Indian chemical sector is a key consumer of tetrahydrofuran

6:53 AM, 15th January 2021
An organic compound, tetrahydrofuran has gained considerable recognition over the years. It is polymerized to create polytetramethylene ether glycol (PTMEG), which is used as a raw material for spandex within the vast textile industry.

An organic compound, tetrahydrofuran has gained considerable recognition over the years due to its integral use in the manufacturing of thermoplastic polyurethane elastomers as well as spandex fibers. It is polymerized to create polytetramethylene ether glycol (PTMEG), which is used as a raw material for spandex within the vast textile industry.

Some of the benefits of the material, supporting its use in industries such as construction, transportation, and footwear, include its strong adhesive features and low boiling point. The compound is used for extreme abrasion-resistant hoses, films and cable sheathing. Additionally, it also finds usage in the production of polyether amide, thermo-plastic, polyether esters and cast polyurethane elastomers.

Applications in the pharmaceutical industry

In the pharmaceutical sector, tetrahydrofuran is widely used as a reaction medium in the Grignard syntheses and acts as an extractor for various drugs. The increasing discovery of medicines and the rise in hospital admissions has amplified developments in the medical sector over the years.
An improvement in disposable income over the years all over the world has driven the development of advanced drugs that may be a little expensive but effective. A robust increase in the cases of chronic diseases such as cardiovascular diseases, liver and kidney illnesses has complemented the need for pharmaceuticals, further complementing growth trends in tetrahydrofuran market.

The COVID-19 pandemic has largely supplemented advancements in the global pharmaceutical sector due to the need for effective medication in the treatment of the lethal virus. The rush to develop an effective vaccine globally has brought a focus on development of medicines. Owing to the aforementioned factor and its importance in the crucial pharmaceutical industry, the global tertrahydrofuran industry is slated to register notable gains.

Development in apparel production

With respect to the application spectrum, polytetramethylene ether glycol has gained significant demand due to its use in the process of manufacturing clothes like aerobic garments, athletic wear, and swimwear. The global apparel industry has grown three folds over the years due to many factors, mainly, an increase in purchasing power, urbanization, and change in living standards.

Moreover, the ability to ship products worldwide through exports has led to an increase in the production of clothes in both developed as well as emerging nations. Concerning the value of industry shipments, the US textile and apparel sector was worth approximately $70 billion and recorded an export value of $23 billion during the year 2018, representing a wide opportunity for companies producing tertrahydrofuran based materials.

Industrialization in Asia Pacific region

The Asia Pacific region has emerged as a key user of the compound owing to the developments in various end-user industries such as automobile, construction, and especially chemical. The Indian chemical industry has showcased tremendous developments over the years due to the need for specialized chemicals in various industries.

According to InvestIndia, the total production of major chemicals and petrochemicals in 2019 stood at 13,871 thousand MT. Moreover, the ‘Make in India’ program established by the Government of India encourages the production of chemicals across the region.
When tertrahydrofuran based products are exposed to sunlight, it may cause skin issues, nausea, irritation in the eye, and dizziness. Also, 2-methyl tetrahydrofura and other substitutes available for various industries may affect the market growth in the coming years.

Competitive market outlook

Tetrahydrofuran producers and suppliers are engaged in carrying out research and developments to improve the quality of the products and to meet the changing industrial demands. Some of the prominent names include BASF, Sipchem, Nova Molecular Technologies, Nan Ya Plastic, LyondellBasell, and Ashland, to name a few.

The industry players, in order to expand their product portfolio and their geographical reach are entering into mergers and acquisitions. For example, in April 2020, Mitsubishi Chemical Corporation’s American business acquired the entire assets of Gelest Intermediate Holdings Inc, making it a wholly-owned subsidiary of Mitsubishi Chemical Corporation America. With the transaction, the company aims at pursuing new business development opportunities in new markets.

It is safe to say, that the growing dependence of mankind on chemicals in medicines, food products, cosmetics, clothing, and construction has widened the scope of tetrahydrofuran market. With continuous improvements efforts in the pharmaceutical sector, the product will witness subsequent consumption.Tetrahydrofuran market size, industry analysis report, regional outlook, application development potential, price trends, competitive market share & forecast, 2020 – 2026: https://www.gminsights.com/request-sample/detail/4053

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