The Asia Pacific Tetrahydrofuran (THF) Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 631.50 Kilo Tonnes, showcasing a growth of 6.1% (2019-2022).
The development of bio-based THF, derived from renewable resources, aligns with the growing emphasis on sustainability. As industries seek more environmentally friendly solutions, adopting bio-based THF contributes to the market's growth. The production of bio-based THF generally has a lower carbon footprint than conventional THF derived from petrochemical sources. This decrease aids climate change mitigation and the adoption of environmentally friendly alternatives to greenhouse gas emissions.
Bio-based THF is typically produced from renewable feedstocks such as biomass, agricultural residues, or bio-based chemicals. This reduces dependence on finite fossil resources and enhances the sustainability profile of THF, appealing to environmentally conscious industries and consumers. The development of bio-based THF aligns with broader economy and circular economy initiatives, emphasizing renewable resources, waste reduction, and sustainable production practices. Bio-based THF fits into the circularity model by utilizing biomass as a feedstock.
China is increasingly focusing on precision medicine and personalized healthcare. THF is utilized in drug formulation and processing, where it helps dissolve pharmaceutical ingredients and aids in the creation of stable and effective drug formulations in China. Its use ensures the quality and consistency of pharmaceutical products. As per China.org, in 2021, the combined business revenue of China's pharmaceutical companies increased by 18.7 percent annually, the greatest growth rate in five years. All these factors will uplift the regional market’s expansion in coming years.
The China market dominated the Asia Pacific Tetrahydrofuran (THF) Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,046.7 Million by 2030. The India market is showcasing a CAGR of 7.6% during (2023 - 2030). Additionally, The Japan market would register a CAGR of 6.9% during (2023 - 2030).
Based on End-Use, the market is segmented into Paints & Coatings, Textile, Pharmaceutical, Polymer, and Others. Based on Application, the market is segmented into Polytetramethylene Ether Glycol (PTMEG), Solvents, and Others. Based on countries, the market is segmented into China, India, Japan, South Korea, Indonesia, Australia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Tetrahydrofuran (THF) Market is Predict to reach USD 7.3 Billion by 2030, at a CAGR of 7.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mitsubishi Chemical Holdings Corporation, BASF SE, Honeywell International, Inc., Univar Solutions, Inc., Toray Industries, Inc., Ashland Inc. (Ashland Global Holdings Inc.), Merck KGaA, LyondellBasell Industries Holdings B.V., Eastman Chemical Company, and Tokyo Chemical Industry Co. Ltd.
By End-Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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