Butyl Glycol Market Expected to Deliver Dynamic Progression Until 2028
The global butyl glycol market size was USD 0.79billion in 2020. The market is projected to grow from USD 0.83 billion in 2021 to USD 1.17 billion in 2028 at a CAGR of 5.0% during the 2021-2028 period.
This vital information is presented by Fortune Business Insights™, in its report, titled, “Butyl Glycol Market, 2021-2028.”
As per the research team, factors such as inexpensive nature and non-volatile nature of the product along with a sweet ether-like odor will bolster the growth of the market globally. Solvents are expected to capture the largest market share during the forecast duration owing to extensive usage towards paints and coatings sector.
COVID-19 to Hinder Market Due to Slowdown of Production Activities
The COVID-19 pandemic has brought on staggering changes to the global economy and the sector of butyl glycol was no different. The chemical sector has unprecedented disruptions in supply and production routes for fertilizers, plastics, packaging products, specialty chemicals and others. Also, volatility among the pricing of raw materials will falter the growth of the market during the forecast period. Moreover, a sudden shift among consumer spending has been observed which will further cause a drop in demand for chemicals. The paints and coating sector has also declined due to decreased requirements from the sector of construction, automotive and industrial to name a few.
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The report offers a holistic overview of the market in terms of evaluating all market segments and an in-depth analysis of market drivers, trends, restraints, and opportunities. Further, the study contains invaluable insights into the global regional dynamics that shape the market in terms of highlights and further examine the dominant players’ profiles and strategies. An on-point analysis helps our readers accurately strategy plan their upcoming business needs. The report further offers key points which will help a business thrive towards yielding higher profit margins.
On the basis of application, the market can be divided into solvent, chemical intermediate, and others. Solvents are expected to occupy the largest market share due to a lower cost and decreased volatility.
Geographically, the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Drivers and Restraints
Rising Demand of Butyl Glycol as Cleaning Agents to Aid Growth
Increased adoption of butyl glycol has seen rising usage towards industrial and domestic cleaning solutions along with various sterilizing chemicals and other similar products. Rising usage among the petroleum sector will further boost the growth of the market during the forecast duration. Growing demand for the compound as surface active components and increased usage of solvents in paints and coating will increase the footprint of the market. Various factors such as volatility, solubility in water and hydrophobic substances will further fuel the butyl glycol market share.
However, the carcinogenic nature towards laboratory animals will hamper the growth of the market during the forecast duration.
Asia Pacific to Regain Largest Market Share Due to Large Production Hub
Asia Pacific held the largest market share in 2020 due to the presence of China accounting for more than 60% of the Asian market. Also, rising demand for inexpensive and less volatile industrial solvents will boost the growth of the market. The region also boasts of a huge production center which will further increase the outreach of the market during the forecast period.
North America will contribute a significant market share due to rising demand for industrial solvents from various end-sectors. Also, rising constructional activities due to increasing demand for paints will boost the butyl glycol market growth in the region.
Europe will also hold a major market share during the forecast period due to the presence of a large manufacturing base coupled with increasing demand for solvents from the paints and coatings sector.
Strategies such as Mergers & Acquisitions to Dominate Market Overview
Key players are adopting various strategies for cementing their position in the market. One prominent strategy is launching novel products and gaining a wider consumer base. Mergers & acquisitions and various collaborations will further increase the footprint of the respective players. For example, in April 2021, SABIC announced the takeover of Saudi Aramco’s Petrochem sales operations. This takeover will be responsible for marketing and regulating sales of polymers and petrochemicals.
Key Industry Development
- August 2021: Eastman Chemical Company made an announcement raising their prices for a batch of specialty chemicals including EB solvents in North America and Latin America effective from 1st September 2021.
List of Key Players Covered in the Butyl Glycol Market Report
- Anshika Polysurf Ltd. (Gujarat, India)
- Nippon Nyukazai Co. Ltd. (Tokyo, Japan)
- Sasol Ltd. (Sandton, South Africa)
- Lyondell Basell Industries N.V. (Rotterdam, Netherlands)
- Eastman Chemical Corporation (Kingsport, U.S.)
- Asia Pacific Petrochemicals Co Ltd (Bangkok, Thailand)
- Dow Chemical Company (Michigan, U.S.)
- BASF SE (Ludwigshafen, Germany)
- INEOS (London, U.K)
- Solventis Ltd (Guildford, U.K.)
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