The Latin America, Middle East and Africa Tetrahydrofuran (THF) Market would witness market growth of 9.6% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 234.14 Kilo Tonnes, showcasing a growth of 9.0% (2023-2030).
The pharmaceutical industry utilizes THF as a solvent in synthesizing drug intermediates and active pharmaceutical ingredients (APIs). In pharmaceutical manufacturing, THF is utilized in the formulation and processing of drugs. It assists in dissolving pharmaceutical ingredients, contributing to developing drug formulations with optimal properties. THF is commonly used in peptide synthesis, a process crucial for producing peptides and proteins in pharmaceutical applications. THF manufactures biopharmaceuticals, including monoclonal antibodies and other biologically derived drugs. The growth in biopharmaceuticals, driven by advancements in biotechnology, contributes to the demand for THF.
Tetrahydrofuran is prominently used in the polymer industry, serving as a vital solvent for various polymers such as PVC and polyurethane. Its ability to dissolve various polymers makes it indispensable in producing flexible and rigid plastics, coatings, and adhesives. The adhesive and sealant industry extensively relies on tetrahydrofuran due to its excellent solvency and ability to bond different materials. THF-based adhesives are known for their strength and versatility, making them suitable for various applications in the construction and automotive industries.
The increase in automotive production and assembly activities in Saudi Arabia creates demand for various materials. THF produces polymer-based materials for automotive interiors, exteriors, and components in Saudi Arabia. The global trend toward electric and hybrid vehicles is influencing the automotive industry in Saudi Arabia. According to the International Trade Administration, in 2020, Saudi Arabia accounted for nearly 52% of all vehicles sold in the Gulf Cooperation Council (GCC) and 35% in the MENA region. In Saudi Arabia, 556,000 vehicles were sold in 2019 and 436,000 in 2020. Sales are anticipated to reach 543,000 units by 2025, with only 32,000 units being electric vehicles. The factors mentioned above will drive the regional market growth.
The Brazil market dominated the LAMEA Tetrahydrofuran (THF) Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $226.8 Million by 2030. The Argentina market is exhibiting a CAGR of 8.8% during (2023 - 2030). Additionally, The UAE market would experience a CAGR of 10.3% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Tetrahydrofuran (THF) Market is Projected 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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