India THF (Tetrahydrofuran) and GBL (Gamma Butyrolactone) Market, By Purity (Industrial Class (5 wt. %), Common Class (8 wt. %), and Electric Capacitance Class (9 wt. %)), Process (Acetylene-Based Process, Butadiene-Based Process, Maleic Anhydride-Based Process, and Propylene Oxide-Based Process), Application (THF (Tetrahydrofuran), POLY THF, and GBL (Gamma Butyrolactone) - Industry Trends and Forecast to 2023 to 2030.
India THF (Tetrahydrofuran) and GBL (Gamma Butyrolactone) Market Analysis and Size
The essential factors contributing to the market's growth in the forecast period of 2023 to 2030 include the increasing use of THF and GBL in the pharmaceutical industry and the processing of various chemicals. Moreover, India's economic growth, industrialization, and urbanization have increased the demand for THF and GBL.
Data Bridge Market Research analyses that the market, which was USD 553.76 Million in 2022, is expected to reach USD 1,017.41 Million by 2030, growing at a CAGR of 7.90% during the forecast period of 2023 to 2030. “Acetylene-Based Process” segment is expected to dominate the purity segment of the market because acetylene-based processes generally result in high-purity THF and GBL production. When used as a feedstock, acetylene can yield products with low impurity levels, meeting the stringent quality requirements of various industries.
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
India THF (Tetrahydrofuran) and GBL (Gamma Butyrolactone) Market Scope and Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2023 to 2030
|
|
Base Year
|
2022
|
|
Historic Year
|
2021 (Customizable to 2015-2020)
|
|
Quantitative Units
|
Revenue in USD Million, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
By Purity (Industrial Class (5 wt. %), Common Class (8 wt. %), and Electric Capacitance Class (9 wt. %)), Process (Acetylene-Based Process, Butadiene-Based Process, Maleic Anhydride-Based Process, and Propylene Oxide-Based Process), Application (THF (Tetrahydrofuran), POLY THF, and GBL (Gamma Butyrolactone)
|
|
Countries Covered
|
India
|
|
Market Players Covered
|
BASF SE (Germany), Invista (U.S.), Ashland Inc. (U.S.), Dairen Chemical Corporation (Taiwan), Mitsubishi Chemical Corporation (Japan), LyondellBasell Industries Holdings B.V. (U.S), Ashland Inc. (U.S.), Shandong Jinling Chemical Co., Ltd. (China), and Recochem Inc. (Canada) among others
|
|
Market Opportunities
|
|
Market Definition
THF and GBL are colorless chemical compounds miscible in water and act as a solvent in producing various products. GBL chemical is used in the pharmaceutical industry in the manufacturing of medicines. THF, a solvent used in synthetic and natural resins, also acts as a solvent in spandex fibers, PVC, etc. Increasing demand for chemicals in the production processes enhances the use of THF and GBL in the market. It increases the efficiency in producing various products to meet its increasing demand.
India THF (Tetrahydrofuran) and GBL (Gamma Butyrolactone) Market Dynamics
Drivers
- Increasing use in the pharmaceutical industry
THF and GBL are widely used as solvents in the pharmaceutical industry. They are essential for various drug formulation processes such as synthesis, extraction, and purification. The growth of the pharmaceutical industry, driven by increasing demand for medications and advancements in drug development, contributes to the need for THF and GBL.
- Important intermediate in the chemical manufacturing sector
THF and GBL are essential intermediates in the production of various chemicals. They are used to manufacture polymers, resins, coatings, and adhesives. The growth of industries such as automotive, construction, electronics, and textiles, which rely on these chemicals, fuels the demand for THF and GBL.
- Strong growth agriculture sector in India
THF and GBL find applications in producing agrochemical such as herbicides, insecticides, and fungicides. As agricultural practices evolve and the demand for high-quality crops increases, the agrochemical sector expands, leading to higher consumption of THF and GBL.
Opportunities
- Increasing focus on research and development
Continuous research and development activities to explore new applications and improve the properties of THF and GBL contribute to market growth. Innovations in product formulations, such as low-toxicity variants and environmentally friendly options, can further drive demand.
- Regional Growth and Industrialization
Economic growth, industrialization, and urbanization in India have increased the demand for THF and GBL. These countries are witnessing expansion in multiple industries, including pharmaceuticals, chemicals, and automotive, thereby driving the market for THF and GBL.
Restraints/Challenges
- Health and Safety Concerns
THF and GBL are organic solvents that can pose health and safety risks if mishandled. They are flammable and can cause skin and eye irritation. Additionally, prolonged exposure or inhalation of these substances may lead to health issues. Strict regulations and guidelines related to the safe handling, storage, and transportation of THF and GBL can impose limitations on their use and increase compliance costs for manufacturers.
- Volatility in Raw Material Prices
The cost and availability of raw materials used in producing THF and GBL can be a significant restraint. The prices of feedstock such as butanediol (BDO) and acetylene, which are critical raw materials for GBL and THF, respectively, can be subject to market fluctuations. Price volatility can impact the profitability of manufacturers and influence the overall market dynamics.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In December 2021, BASF SE increased for 1,4-Butanediol (BDO) and derivatives, which include Tetrahydrofuran (THF) and Gamma-butyrolactone (GBL). BDO and its derivatives are used for producing engineering plastics, polyurethane, pharmaceuticals, solvents and elastic spandex fibers
India THF (Tetrahydrofuran) and GBL (Gamma Butyrolactone) Market Scope
The market is segmented on the basis of purity, process, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Purity
- Industrial Class (5 wt. %)
- Common Class (8 wt. %)
- Electric Capacitance Class (9 wt. %)Others
Process
- Acetylene-Based Process
- Butadiene-Based Process
- Maleic Anhydride-Based Process
- Propylene Oxide-Based Process
Application
- THF (Tetrahydrofuran)
- POLY THF
- GBL (Gamma Butyrolactone)
Competitive Landscape and India THF (Tetrahydrofuran) and GBL (Gamma Butyrolactone) Market Share Analysis
The THF (Tetrahydrofuran) and GBL (Gamma Butyrolactone) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the market are:
- BASF SE (Germany)
- Invista (U.S.)
- Ashland Inc. (U.S.)
- Dairen Chemical Corporation (Taiwan)
- Mitsubishi Chemical Corporation (Japan)
- LyondellBasell Industries Holdings B.V. (U.S.)
- Ashland Inc. (U.S.)
- Shandong Jinling Chemical Co., Ltd. (China)
- Recochem Inc. (Canada)
SKU-