Global Tetrahydrofurfuryl Alcohol Market Size By Grade (Technical Grade, Pharmaceutical Grade), By Application (Solvents, Resins, Coatings, Adhesives), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationTetrahydrofurfuryl Alcohol Market Size And Forecast
Tetrahydrofurfuryl Alcohol Market size is valued at USD 160.66 Million in the year 2021 and it is expected to reach USD 308.02 Million in 2030, growing at a CAGR of 7.50% from 2023 to 2030.
So, what's driving the demand for THFA? Well, it's a mix of things! We're seeing more interest in it because it's a bio-based and ecologically friendly solvent, plus it's super adaptable as a chemical intermediate. The booming automotive and construction industries also play a big role, along with the general push for sustainable materials. As companies keep searching for greener solutions, expect the need for THFA to keep climbing. Want the full scoop? The Global Tetrahydrofurfuryl Alcohol Market report gives you the complete picture – a holistic evaluation, digging into key segments, trends, what's helping and hindering growth, the competitive landscape, and all the significant factors shaping the market.
Global Tetrahydrofurfuryl Alcohol Market Definition
A helpful chemical molecule member of the furanic compound family is Tetrahydrofurfuryl Alcohol (THFA). It has a specific smell and is a clear, colorless liquid. During the hydrogenation procedure, THFA is produced from furfuryl alcohol, giving it a cyclic structure.
THFA is widely used as a solvent and chemical intermediary in many different sectors. It has a reputation for having high solvency qualities, which makes a variety of organic substances, resins, and polymers acceptable for decomposing. It is a good solvent option for coatings, adhesives, and paints because of its low viscosity and high boiling point, which helps with the dispersion and use of other materials.
The reactivity and compatibility of THFA with other compounds make it a functional building block for creating other derivatives. It is a precursor for creating specialty chemicals, agrochemicals, and medicines. A wide variety of functional compounds may be made using THFA’s capacity to undergo chemical changes, including esterification, etherification, and oxidation.
THFA is used to create polyurethane resins and elastomers alongside its industrial uses. It functions as a reactive diluent, enhancing these materials’ processability and flexibility. Systems of polyurethane based on THFA are used in flexible foams, sealants, coatings, and adhesives.
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Global Tetrahydrofurfuryl Alcohol Market Overview
Tetrahydrofurfuryl Alcohol (THFA) is increasingly in demand, and one of the main factors behind this growth is its bio-based and ecologically friendly solvent usage. Industries are looking for solvents other than those derived from petroleum as environmental and sustainability issues continue to gain popularity. THFA provides a more environmentally friendly solution without sacrificing performance because it is made from renewable sources like furfuryl alcohol. It is desirable for many applications, such as coatings, adhesives, and cleaning formulations, because of its low toxicity, biodegradability, and low volatile organic compound (VOC) concentration.
The adaptability of THFA as a chemical intermediary is another factor influencing the rising demand for the substance. Numerous chemical processes, including etherification, esterification, and oxidation, may be applied to THFA to create a variety of derivatives. These derivatives are used in specialty chemicals, agrochemicals, and medicines. Because of their potential therapeutic characteristics and varied functionality, THFA-based intermediates are increasingly in demand, particularly within the pharmaceutical sector.
The development of the construction and automotive sectors is also fueling demand for THFA. Polyurethane monomers and elastomers, frequently utilized in adhesives, coatings, sealants, and flexible foams, are produced using THFA. The need for THFA-based polyurethane systems is fueled by the expansion of these sectors, driven by factors such as infrastructure development, urbanization, and rising consumer expenditure. The expanding research and development efforts also influence the demand for THFA in environmentally friendly chemicals and materials.
Opportunities for THFA as a renewable and environmentally responsible choice are created by the continuous attempts to find bio-based substitutes for chemicals generated from petroleum. Improvements in manufacturing techniques and technologies are also boosting the availability and cost of THFA, increasing its demand in the market. The considerably greater cost of Tetrahydrofurfuryl Alcohol (THFA) compared to petroleum-based solvents is one of the barriers to its adoption. The complicated and specialized equipment needed to synthesize and purify THFA might raise its price and prevent its broad use in some applications.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Tetrahydrofurfuryl Alcohol Market. We cover the major impacting factors driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Tetrahydrofurfuryl Alcohol Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Global Tetrahydrofurfuryl Alcohol Market Segmentation Analysis
The Global Tetrahydrofurfuryl Alcohol Market is Segmented on the Basis of Grade, Application, And Geography.
