Rockville , April 16, 2024 (GLOBE NEWSWIRE) -- According to this new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global tetrahydrofuran (THF) market, after reaching a size of US$ 2.5 billion in 2024, has been forecasted to increase at a CAGR of 7.5% between 2024 and 2034).
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Tetrahydrofuran is produced from biomass furfural, which is a hydrocarbon feedstock. Currently, new advanced manufacturing technologies are coming up to commercialize the production of THF. The catalytic decarbonylation hydrogenation technology is an improved method that is being employed for THF production from biomass.
Companies are switching to sustainable alternatives due to changing customer preferences and governmental regulations.
• Recently, BASF launched a bio-based THF, QIRA. The product will offer more sustainable solutions to industrial customers.
| Report Attribute | Details |
| Value Projection (2034) | US$ 5.1 Billion |
| Growth Rate (2024-2034) | 7.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 64 Tables |
| No. of Figures | 62 Figures |
Key Takeaways from Market Study
- The global tetrahydrofuran market is projected to expand at 7.5% CAGR and reach US$ 5.1 billion by 2034.
- North America is estimated to hold a market share of 29.1% by 2034.
- Some of the leading market players are BASF SE, Dairen Chemical Corporation (DCC), and Mitsubishi Chemicals Holdings Corporation
- Application in PTMEG is estimated to increase at a CAGR of 7.9%, creating an absolute $ opportunity of US$ 1 billion between 2024 and 2034.
- North America and East Asia, together, are expected to create an absolute $ opportunity of US$ 1.8 billion by 2034.
Related Market Projections for 2034
| Polymer Binders Market | US$ 110 Billion |
Key Companies Profiled in This Report
- BASF SE
- Dairen Chemical Corporation (DCC)
- Mitsubishi Chemicals Holdings Corporation
- Nan YA Plastics
- Ashland
- INVISTA
- SIPCHEM.
- Korea PTG
- Mg Organics Pvt, Ltd.
- Other Prominent Players
Market Development
Developing economies are majorly contributing to the shift from THF being a market to a high-growth market. Countries such as China, which is the largest producer of PVC, is creating huge demand for THF. Companies are customizing the solvent according to varied customer demands to gain a competitive edge in the market.
• For instance, from October 2023, BASF started supplying biomass balance tetrahydrofuran to the Asahi Kasei’s ROICA division. Asahi Kasei is a multinational Japanese company that is famous for fibers. The collaboration was aimed at launching a new sustainable apparel collection.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global tetrahydrofuran market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on application (PTMEG, solvents, pharmaceuticals), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, and the Middle East & Africa).
Explore More Related Studies Published by Fact.MR Research:
Polymer Binders Market: The global polymer binders market is valued at US$ 44 billion in 2023 and is estimated to reach US$ 105 billion by 2033-end, expanding at a CAGR of 9% over the decade.
Chlorinated Polyvinyl Chloride Market: Demand for chlorinated polyvinyl chloride is projected to reach a market value of US$ 7,974.0 million by the end of 2034.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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