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.
Market Dynamics
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)
Segmental Outlook
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.
Regional Outlook
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.
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Competitive Landscape
- Key players in the market include BASF SE, Dairen Chemical, Mitsubishi Chemical Corporation, INVISTA, HYOSUNG CHEMICAL, Shanxi Sanwei Group,Co Ltd, China Petrochemical Corporation, Hangzhou Sanlong New Materials Co,Ltd, Chongqing Jianfeng Industrial Group, Co, Ltd, Sichuan Tianhua Co,Ltd, and Shaanxi Shaanhua Coal Industry Group, Co,Ltd . These companies are considered manufacturers of Polytetrahydrofuran market based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the is added in the company’s capacity.
- For instance, In June 2015, IN 2015, NASF SE started manufacturing bio based PMTEG. This action of the company helps them to expand product portfolio which helps to increase the market size of the company.
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