The Tetrahydrofuran (THF) market is projected to grow from USD 2.95 Billion in 2017 to USD 4.12 Billion by 2022, at a CAGR of 6.9% from 2017 to 2022. The growth of the market can be attributed to the increasing demand for spandex and polyurethane in the Polytetramethylene Ether Glycol (PTMEG) application. Moreover, the flourishing chemical industry across the globe is also driving the growth of the solvent application of the THF market.
This report on the THF market analyzes the key growth strategies adopted by leading players of the market between 2015 and 2017. BASF (Germany), Dairen Chemical (Taiwan), Ashland (US), INVISTA (US), Mitsubishi Chemical (Japan), LyondellBasell (the Netherlands), Sipchem (Saudi Arabia), Penn A Kem (US), Nova Molecular Technologies (US), and BioAmber (US), among others are the key players operating in the THF market. These companies have adopted the strategies of mergers & acquisitions and agreements & partnerships to strengthen their presence in the THF market.
BASF and Dairen Chemical together accounted for approximately half of the share of the THF market in 2016. BASF is the leader in the THF market. The core competency of the company is strong foothold across the value chain of tetrahydrofuran. It focuses on the development of sustainable products. The company has a wide presence in Europe, North America, Asia Pacific, and Rest of the World (RoW). BASF has a production capacity of 350 KT of Polytetrahydrofuran. In 2014, BASF invested in a THF production capacity of 50 KT for manufacturing tetrahydrofuran. BASF is also involved in the production of bio-based tetrahydrofuran. In 2015, BASF entered into an agreement with Genomatica Inc. to produce bio-based 1,4-Butanediol (BDO). The company processed succinic acid obtained from renewable feedstock for the production of BDO, which was then used to produce bio-based tetrahydrofuran. In 2012, BASF and Purac entered into an agreement for the development of bio-based succinic acid for a plant in Spain. The company focuses on R&D activities for the development of innovative products and has made investments in R&D activities to sustain its leading position in the THF market.
Dairen Chemical invests in R&D activities to develop new and innovative high-quality products. It focuses on product innovations and diversification of its product portfolio. It also focusses on process optimization, improvement, and innovation. It has obtained 50 patents from various countries. Out of these 50 patents, 90% have been commercialized. The company has adopted environmentally sustainable process designs, operational processes, energy-saving practices, and waste recycling practices, among others. Geographical expansion is another strategy adopted by the company to increase and retain its share in the THF market. The company is integrated across the supply chain of tetrahydrofuran.
Tetrahydrofuran (THF) Market by Application (PTMEG, Solvents), Technology (Reppe Process, Davy Process, Propylene Oxide Process, Butadiene Process), and Region (Asia Pacific, North America, Europe, RoW) - Global Forecast to 2022
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