2024 - 2032). Increasing end-use industry demand for various applications and the growing pharmaceutical industry are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The market CAGR for tetrahydrofuran is being driven by the growing pharmaceutical industry. The fast expansion of the pharmaceutical industry, mostly due to rising population, urbanization, rising disposable income, and rising demand for pharmaceuticals in the region, is driving the tetrahydrofuran market growth. Tetrahydrofuran is used in the production of medicinal steroids. Pharmaceutical steroids are employed as a reaction medium in processes such as Grignard syntheses and lithium aluminum hydride reductions, particularly in the pharmaceutical business. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), between 2014 and 2018, the Brazilian, Chinese, and Indian markets grew by 11.4%, 7.3%, and 11.2%, respectively, compared to the top five European Union markets' average market growth of 5.0% and 7.8%, respectively. The Australian Government announced in 2018 that it will invest $1.3 billion in the Health and Medical Industry Growth Plan to usher in a new age of improved healthcare in Australia. The growing pharmaceutical industries will raise demand for pharmaceutical steroids, which will drive the tetrahydrofuran market over the forecast period.
Chemicals have piqued the curiosity of numerous end-use industries around the world for decades. Tetrahydrofuran manufacturers have benefited from the increasing usage of tetrahydrofuran as a solvent for polyvinyl chlorides, vinylidene chloride polymers, and natural and synthetic resins. Tetrahydrofuran is a chemical synthesis intermediate. It is used to make adipic acid, butadiene, acrylic O 2-2 acid, butyrolactone, succinic acid, 1,4-butanediol diacetate, motor fuels, vitamins, hormones, pharmaceuticals, synthetic perfumes, organometallic compounds, pesticides, among other things. Polytetramethylene ether glycol, polyurethane elastomers, and elastic polymers are also made from it. It is widely utilized in the pharmaceutical industry for the production of carbetapentane, rifamycin, progesterone, and certain hormone medicines. Tetrahydrofuran is in high demand due to its numerous uses in various end-use sectors such as pharmaceuticals and packaging, which serves as a driving force in the tetrahydrofuran market.
Furthermore, there is an increasing need for spandex-based fabrics. Tetrahydrofuran is an important component in the manufacturing of spandex, a flexible fiber used in garments such as athletics and lingerie. The growing popularity of athleisure and fitness trends has increased demand for spandex-based textiles, which in turn has increased demand for Tetrahydrofuran.
For example, Nike and Lululemon have been extending their product ranges, which has helped to the growth of the Tetrahydrofuran industry. Furthermore, growth in the number of individuals participating in sports and other fitness activities has led to a surge in demand for sportswear, which has raised demand for spandex-based fabrics and, as a result, the Tetrahydrofuran market.
The Tetrahydrofuran Market segmentation, based on technology includes Davy Process, Propylene Oxide, Reppe Process, and Butadiene Process. The reppe process category represented the greatest share of the tetrahydrofuran market in 2022, owing to its high production efficiency, related safety, and cheap investment requirements. Tetrahydrofuran was previously made using the Furfural process, which used furfural derived from corn husks as the raw material. The disadvantage of this technique was that supply was dependent on the agricultural environment and hence could not be relied on, so a shift to the totally synthetic reppe process was made. The reppe method is favored over the other processes because it is entirely synthetic, and so, unlike its counterpart, raw material availability is not dependent on agricultural conditions.
Figure1: Tetrahydrofuran Market, by Technology, 2022&2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Tetrahydrofuran Market segmentation, based on application, includes Solvents, Polytetramethylene Ether Glycol {PTMEG}, others. In 2022, the polytetramethylene ether glycol (PTMEG) segment was the largest in the tetrahydrofuran market, because tetrahydrofuran is widely used in the manufacturing of spandex and polyurethane. Polyurethane elastomer is commonly employed in the production of automotive materials such as seat coverings and gear shift knobs. And spandex is commonly used in sportswear, stylish clothes, casual wear, and a variety of women's clothing styles such as leggings, form-fit garments, swimwear, athletic wear, and aerobic garments. Furthermore, growing public health awareness has resulted in an increase in the number of sporting events and fitness activities around the world, resulting in greater demand for sportswear.
