ALBANY, New York, October 26, 2017 /PRNewswire/ --
Easy Availability Helps Demand
Tert-butyl Hydroperoxide (TBHP) is a clear, colorless, stable and aqueous solution that belongs to the alkyl hydroperoxide chemical family. It is a highly reactive product, with three types of significant physical hazards: flammability, thermal, and decomposition due to contamination.
Tert-butyl hydroperoxide (TBHP) is an easily available and convenient source of active oxygen suitable for diverse oxidation technologies. Epoxidation of propylene to propylene oxide is the largest commercial application of TBHP. TBHP is also used in production of specialty chemicals needed in fine chemical and performance chemical industries such as pharmaceuticals and agrochemicals.
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According to a report by Transparency Market Research, the global tert-butyl hydroperoxide market will rise at a very slow pace by registering a CAGR of 1.3% during the period between 2017 and 2025. At this pace, the market which was worth US$121.06 mn in 2016, is expected to become worth US$136.41 mn by 2025.
Under the polymerization initiation reaction, TBHP is employed to synthesize many perester, dialkyl peroxide, and perketal derivatives, as it serves as a free radical initiator for polymerization, co-polymerization, graft polymerization, and curing of polymers.
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Limited Scope of TBHP-based Processes Crimps Growth
"Propylene is converted into PO via various syntheses routes, which include processes based on oxidation of propylene through the organic hydroperoxides (including TBHP) method. Currently, processes based on organic hydroperoxides constitute almost 50% of the global production capacity of PO. However, the hydroperoxide based process requires relatively large capital investment. It presents difficulties in balancing the market for PO and its co-products. This can lead to considerable volatility in the economic performance of operations over time. The usage of TBHP-based process is limited, while that of other processes is increasing. Several companies have developed proprietary technologies for the production of PO that do not involve the use of TBHP. Companies are also collaborating with each other by examining their PO production processes and developing joint-innovative processes. These factors are likely to act as restraints of the global TBHP market," explains the lead analyst of the report.
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Application-wise, the key segments of the global tert-butyl hydroperoxide market are polymerization initiator, chemical synthesis, curing agent, etc. Of them, polymerization initiator is at the forefront of driving the market and is estimated to grow its revenue share to 46.61% by 2025 by registering the maximum growth rate.
Geographically, the key segments of the global tert-butyl hydroperoxide (TBHP) market are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Currently, Europe leads the global tert-butyl hydroperoxide market with a dominant share in revenue. In 2016, its share was a substantial 40%. In terms of volume, the region is expected to grow its share further in the upcoming years. Germany, Netherlands, and Belgium are at the forefront of driving demand in Europe.
The tert-butyl hydroperoxide (TBHP) market is growing at a tepid pace on account of the abundance of substitutes, its reusability, and development of new processes which can by-pass the usage of TBHP.
Some of the prominent participants in the tert-butyl hydroperoxide market are LyondellBasell, PERGAN GmbH, Arkema Group, Akzo Nobel, and United Initiators GmbH.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research