Download Report IHS CEH Report : Tetrahydrofuran (Chemical Economics Handbook 2019)
PDF by S&P Global Commodity Insights; IHS Markit
Information
Format: PDF Language: English Pages: 54 Publisher: S&P Global Commodity Insights; IHS Markit Publication Date of the Electronic Edition: 2019
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ISBN: 144395
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Description
Tetrahydrofuran (THF) is a cyclic ether with two primary industrial uses. The major use is as a monomer in the production of polytetramethylene ether glycol (PTMEG), a component of cast and thermoplastic urethane elastomers, polyurethane stretch fibers (spandex), and high-performance copolyester-polyether elastomers (COPE). A smaller amount of THF is used as a solvent in polyvinyl chloride (PVC) cements, pharmaceuticals, and coatings; precision magnetic tape manufacture; and as a reaction solvent. In 2018, Asia accounted for more than 80% of world THF consumption, including captive production for PTMEG, to supply the region’s rapidly growing spandex market. China is the largest market for THF, accounting for more than half of global consumption in 2018, and will continue to drive the market through the forecast period.
Tetrahydrofuran (THF) is a cyclic ether with two primary industrial uses. The major use is as a monomer in the production of polytetramethylene ether glycol (PTMEG), a component of cast and thermoplastic urethane elastomers, polyurethane stretch fibers (spandex), and high-performance copolyester-polyether elastomers (COPE). A smaller amount of THF is used as a solvent in polyvinyl chloride (PVC) cement, pharmaceuticals, and coatings; in precision magnetic tape manufacture; and as a reaction solvent.
Global THF capacity grew a total of about 40% during 2012–15, but growth slowed to about 11% in 2015–18; global capacity is expected to remain at the current level through 2023. The two largest global producing companies—Dairen Chemical Corporation (Chang Chun Petrochemical group) and BASF—accounted for 44% of global capacity as of year-end 2018.
In 2018, Asia (including China, Japan, and Other Asian countries) accounted for about 82% of world THF consumption, including captive production for PTMEG. In Asia, the portion of THF consumed for PTMEG is higher than 90% of total THF demand, to supply the region’s rapidly growing spandex market.
China accounted for about 46% of global THF capacity and 53% of global consumption in 2018. Demand for THF in China is expected to grow at an average rate of 4.8% annually through 2023, mainly driven by the rapidly increasing demand of THF/PTMEG for spandex fiber production.
Other Asia, excluding China and Japan, has the second-largest consumption of THF, accounting for 25% of the global total in 2018. The region has been impacted by the rapid increase in Chinese THF/PTMEG production, leading to a considerable decline in THF and PTMEG exports to China, especially from Taiwan. PTMEG accounted for about 87% of total THF consumption in the region in 2018. Overall consumption is expected to increase at 2.0% annually over the forecast period. Consumption in Japan is small and continues to decline; since 2015, Japan has been a net importer of THF.
In the United States, major producers are both back- and forward-integrated into BDO and PTMEG, taking great effort to balance their own requirements with fluctuating market demand. THF is mainly used for PTMEG production, accounting for about 75% of total THF consumption in 2018; solvent uses accounted for the remaining 25%. THF consumption in the United States is expected to grow at an average of 2.6% annually through 2023, driven by PTMEG production (for its consumption in polyurethane elastomers and exports).
In Western Europe, PTMEG is also the main use of THF, accounting for 80% of total THF consumption in 2018. The use of THF for PTMEG in Western Europe is not expected to increase very much, owing to the expected reduction in spandex production. All in all, THF consumption in this region is estimated to stay at nearly the same level through 2023.
Overall, global THF consumption is expected to grow at an average of 3.4% annually over the forecast period, primarily driven by Chinese PTMEG production.
$49
Delivery time: Maximum 24 hours