Polytetrahydrofuran Market: Overview
- Polytetrahydrofuran is produced from the catalyzed polymerization of tetrahydrofuran. Polytetrahydrofuran or poly (tetramethylene ether) glycol is a white solid waxy substance. It melts at room temperature and forms clear, colorless, and viscous liquid.
- Polytetrahydrofuran is insoluble in water. It is primarily used in the synthesis of polyurethane resins and elastic fibers.
- Polytetrahydrofuran has long shelf life, non-allergenic properties, higher flexibility at low temperatures, and hydrolytic stability. This is anticipated to drive the global polytetrahydrofuran market during the forecast period.
Rise in Demand for Sportswear and Textile to Drive Polytetrahydrofuran Market
- Rise in demand for sportswear and other textiles is driving the demand for polytetrahydrofuran. Increase in consumer preference for durable, inexpensive, and elastic materials is projected to drive the demand for polytetrahydrofuran during the forecast period.
- Growth in the fashion industry in developing economies including China, India, Brazil, and Thailand is expected to fuel the demand for polytetrahydrofuran
- Volatility in prices of raw materials is likely to hamper the global polytetrahydrofuran market in the near future
- Increase in government regulations on the usage of chemicals such as polytetrahydrofuran in material manufacturing is also estimated to restrain the market
- Raw materials used to produce polytetrahydrofuran are facing supply shortages due to the industrial shutdown by the COVID 19 pandemic. Disruption of raw material supply is projected to hamper full-scale operations of companies.
- Economic slowdown triggered by the COVID-19 pandemic has also affected the demand for polytetrahydrofuran, as many manufacturing industries were temporarily shut down. It also impacted product and inventory transportation, as logistic services have been hampered due to the COVID-19 outbreak.
Petro-Based Poly THF Type Segment to Offer Lucrative Opportunities
- Based on type, the global polytetrahydrofuran market can be segmented into petro-based poly THF and bio-based poly THF
- Petro-based poly THF segment is expected to dominate the global polytetrahydrofuran market during the forecast period. This can be ascribed to the increase in consumption of petro-based poly THF in various end-use industries including sport equipment, clothing, medical equipment, and footwear.
- Growth in environmental awareness is expected drive the consumption of bio-based poly THF
Polyurethane Application Segment to Hold Major Share of Market
- Based on application, the global polytetrahydrofuran market can be divided into spandex, polyurethane, copolyester-ether elastomer, and others
- The polyurethane segment is expected to drive the global polytetrahydrofuran market during forecast period
- The copolyester-ether elastomer is projected to expand at a faster pace due to the increase in consumption in solid pipes and various car parts
Textile End-use Segment to Dominate Market
- Based on end-use, the global polytetrahydrofuran market can be classified into paints & coatings, textiles, adhesives & sealants, artificial leather, and others
- The textiles segment is anticipated to dominate the global polytetrahydrofuran market during the forecast period. It is estimated to be followed by the paints & coatings segment.
- The textiles segment is anticipated to expand at a faster pace during the forecast period owing to the increase in demand for polytetrahydrofuran in the textiles industry
Asia Pacific to Constitute Significant Share of Global Polytetrahydrofuran Market
- In terms of region, the global polytetrahydrofuran market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is anticipated to hold significant share of the global polytetrahydrofuran market in the near future
- Increase in demand for polytetrahydrofuran in plastic and food packaging industries in Asia Pacific countries (including China and India) is anticipated to drive the market in the region. Expansion of the textile industry in Asia Pacific is also likely to boost the polytetrahydrofuran market in the region.
- North America is also anticipated to hold key share of the global polytetrahydrofuran market during the forecast period
- The market in Latin America and Middle East & Africa is projected to expand at a steady pace during the forecast period
Key Players in Market
The global polytetrahydrofuran market was consolidated in 2020. Prominent players operating in the global polytetrahydrofuran market seek to enter into partnership agreements and joint ventures to enter in the domestic markets.
Key players operating in the global polytetrahydrofuran market include:
- BASF SE
- Dairen Chemical Corporation (DCC)
- Mitsubishi Chemicals
- Ashland Inc.
- Korea PT Co., Ltd.
- Shanxi Sanwei Group Co., Ltd.
- Sinopec Yizheng
Global Polytetrahydrofuran Market: Research Scope
Global Polytetrahydrofuran Market, by Type
- Petro-based Poly THF
- Bio-based Poly THF
Global Polytetrahydrofuran Market, by Application
- Copolyester-ether Elastomer
Global Polytetrahydrofuran Market, by End-use
- Paints & Coatings
- Adhesives & Sealants
- Artificial Leather
Global Polytetrahydrofuran Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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