Increased demand may help drive the development of tetrahydrofuran market
2023/9/6
Tetrahydrofuran is widely used in chemical synthesis, drug manufacturing, plastic industry, and other fields. Due to its good solubility and stability, it is often used as a solvent, reaction medium, and extractant. It can be used as a solvent for catalysts in organic synthesis and for hydrogenation, esterification, alcoholization, and alkylation reactions. In drug manufacturing, tetrahydrofuran can be used to extract natural products, synthesize drugs, and perform crystal engineering. In addition, in the plastic industry, it can be used as a solvent and reaction medium for polymers.
At present, the main application areas of tetrahydrofuran products are PTMEG and its downstream spandex, followed by solvents, pharmaceutical intermediates, etc. Most of the enterprises producing PTMEG form the THF-PTMEG-spandex integrated industrial chain, and their THF products rarely enter the circulation market. According to market analysis of the tetrahydrofuran industry, in 2021, China's integrated production of tetrahydrofuran accounted for approximately 91.8% of the total market, while the actual circulation market accounted for approximately 8.2%. In terms of overall demand, the market size of tetrahydrofuran continues to expand with the development of the spandex industry. In 2021, China's spandex production has reached 755000 tons, an increase of over 50% compared to 502000 tons in 2016, and an annual compound growth rate of 8.53%, simultaneously increasing the market demand for important upstream raw material tetrahydrofuran.
In recent years, with the continuous expansion of application fields in core downstream markets such as solvents and pharmaceutical intermediates, the overall demand for tetrahydrofuran has shown an upward trend. According to market analysis of tetrahydrofuran industry, the apparent consumption of tetrahydrofuran in China (apparent consumption=domestic production+import volume - export volume, the same later) increased from 266400 tons to 84400 tons from 2017 to 2021.
Development potential of tetrahydrofuran industry
Growth in demand in the chemical synthesis industry: Tetrahydrofuran, as a commonly used organic solvent, is widely used in the field of chemical synthesis. With the growth and expansion of the global chemical synthesis industry, the demand for tetrahydrofuran may increase.
The growth of drug manufacturing: Tetrahydrofuran is widely used as a solvent and reaction medium in the drug manufacturing process. With the advancement of medical technology, aging population, and increasing drug research and development, the development of the pharmaceutical manufacturing industry may drive the growth of the tetrahydrofuran market.
Environmental awareness enhancement: Tetrahydrofuran has low volatility and is easy to degrade, posing lower environmental risks compared to other organic solvents. With the increasing awareness of environmental protection, the demand for environmentally friendly solvents may also increase, which will help promote the development of the tetrahydrofuran market.
Expansion of emerging application fields: Market analysis of tetrahydrofuran industry mentions that with technological progress and innovation, tetrahydrofuran may discover new uses in emerging application fields. For example, the growing demand for solvents in fields such as electronic materials and energy storage may provide new opportunities for the tetrahydrofuran market.
Overall, the development potential of tetrahydrofuran market is not only driven by demand, but also influenced by various factors, such as competition patterns, policies and regulations.
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