PUNE, India, April 17, 2018 /PRNewswire/ --
The report "n-Butanol Market by Application (Butyl Acrylate, Butyl Acetate, Glycol Ethers, Direct Solvents, Plasticizers), and Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) - Global Forecast to 2022", published by MarketsandMarkets™, the n-Butanol market was estimated at USD 4.18 Billion in 2017 and is projected to reach USD 5.58 Billion by 2022, at a CAGR of 5.9% between 2017 and 2022.
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The market growth is fueled by the increasing demand for butyl acrylate in for various applications, such as latex paint formulations in industrial & architectural activities, enamels, textiles, and paper finishes. The market for butyl acrylate is directly linked to the construction industry, as it is used as a solvent in industrial and architectural paints & coatings. Therefore, the growth of the construction industry in emerging economies due to the increasing population, rapid urbanization, and industrialization also propels the demand for n-Butanol. On the other hand, volatility in raw material prices and the decreasing consumption of DOP(Bis(2-ethylhexyl)phthalate) in Europe and North America are the factors hindering the growth of the global n-Butanol market. However, increasing use of n-Butanol as a biofuel and significant growth in the global automotive and textile industries would create ample opportunities for the consumption of n-Butanol, globally.
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The direct solvents segment is projected to be the fastest-growing application segment of the market between 2017 and 2022.
The direct solvents segment is expected to be the fastest-growing application segment of the n-Butanol Market during the forecast period, in terms of both value and volume. This application segment is projected to grow at a CAGR of 6.5% during 2017-2022. Due to its moderate solubility and compatibility with many resin formulations, n-Butanol is used in several aqueous systems. n-Butanol, as a solvent, improves the brushability of paints and coats by reducing viscosity and prevents cobwebbing and blushing. Due to these reasons, the demand for n-Butanol is expected to increase as a direct solvent in paints, coatings, varnishes, resins, dyes, camphor, vegetable oils, fats, waxes, shellac, rubbers, and alkaloids.
Asia Pacific is projected to be the largest n-Butanol market between 2017 and 2022, in terms of both value and volume.
Asia Pacific is projected to be the largest market for n-Butanol during the forecast period. The demand for n-Butanol is high in this region due to the presence of a large industrial base for all the application segments, such as butyl acetate, butyl acrylate, glycol ether, and direct solvents, in APAC. Additionally, the increasing population, growing urbanization, and changing lifestyle in emerging countries such as China, India, Indonesia, and Malaysia are expected to fuel the demand for personal care products, textiles, crop protection chemicals, and medicines. The growth of these industries drives the consumption of aforementioned chemical intermediates and direct solvents, which, in turn, propels the demand for n-Butanol in the APAC region.
Some of the key players in the n-Butanol market include BASF (Germany), Dow Chemical (US), OXEA (Germany), Sasol (South Africa), PetroChina (China), Eastman Chemical Company (US), Mitsubishi Chemical Corporation (Japan), BASF PETRONAS (Malaysia), Sinopec (china), and KH Neochem (Japan). Agreements, expansions, and joint ventures were the major growth strategies adopted by the market players between 2013 and 2017 to cater to the demand for n-Butanol in emerging economies.
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