Tetrahydrofurfuryl Alcohol Market, By Grade
- Technical Grade
- Pharmaceutical Grade
Based on Grade, the market is segmented into Technical Grade, Pharmaceutical Grade. The Pharmaceutical Grade segment held a significant market share in the Tetrahydrofurfuryl Alcohol Market in 2021. Tetrahydrofurfuryl Alcohol (THFA) is used in the pharmaceutical business, which drives the need for pharmaceutical-grade THFA.
Active pharmaceutical ingredients (APIs) and various pharmaceutical chemicals are synthesized using THFA as a chemical intermediary. Compared to other medicinal compounds, it has advantageous reactivity, compatibility, and solvency qualities. The demand for pharmaceutical-grade THFA is influenced by the pharmaceutical industry’s ongoing research and development initiatives as well as the rising need for cutting-edge pharmaceutical goods.
Tetrahydrofurfuryl Alcohol Market, By Application
- Solvents
- Resins
- Coatings
- Adhesives
- Pharmaceuticals
- Others
Okay, so when we look at how Tetrahydrofurfuryl Alcohol is used, it breaks down into things like Solvents, Resins, and Coatings, but also Adhesives, Pharmaceuticals, and of course, "Others." Interestingly, the Pharmaceuticals segment really took off in the Tetrahydrofurfuryl Alcohol Market back in 2021. Why? Well, Tetrahydrofurfuryl Alcohol (THFA) is incredibly useful in making drugs! It's used as a solvent, helps reactions along, and acts as a key building block for all sorts of pharmaceutical chemicals and those important active pharmaceutical ingredients (APIs). Think about itit's got the right solubility and reactivity for creating oral drugs, injections, and even creams. And with new medications always being developed and the constant push for better drug formulations, the demand for THFA in the pharmaceutical world just keeps growing.
Tetrahydrofurfuryl Alcohol Market, By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
When we look at the world map, we can divide the Tetrahydrofurfuryl Alcohol Market into regions like North America, Europe, Asia Pacific, and pretty much everywhere else. And guess what? Asia Pacific really stood out in 2021, grabbing a significant chunk of the global market! Why? Well, all that industrial activity and the fact that THFA is used in so many things means demand is way up in that part of the world. Think about it – more construction, more need for THFA in adhesives, coatings, and even the pharmaceutical industry. Plus, with the population booming, cities growing like crazy, and people having more money to spend, the demand for things like medicines, paints, and coatings – all of which use THFA – is skyrocketing too! So, yeah, Asia Pacific is a big player for THFA demand right now.
Key Players
Want to get a handle on the global tetrahydrofurfuryl alcohol market? This study report is your go-to resource for valuable insights, zeroing in on the global landscape. You'll find information on the key players, including Ashland Global Holdings Inc., Penn A Kem LLC, SolvChem Custom Packaging Division, Hefei TNJ Chemical Industry Co., Ltd., BASF SE, China Pingmei Shenma Group, Shandong Kunda Biotechnology Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Zhucheng Taisheng Chemical Co., Ltd., Zibo Qixiang Tengda Chemical Co., Ltd., Liaoning Kelong Fine Chemical Co., Ltd., Zouping Sanhao Chemical Co., Ltd., Jinan Haohua Industry Co., Ltd., Jilin Zhongyan High Performance Plastic Co., Ltd., Jining Aoxin Chemical Co., Ltd. among others.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2030 |
| BASE YEAR | 2021 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2018-2020 |
| UNIT | Value (USD Million) |
| KEY COMPANIES PROFILED | Liaoning Kelong Fine Chemical Co., Ltd., Zouping Sanhao Chemical Co., Ltd., Jinan Haohua Industry Co., Ltd., Jilin Zhongyan High Performance Plastic Co., Ltd., Jining Aoxin Chemical Co., Ltd. among others. |
| SEGMENTS COVERED |
|
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
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