Booming Pharmaceutical Industry Driving 1,3-Butylene Glycol Market says P&S Intelligence
NEW YORK, March 11, 2021 /PRNewswire/ -- The global 1,3-butylene glycol market had a valuation of $139,994.9 thousand in 2019 and is predicted to register a CAGR of 5.0% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research firm, the market would generate a revenue of $227,057.5 thousand by 2030. The growing requirement for 1,3-butylene glycol in the pharmaceutical industry and the boom of cosmetic product industry are the major growth drivers of the market.
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1,3-butylene glycol is extensively used in cosmetics products as a humectant, on account of its ability to be used as a viscosity-decreasing component. In addition to this, the compound fixes volatile organic compounds such as flavors and fragrances in cosmetic formulations, which helps in stabilizing them and assists in aroma retention and also prevents the chances of spoilage caused because of cosmetic formulations by microbes. Furthermore, the compound has a very good distribution coefficient.
This leads to better efficacy of the various preservatives mixed in the formulations, which, in turn, makes the reduction in the dosage of the applied preservatives possible for cosmetic producers. Apart from these factors, the soaring geriatric population, the surging disposable income of people all over the globe, and the increasing investments being made in the cosmetics industry are also fueling the demand for this compound. This is, in turn, boosting the growth of the 1,3-butylene glycol market.
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The rising usage of this compound in the pharmaceutical industry is another important factor propelling the advancement of the market. Due to its anti-bacterial properties, the compound is heavily used as a pharmaceutical ingredient. Moreover, the rapid expansion of the pharmaceutical industry in the developing nations of Latin America and Asia is causing a sharp surge in the sales of 1,3-butylene glycol. Depending on application, the market is divided into food products and cosmetics and personal care products.
Between the two, the cosmetics and personal care products category registered higher growth in the market in the past years. Furthermore, with surging investments being made in research and development activities aimed at developing novel applications of the material, the category will register rapid advancement in the future years. When product is taken into consideration, the market is classified into industrial grade and pharmaceutical grade. Of these, the pharmaceutical grade division recorded higher growth in the past few years.
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This was due to the huge requirement for the pharmaceutical grade variant in various end-use industries such as personal care and cosmetics and food. Across the globe, the 1,3-butylene glycol market is predicted to exhibit the highest growth rate in Asia-Pacific (APAC) in the upcoming years. The soaring disposable income of people in emerging economies such as India and China is pushing up the sales of beauty care products, which is, in turn, driving the expansion of the market.
Hence, it is safe to say that the market would demonstrate huge expansion across the world in the forthcoming years, mainly because of the rising requirement for the compound in the pharmaceutical and cosmetics industries and the boom of these industries all over the world.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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