The North America Tetrahydrofuran (THF) Market would witness market growth of 6.2% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 309.32 Kilo Tonnes, showcasing a growth of 5.2% (2019-2022).
THF is widely used in the formulation of adhesives due to its excellent solvent properties. It helps dissolve and disperse various polymers, creating adhesive formulations with desirable characteristics such as strong bonding, flexibility, and durability. THF is a key ingredient in the production of sealants. It contributes to forming sealant materials that provide effective sealing, bonding, and protection against environmental factors such as moisture, heat, and chemicals. THF is used in the production of adhesives for flexible packaging applications.
Furthermore, innovations in the production of tetrahydrofuran include the development of bio-based alternatives derived from renewable resources. These innovations align with the industry’s commitment to sustainability and offer a greener option than conventional petrochemical based THF. The demand for THF in the formulation of adhesives for flexible packaging materials has increased due to the expansion of the packaging industry, particularly in the food and beverage sector.
According to U.S. Census Bureau estimates, spending on construction was $1,972.6 billion (seasonally adjusted annual rate) in July 2023, which is 0.7 percent (0.5 percent) more than the previously anticipated $1,958.9 billion in June. The July 2023 amount is 5.5% (1.2%) greater than the July 2022 estimate of $1,869.3 billion. Construction spending reached $1,101.5 billion in the first seven months of 2023, a 3.7 percent (1.0 percent) increase over the $1,062.1 billion spent during the same period in 2022. The demand for residential construction, including single-family homes and multi-family units, drives the construction industry in the US. THF is used to produce polymer-based materials used in residential building components in the US. Due to these aspects, the market will expand across the North America region in upcoming years.
The US market dominated the North America Tetrahydrofuran (THF) Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,108.4 Million by 2030. The Canada market is registering a CAGR of 6.8% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 6.6% 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 U.S., Mexico, Canada, and Rest of North America.
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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