JEDDAH: Global tetrahydrofuran market would exceed 800 thousand tons by 2017, Global Industry Analysts, Inc. said Friday in its new study titled "Tetrahydrofuran: A Global Strategic Business Report". Tetrahydrofuran (THF) is a highly flammable, clear, colorless liquid, used in production of polyurethane stretch fibers, coatings, adhesives, printing inks, magnetic tape and as a reaction solvent. THF ranks among the most crucial ethers. The highly volatile and general-purpose organic solvent, offers outstanding solvent strength for several organic substances. With the global economy entering its second phase of recovery in 2011, the chemical sector is witnessing replenished demand in various end-use markets. Since the second quarter of 2010, recovery in the sector has followed a sharp V-shape trend, especially in China and East Asia, the report said. In developing nations of Latin America, emerging Europe, Africa and the Middle East, and Asia-Pacific, primarily in countries such as India, Brazil and China, rapid growth is expected over the next two years. Asia-Pacific represents the largest regional market for THF, the report noted. Surging at an annual growth rate between 10 percent and 12 percent, the Asia-Pacific THF market is projected to surpass 400 thousand metric tons by 2015. China remains the major growth engine for THF worldwide, both in terms of demand and production levels. Development of THF market in the country is mainly attributed to the growing demand for spandex fibers that has stimulated the establishment of new PTMEG units. Among the end-use markets, PTMEG represents both the largest as well as the fastest growing market for tetrahydrofuran. With global demand for green chemicals on the rise, players in the tetrahydrofuran market are increasingly shifting toward greener technologies that also offer sustainable competitive cost benefits. 2-Methyltetrahydrofuran (2MeTHF) produced from furfural process that uses corncobs and sugar cane as feedstock, is currently being popularized as an environment-friendly substitute for petroleum-based tetrahydrofuran. Global tetrahydrofuran market is a consolidated market dominated by three leading players including BASF, Dairen Chemical Corporation and Invista. Select major players profiled in the report include BASF SE, Dairen Chemical, International Specialty Products, Invista, Mitsubishi Chemical Corporation, Penn A Kem LLC, Saudi International Petrochemical Company, Sinochem International Corporation, among others.
