The global polytetrahydrofuran market was valued at USD 2,649.3 Million in 2019 and is projected to reach USD 3,437.29 Million by 2027, expanding at a CAGR of 3.6% during the forecast period. Polytetrahydrofuran (PTMEG) is a type of polycol formed with the repeated material [–CH2 (CH2)3O–] from tetrahydrofuran (THF). Polytetrahydrofuran (PTMEG) are formed by the catalyst polymerization of tetrahydrofuran and are known as poly tetramethylene ether glycol or poly tetramethylene oxide. This is readily soluble in ketones, chlorinated hydrocarbons, insoluble in fatty hydrocarbons or liquid alcohols, aromatic, and esters. The solubility decreases as its molecular weight increases. PTMEG becomes white waxy solid at room temperature. Elastic fibers, such as elastane (spandex), which are employed for extendable fabrics and polyurethane resins are primary applications of polytetrahydrofuran. They are used in artificial leather manufacturing. The industry concentration of polytetrahydrofuran (PTMEG) is minimal; less than 50 producers worldwide are involved and the high-end products come primarily from the US, Germany, Taiwan, and Japan. PTMEG is used for making elastic textiles such as swimsuits, support hoses, sock tops, weatherproof clothing, athletic apparel, roller skates, skateboards, footwear, and medical equipment.
Rise in Use of Polytetrahydrofuran in automobile industry
The automobile industry is expected to be one of the rapidly growing industry in the near future, owing to the rise in the demand for the automobiles, across the world. Polytetrahydrofuran (PTMEG) are used in the manufacturing of seat covers and are also used for the coating the surfaces. The polytetrahydrofuran are elastic and resilient, which helps in retaining the shape of the seat covers. These are some of the factors, which has led to the rise in the adoption of the Polytetrahydrofuran (PTMEG) in the automobile industry. Materials such as Polytetrahydrofuran (PTMEG), acrylonitrile butadiene styrene (ABS), polystyrene, and polyethylene, are used as key materials in manufacturing of seat belts in the automobile industry. The polyterahydrofuran (PTMEG), also finds its application in decorations of the automobiles, which are some of the factors, which boost the demand for the polytetrahydrofuran (PTMEG). The polytetrahydrofuran PTMEG are also used in the manufacturing of the cover of the gear shift knobs. The rising popularity among the consumers for the decoration of the interiors of the cars are some of the factors, which contributes for the demand for Polytetrahydrofuran (PTMEG).
Growing Fashion Industry in Emerging Countries
Several emerging economies such as China, India, Indonesia, Taiwan, and Thailand in Asia Pacific are adopting western cultures, including fashion. This has substantially fueled the demand for lycra, and stretchable clothing, in the region. The Polytetrahydrofuran is used in the manufacturing of spandex thread, which are used in the manufacturing of stretchable clothes. China is a leading hub for the manufacture of spandex thread, thus fueling the expansion of the fashion industry in the region. High production of spandex based clothes in the region is boosting the need for polytetrahydrofuran among manufacturers.
Implementation of Regulations on Chemicals
Increase in implementation of stringent government policies preventing the of chemicals is a key constraint of the polytetrahydrofuran market. Furthermore, rising environmental concerns such as health hazard related to the usage of polytetrahydrfuran in manufacturing and chemical industries hinders the growth of the market. Exposure to polytetrahydrofuran leads to headache, irritation in the respiratory tract. These are some of the factors, hampers the use of polytetrahydrofuran among the textile and automobile industries.
Based on types, the market is bifurcated into petro-based poly THF and bio-based poly THF. The petro-based poly THF segment accounted for 88.9% share of the market in 2019. The rapid growth of this segment is attributed to the petro-based poly THF is extensively used in various industries such as clothing, footwear, medical equipment, and sports equipment. Rising environmental awareness is expected to increase the demand for petro-based poly THF.
In terms of applications, the polytetrahydrofuran market is segregated into thermoplastic polyurethane elastomers, polyurethanes (Spandex) fibers, and co-polyester ether elastomers. Co-polyester ether elastomers segment is anticipated to expand at a CAGR of 4.0% during the forecast period. Co-polyester ether elastomer is used to manufacture solid pipes and other car parts, along with other heat, chemicals, and fuel resistance applications.
In terms of end-users, the market is divided into paints & coatings, textiles, adhesives & sealants, artificial leather, leisure & sports, and others. The textile segment is anticipated to expand at a CAGR of 3.4% during the forecast period. Rising demand for the polytetrahydrofuran (PTMEG), in the textile industry is one of the major factors, which contributes for the growth of the segment.
In terms of regions, the global polytetrahydrofuran market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America constituted one third share in 2020. The market in the Asia Pacific is projected to expand at a CAGR of 3.3% during the forecast period. Increasing demand for polytetrahydrofuran in the food packaging and plastic industry in the region to manufacture products such as Polytetrahdrofuran and PVC film casting contributes for the demand for the Polytetrahydrofuran (PTMEG) in the region.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report covers product specific information such as Petro-based Poly THF), Bio-based Poly THF, etc.
According to this Growth Market Reports report, the market from Polytetrahydrofuran market shall probably to register a CAGR of 3.6% during forecast period 2020-2027, with an anticipated valuation of USD 3,437.29 million by the end of the 2027.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The rising demand for polytetrahydrofuran in several automobiles for manufacturing of seats and belts has led to the rise in the demand for polytetrahydrofuran, these are expected to drive the market growth during forecast period.
Paints and Coatings, Textiles, Adhesives and Sealants are the key application that are driving the Polytetrahydrofuran market.
The market is expected to project a growth of over 2.5% between 2019 and 2020 owing to the negative impact of COVID-19 pandemic on the polytetrahydrofuran market. The rising adoption of polytetrahydrofuran (PTMEG) by textile manufacturers boost the growth of the segment.
The base year considered for the global Polytetrahydrofuran market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Major Manufactures include, BASF SE, Dairen Chemical Corporation are the key players operating in the market.
Some other reports from this category!