(2019 – 2024) “Bio Based Poly (Tetrahydrofuran) THF1000 Market” Report studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Bio Based Poly (Tetrahydrofuran) THF1000 Analysis. The Bio Based Poly (Tetrahydrofuran) THF1000 market is expected to register a CAGR of approximately XX% during the forecast period of (2019 – 2024).
Bio Based Poly (Tetrahydrofuran) THF1000 Market Report Covers Leading Manufacturers: BASF, Mitsubishi Chemical, INVISTA, Korea PTG, Asahi Kasei, HYOSUNG, Dairen Chemical Corporation, Shanxi Sanwei, Hangzhou Qingyun, Sinochem Taicang, Sinopec Yizheng
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The bio-based poly (tetrahydrofuran) market is expected to register a high CAGR during the forecasted period, 2018 – 2023. The market is driven by many factors, such as government support for eco-friendly products. However, the high costs compared to petroleum-based products are expected to restrain the market.
Government Support for Eco-friendly Products Driving the Market
Bio-based poly (tetrahydrofuran) is majorly used in the apparel industry. The product is environment-friendly and there is a high government support towards the usage of eco-friendly products. The apparel industry accounts for 10% of the global carbon emissions, it remains the second-largest industrial polluter and accounts for tons of textiles in terms of open landfills every year, thereby, polluting the environment. Therefore, to curb the pollution the governments have released several incentives to textile and apparel industries to support the use of environment-friendly products. In India, the government has announced a special package for those textile industries which use eco-friendly products. The package includes an increase in capital subsidy, income-tax rebate to the manufacturers, and change in labor laws.
Textile is the Largest End-user Industry
The market is segmented on the basis of end-user industry and application. Based on the end-user industry, textile holds the largest share. Bio-based poly (tetrahydrofuran) is majorly used to make elastic spandex fibers for a large variety of textiles, including underwear, outerwear, sportswear, and swimsuits.
Asia-Pacific the Fastest Growing Region
Asia-Pacific is the largest market for bio-based poly (tetrahydrofuran) and it is expected to grow at a good CAGR during the forecast period. This is in response to the growing sportswear demand in the countries of the region, like China, India, and Vietnam. In China, the growing need for improved health and fitness is driving the demand for sportswear. According to Chinese Fitness Industry and Chinese Athletic Industry, 2.8 million people participated in 328 marathons, which is 14 times increase when compared with the data five years back. Also, the government also support people’s fitness and plans to build 20,000 new football pitches and 500 km of hiking trails along the Taihang Mountains by 2020.
Major Players: BASF SE, Mitsubishi Chemical, INVISTA, Korea PTG, Asahi Kasei, and HYOSUNG, among others.
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