According to the most recent market research published by Future Market Insights, the global Polytetrahydrofuran (Poly THF) Market is valued at US$ 5,524.8 Mn in 2022, and is expected to grow at a CAGR of 6.1% between 2022 and 2032.
Polytetrahydrofuran (poly THF), also known as poly tetramethylene ether glycol or poly tetramethylene oxide, is produced through catalyzed polymerization of tetrahydrofuran. It is a white solid waxy substance which melts at room temperature and turns into a colorless, clear and viscous liquid.
This compound is insoluble in water. Polytetrahydrofuran is widely used in the manufacturing of polyurethane resins and elastic fibers. Some of the famous brands of Polytetrahydrofuran compounds are Poly THF (BASF SE) and Tetrathane (Invista).
Based on application, the spandex fibers is expected to dominate the global polytetrahydrofuran market. Spandex fibers are mainly used during the manufacturing of apparels including hosiery, bandages, baby diapers, athletic outfits and home furnishings. Due to a decline in the prices of raw materials used in the production of polytetrahydrofuran, the price of polytetrahydrofuran is expected to decline during the forecast period.
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Based on end use, the textile industry segment is expected to dominate the global polytetrahydrofuran market during the forecast period. However, the paints & coatings segment is projected to show significant growth in near future. Based on the product type, the chemical byproduct segment is expected to be the most promising revenue generating segment. However, synthesis poly THF is projected to witness significant growth by the end of 2025.
Polytetrahydrofuran Market: Dynamics
Development of bio-based spandex is expected to propel the demand for Polytetrahydrofuran market during the forecast period. Petro-based poly THF is widely used in several industries like apparel, leather, medical equipment manufacturing, sports equipment, etc. However, there are various advantages of bio-based poly THF over petro-based poly THF.
Bio-based poly THF reduces emissions as it is derived from renewable materials. Moreover, various attributes of petro-based poly THF such as resistance to microbes, stability at high temperatures, etc. are expected to upsurge the demand for petro-based poly THF in near future. However, petro-based poly THF is expected to dominate the global poly THF market owing to its low price.
Increasing demand for Polytetrahydrofuran from sportswear and textile industry is also anticipated to drive the growth of Polytetrahydrofuran market in near future. Moreover, various features of poly THF like flexibility at low temperatures, non-allergenic properties, long shelf life and excellent hydrolytic stability is expected to upsurge the demand for poly THF during the forecast period.
Furthermore, growing consumer preference towards the use of inexpensive, durable and elastic materials is also anticipated to drive the growth of the Polytetrahydrofuran market in near future.
Polytetrahydrofuran Market: Segmentation
The global Polytetrahydrofuran market can be segmented on the basis of product type, application and end use. On the basis of product type, the global Polytetrahydrofuran market can be segmented into chemical byproduct poly THF and synthesis poly THF.
On the basis of applications, the market can be further segmented into thermoplastic polyurethane elastomers, polyurethanes (elastomers), cast elastomers, spandex fibers and co-polyester ether elastomers. On the basis of end use, the global polytetrahydrofuran market can be further segmented into paints & coatings, textiles, adhesives and sealants, industrial applications, artificial leather, leisure & sports and automotive.
Polytetrahydrofuran Market: Key Players
Some of the key players identified in the global polytetrahydrofuran market are mentioned below:
- BASF SE
- Dairen Chemical Corporation (DCC)
- Mitsubishi Chemicals
- Ashland Inc.
- Korea PT Co., Ltd.
- Shanxi Sanwei Group Co., Ltd.
- Sinopec Yizheng
Given the stringent government regulations in other regions, major players in the global polytetrahydrofuran market like BASF and Dairen Chemical Corporation are expanding their manufacturing base to China.
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Polytetrahydrofuran Market: Regional Outlook
Based on regions, Asia Pacific is anticipated to be the most promising revenue generating market of polytetrahydrofuran and is expected to grow at a significant rate during the forecast period. Due to rise in demand for spandex and increasing capacity expansion, China is expected to be the major emerging country from Asia Pacific region in the polytetrahydrofuran market.
Increasing demand for spandex from China is anticipated to escalate the demand for polytetrahydrofuran in near future. North America and Europe are expected to witness moderate growth during the forecast period.
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