Tetrahydrofuran Market

Tetrahydrofuran Market Analysis by Application in PTMEG, Solvents, and Pharmaceuticals from 2024 to 2034

Analysis of Tetrahydrofuran Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Tetrahydrofuran Market Outlook (2024 to 2034)

A new study by Fact.MR reveals that the global tetrahydrofuran (THF) market size is estimated to increase from US$ 2.5 billion in 2024 to US$ 5.1 billion by end of 2034, which amounts to expansion at a CAGR of 7.5% for the next ten years.

Tetrahydrofuran is a versatile and colorless liquid that has a low boiling point and freezing point. It is used as an industrial solvent for the manufacturing of PVC. THF also easily dissolves many organic compounds. This liquid is polarized into polytetramethylene ether glycol (PTMEG), an elastic fabric when exposed to strong acids.

Key Market Growth Drivers

  • The polyvinyl chloride (PVC) market is a key driver THF sales as it acts as an industrial solvent for PVC manufacturing.
  • PVC cement, when formulated with THF, meets the National Sanitation Foundation (NSF) standards. THF is also used for PVC-type cleaners.
  • For joining rigid plastic pipes, plastic film sheet extrusion, and molded plastic part assembling, THF solvent is used. Its advantageous properties such as rapid solvent activities, minimum gelation, and lower relative viscosities make it an attractive solvent choice.
  • THF solvents have the property of dissolving a specific polymer without affecting another polymer and are used for the recycling of polymers.
  • THF is also being used for synthesizing PTMEG, which is used as a raw material in the fashion industry. Growing spandex demand is set to complement THF market growth.
  • Tetrahydrofuran plays a crucial role in the extraction of drugs. The expanding pharmaceutical industry will lead to an increase of THF consumption over the coming years.
Report Attributes Details
Tetrahydrofuran Market Size (2023A) US$ 2.3 Billion
Estimated Market Value (2024E) US$ 2.5 Billion
Forecasted Market Value (2034F) US$ 5.1 Billion
Global Market Growth Rate (2024 to 2034) 7.5% CAGR
North America Market Share (2024) 28.6%
China Market Growth Rate (2024 to 2034) 8.1% CAGR
Key Companies Profiled
  • Dairen Chemical Corporation (DCC)
  • Mitsubishi Chemicals Holdings Corporation
  • Nan YA Plastics
  • Ashland
  • Korea PTG
  • Mg Organics Pvt, Ltd.
  • Other Prominent Players

Don't Need a Global Report?

save 40%! on Country & Region specific reports

What are the Factors Pushing Global Sales of Tetrahydrofuran?

“Tetrahydrofuran Used in Packaging Creating Sustainable Solutions”

Tetrahydrofuran is a highly volatile solvent, which has an extremely low freezing point. Due to its properties, it is considered an ideal solvent for chlorinated resins. Chlorinated resins are utilized for vinyl top coatings, cast vinyl films, and coated cellophane.

Cellophane is a transparent refined paper that is used as a coating paper. Primarily employed as a packaging material. It has properties such as odor-resistant, grease-proof, and impermeability, which makes it an ideal choice for environment-friendly packaging material. It is a kind of plastic that is biodegradable, unlike petroleum-based plastic. This gives it an edge over other packaging materials and is a key THF market trend driving overall growth.

“Expanding Pharmaceutical Industry to Lead to Increased THF Consumption”

THF is an important organic solvent for organic chemists. Tetrahydrofuran is used as a solvent for the dissolution of many ornamentals and ionic species, which are generally used for specialty syntheses. THF not only accelerates the rate of reaction but also yields more output. Due to the high volatility and high purity of the THF solvent, removal and recovery of the desired product from the solvent becomes easy.

The worldwide pharmaceutical sector has been expanding steadily and will continue to do so over the coming years.

  • According to the International Trade Administration, the global pharmaceutical market was valued at US$ 1.3 trillion in 2020.

The value was projected to increase due to a rapidly aging population and a rise in chronic diseases. With the expansion of the global pharmaceutical market, consumption of THF is only set to increase over the years ahead.

What are the Challenges for Tetrahydrofuran Market Expansion?

“Extreme Precautionary Measures Needed While Handling THF”

Tetrahydrofuran is an extremely volatile and flammable solvent. It needs careful handling and storage. It requires to be stored in tightly sealed containers and a well-ventilated room. Exposure to THF may cause eye, throat, and skin irritation. Long-term contact may develop nausea, dizziness, organ damage, and headache symptoms. While handling the solvent, protective clothing and goggles must be used to mitigate the damages.

More Insights, Lesser Cost (-50% off)

Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR

Country-wise Insights

Why is Adoption of Tetrahydrofuran High in the United States?

“Extensive Use of Industrial Tetrahydrofuran in Varnish Production”

The market in the United States is estimated at US$ 516.5 million in 2024 and is projected to expand at a CAGR of 8% through 2034. This market is projected to generate an absolute opportunity of US$ 593.9 million from 2024 to 2034.

Tetrahydrofuran is a nonplanar compound that is used for various industrial applications in the United States. THF also called oxolane, which is present as a biological substructure in various natural products. This versatile solvent is used for organic synthesis and preparation of varnishes.