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Tetrahydrofuran Market area will dominate this market, due to the increased need for THF in the synthesis of PTMEG, which is utilized in the production of spandex fibers. Furthermore, rising demand for flexible foam in the automotive and furniture industries is likely to fuel expansion in the THF market in North America.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: TETRAHYDROFURAN MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Tetrahydrofuran Market accounts for the second-largest market share because of the growing demand for spandex-based fabrics and flexible foam. Further, the German Tetrahydrofuran Market held the largest market share, and the UK Tetrahydrofuran Market was the fastest-growing market in the European region
The Asia-Pacific Tetrahydrofuran Market is expected to grow at the fastest CAGR from 2023 to 2032. Tetrahydrofuran is in high demand in the packaging and pharmaceutical industries for the production of polyvinyl chloride and medicinal steroids. Moreover, China’s Tetrahydrofuran Market held the largest market share, and the Indian Tetrahydrofuran Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Tetrahydrofuran Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Tetrahydrofuran industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Tetrahydrofuran industry to benefit clients and increase the market sector. In recent years, the Tetrahydrofuran industry has offered some of the most significant advantages to medicine. Major players in the Tetrahydrofuran Market, including Mitsubishi Chemical Corporation (Japan), Ashland (U.S.), INVISTA (U.S.), BioAmber Inc. (U.S.), LyondellBase (Netherlands), and Credence Chem Private Limited (India) and others, are attempting to increase market demand by investing in research and development operations.
Mitsubishi Chemical Corporation is a division of Mitsubishi Chemical Holdings Corporation. It is a Japanese company that merged with Mitsubishi Pharma Corporation in 2005 to form Mitsubishi Chemical Holdings Corporation. Mitsubishi Chemical is the largest chemical corporation in Japan. In 2021, Mitsubishi Chemical Corporation announced the development of a novel THF production process that cuts greenhouse gas emissions by 90% when compared to the existing technique. This development is projected to fuel the THF market's expansion in the future years.
Invista is a manufacturer of fibres, resins, and intermediates. It employs over 10,000 people across 20 countries. In February 2003, DuPont Textiles and Interiors was founded from DuPont's textile fibres group. is The company was awarded the trademarked name INVISTA before being sold to the privately held Koch Industries on April 30, 2004 for US$4.2 billion. Koch Industries completed the INVISTA corporation by combining the newly acquired organization with their KoSa subsidiary. In 2019, INVISTA, a Koch Industries company, purchased Flint Hills Resources' THF business, which is a prominent producer of THF. This acquisition has allowed INVISTA to broaden its product offering and improve its position in the THF market.
March 2019, BASF SE introduced bio-based Polytetrahydrofuran 1000 (PolyTHF® 1000) to broaden the spectrum of sustainable raw material-based products and applications.
July 2016, In northwest China, ASF and Xinjiang Markor Chemical Industry Co., Ltd. opened a new PolyTHF® (polytetrahydrofuran, chemical name: polytetramethylene ether glycol) facility.
October 2022, Wuhan University created a new ether-based electrolyte using lithium-sulfur batteries (LSBs) with tetrahydrofuran (THF) and di-isopropyl ether (DIPE). The novel electrolyte significantly prevents lithium polysulfide dissolution and the self-discharge effect. To boost ionic conductivity and suppress side reactions on the Li metal anode, LiFSI can be utilized as a co-salt in the electrolyte.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 4.0 Billion |
| Market Size 2024 | USD 4.24 Billion |
| Market Size 2032 | USD 6.4 Billion |
| Compound Annual Growth Rate (CAGR) | 5.28% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | BASF Corporation (USA), Dairen Chemical Corporation (Taiwan), Merck KGaA (Germany), Technical Chemical Company (U.S.), Mitsubishi Chemical Corporation (Japan), Ashland (U.S.), INVISTA (U.S.), BioAmber Inc. (U.S.), LyondellBase (Netherlands), and Credence Chem Private Limited (India), |
| Key Market Opportunities | The market is expanding due to increased use in the production of coatings, adhesives, and specialty coating systems. |
| Key Market Dynamics | The growing usage of synthetic leather in a variety of applications such as garments, footwear, upholstery, and fabrics is expected to remain a major driving factor. |
Tetrahydrofuran Market Highlights:
Frequently Asked Questions (FAQ) :
The Tetrahydrofuran Market size was valued at USD 4.0 billion in 2023.
The Tetrahydrofuran Market is projected to grow at a CAGR of 5.28% during the forecast period, 2024-2032.
North America had the largest share of the Tetrahydrofuran Market
The key players in the market are Mitsubishi Chemical Corporation (Japan), Ashland (U.S.), INVISTA (U.S.), BioAmber Inc. (U.S.), LyondellBase (Netherlands), and Credence Chem Private Limited (India).
The reppe process category dominated the market in 2023.
The polytetram ethylene ether glycol (PTMEG) had the largest share in the
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