Increasing demand from the automobile and textile industries will drive the growth of the polytetrahydrofuran market during the forecast period. The global polytetrahydrofuran market is anticipated to accumulate a revenue of US$ 9,995.8 million by 2032 as opposed to US$ 5,524.8 million in 2022. The market is slated to grow at a positive CAGR of 6.1% from 2022 to 2032. From 2017 to 2021, the market grew at a slow CAGR of 3.1% and reached a value of US$ 5,220.4 million in 2021.
Polytetrahydrofuran is a polymer produced from the ring-opening of tetrahydrofuran monomer. It is also known as polytetramethylene ether glycol (PTMEG) and is commercially found in a solid waxy substance. The market for polytetrahydrofuran benefits from its usage in the production of elastic fibers like spandex (elastane) for stretchable fabrics and polyurethane resins. Its increasing application in the textile, mining, coating materials, medical and automobile sectors strengthens future prospects of the market.
Polytetrahydrofuran gains application in the production of elastic textiles like spandex. With heightened demand for such stretchable fabrics in the international marketplace, the demand for polytetrahydrofuran will continue to rise during the assessment period. Rising demand for stretch fit and transforming consumer needs in terms of comfort in daily wear and casual clothing will propel the demand for spandex, which, in turn, will generate great demand for the polytetrahydrofuran market. Moreover, cast polyurethane elastomers are used in the production of mining machinery. Polyurethane made from polytetrahydrofuran has a strong load-bearing capacity, resistance to abrasion and impact, and a high degree of resilience and flexibility. All these attributes make polyurethane made from polytetrahydrofuran the ideal fit for mining machinery. These considerations, in addition to others, fuel the growth of the polytetrahydrofuran market between 2022 and 2032.
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Key Takeaways in Polytetrahydrofuran Market:
- Adverse effect of polytetrahydrofuran on human health and the product’s ability to spontaneously ignite at high temperatures will limit the growth of the market.
- The emergence of the activewear category in the textile industry will open new avenues of growth for the polytetrahydrofuran market.
- Expanding textile, automotive, and paints and coatings industries will aid the growth of the market in the Asia Pacific region with China emerging as the largest polytetrahydrofuran market.
- The US polytetrahydrofuran market will closely follow China owing to the growing popularity of activewear and sportswear.
- Based on product type, products made from renewable sources like bio-based polytetrahydrofuran will dominate the market as they are environmentally safe.
- By application, spandex fibers will generate high demand from the textile industry and contribute substantially to the overall market growth.
Competitive Landscape in Polytetrahydrofuran Market
BASF SE, INVISTA, Korea PTG, Co. Ltd, Shanxi Sanwei Group Co., Ltd, Lycra Company, Gantrade Corporation, and HYOSUNG, among others, are some of the dominant players in the polytetrahydrofuran market profiled in the full version of the report.
Leading market players are concentrating on product development and innovation, especially on releasing renewable polytetrahydrofuran. These businesses also engage in various organic and inorganic growth strategies to acquire greater market shares.
More Insights into Polytetrahydrofuran Market
FMI offers the latest, unbiased, and detailed analysis of the global polytetrahydrofuran market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, end-use, application, and region.
According to the reports, based on segmentation, the automotive industry will accelerate the polytetrahydrofuran market growth due to extensive usage of the same in seat coverings and coating surfaces. Thus, the automotive industry will contribute significantly to the overall market growth. In terms of application, spandex fibers will account for a sizeable portion of polytetrahydrofuran usage. The durability, adaptability, and lightweight nature of spandex will spur its demand in the textile sector which, in turn, augurs well for the polytetrahydrofuran market.
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Based on region, the polytetrahydrofuran market in the Asia Pacific region will demonstrate impressive growth. The target market in this region will primarily be driven by China as the country accounts for the largest polytetrahydrofuran market in the world. Market manufacturers in China are increasing output and funding new initiatives to boost the independent growth of the polytetrahydrofuran market in the country. Besides China, the United States of America will also present notable growth. Accounting for the second largest market, the US polytetrahydrofuran market is driven by the popularity of activewear and sportswear. Thus, China and the US will make notable contributions to the overall growth of the market.
Polytetrahydrofuran Market Segmentation
By Product Type:
- Petro Based Poly THF
- Bio Based Poly THF
By Application:
- Spandex Fibers
- Thermoplastic Polyurethane
- Co-polyester-ether Elastomer
- Cast Polyurethane Elastomers
- Others
By End Use:
- Automotive Parts
- Textiles
- Hose & Tubing
- Artificial Leather
- Others
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