Varnish enhances the aesthetic appeal of furniture and construction projects with increasing durability. Motor winding varnish, a type of varnish, is applied to the vehicle to protect the surface from environmental factors and extend its lifespan. It offers insulation and thermal stability to the electrical systems.

  • According to the United States Department of Transportation, 9.1 million motor vehicles were produced in 2021.

Production of automobiles in only expected to increase in the country in the future. This rising production of automobiles is set to boost the stance of the U.S. THF market over the decade.

Why China is a Lucrative Market for Tetrahydrofuran manufacturers?

“High Domestic PVC Production in China”

The market in China is estimated at US$ 523.1 million in 2024 and is projected to expand at a CAGR of 8.1% through 2034 to reach US$ 1.1 billion by 2034.

Polyvinyl Chloride (PVC) resin is dissolved in the solvent THF for the production of rigid or flexible PVC formulations. Dispersion of stabilizers additives, and plasticizers in the PVC matrix is done with the help of THF. This facilitates the processing and reshaping of PVC products.

Thermoplastic polymer, manufactured from PVC, is used in diverse applications such as automotive, packaging, and construction. The most manufacturing and consumption of PVC in the world happens in China. This high-scale PVC production requires THF, which bodes well for market growth in the country.

Category-wise Insights

For Which Application is Tetrahydrofuran Widely Preferred?

“Tetrahydrofuran Extensively Used for PTMEG Manufacturing”

Demand for aluminum tetrahydrofurans is projected to increase at a CAGR of 7.9% from 2024 to 2034. The market value for the PTMEG application segment in 2024 is estimated at US$ 939.6 million and is projected to climb to US$ 2 billion by the end of 2034.

Under strong acidic conditions, THF is polymerized to form Polytetramethylene Ether Glycol (PTMEG). PTMEG enjoys widespread application in various industries. This premier polyether polyol is used for the manufacturing of high-performance polyurethane elastomers such as spandex, lycra, and elastane.

In the textile sector, PTMEG is used to impart elasticity and stretchability to clothes. For synthetic leather manufacturing, it is used as a raw material. The growing and evolving fashion industry is another key factor driving PTMEG market growth. PTMEG also enjoys usability in the paints and coatings industry. The unique composition of PTMEG makes it a pivotal ingredient in coatings and adhesives.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Competitive Landscape

Key players in the tetrahydrofuran market are BASF SE, Dairen Chemical Corporation (DCC), Mitsubishi Chemicals Holdings Corporation, Nan YA Plastics, Ashland, INVISTA, SIPCHEM., Korea PTG, and Mg Organics Pvt. Ltd, among others.

Companies are opting for the expansion of their businesses by establishing manufacturing plants at different locations. Manufacturing companies are assigning a major portion of revenue to R&D to resolve problems and offer creative solutions. Advanced manufacturing technology is being employed by companies to reduce wastage and enjoy large-scale output.

  • In September 2023, BASF gained long-term access to a bio-based 1,4-butanediol QIRA, which will expand its portfolio. BASF already offers polytetrahydrofuran and tetrahydrofuran products.

Fact.MR has provided detailed information about the price points of the key manufacturers of tetrahydrofurans positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Tetrahydrofuran Market Research

  • By Application :

    • PTMEG
    • Solvents
    • Pharmaceuticals
  • By Region :

    • North America
    • Latin America
    • Western Europe
    • Eastern Europe
    • East Asia
    • South Asia & Pacific
    • Middle East & Africa

- FAQs -

What is the global market size for tetrahydrofuran in 2024?

The global tetrahydrofuran market is estimated to be valued at US$ 2.5 billion in 2024.

Which application accounted for a leading share of the tetrahydrofuran market in 2023?

The PTMEG application segment accounted for 37.1% share of the tetrahydrofuran market in 2023.

Which regional market enjoys a leading share?

East Asia is estimated to account for 36.2% share of the global market in 2024.

What is the demand projection for tetrahydrofuran for 2034?

Worldwide demand for tetrahydrofuran is projected to reach a market value of US$ 5.2 billion by 2034-end.

What is the sales projection for tetrahydrofuran through 2034?

Sales of tetrahydrofuran are forecasted to increase at a noteworthy CAGR of 7.5% through 2034.

What value CAGR did the tetrahydrofuran market exhibit over the last five years?

The historic growth rate of the tetrahydrofuran market was 5.9% from 2019 to 2023.

- Also of Interest -

Polymer Binders Market

Polymer Binders Market Analysis By Type (Acrylic, Vinyl Acetate, Latex, Others), By Application (Architectural Coatings, Adhesives & Sealants, Textiles & Carpets, Paper & Boards, Others), By Form (Liquid, Powder, High Solids), & Region – Global Market Insights 2023-2033

Chlorinated Polyvinyl Chloride Market

Chlorinated Polyvinyl Chloride Market Study by Injection Moulding and Extrusion Moulding for Pipes & Fittings, Cables, Adhesives & Coatings, and Others from 2024 to 2034

Tetrahydrofuran Market

Schedule a Call