Global Tert-Butanol Market Share, Size, Trends, Outlook, Report and Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Tert-Butanol Market Analysis, Size, Share, Price, Trends, Growth, Key Players, Outlook, Report, Forecast 2023-2028’, gives an in-depth analysis of the global tert-butanol market, assessing the market based on its segments like applications, manufacturing process and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 490 million
Forecast CAGR (2023-2028): 3.86%
Forecast Market Size (2026): USD 590 million
The growing use of tert-butanol in various application sectors, is a significant factor enabling the tert-butanol industry to expand. Global growth in the personal care industry, combined with increasing innovation in the industry and its downstream sectors, further propels the tert-butanol industry forward.
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Tert-butanol is rapidly gaining market share in the biomedical industry as a preferred freezing agent. Due to the ever-changing nature of the pharmaceutical industry and the increase in research activities, vaccines, blood samples, purified proteins, and a variety of other biological materials must be preserved—tert-butanol freezes extremely well due to its high vapor pressure, low toxicity, and low melting point.
Manufacturers capitalize on this trend by strengthening their ties to and collaboration with raw material and service providers in the pharmaceutical industry in order to maximize the tert-butanol market’s potential. The industrial applications of tert-butanol is expected to boost the growth of the market during the forecast period.
Tert-Butanol Industry Definition and Major Segments
Tert-butanol is a tertiary alcohol that contains a hydroxy isobutane group in the second position. It is one of butanol’s four isomers. It is a versatile solvent with excellent solvating properties that is well suited for a wide variety of industrial and large-scale applications.
It’s a colorless substance. It is produced commercially as a byproduct of the isobutane-propylene oxide process. Tert-butanol is a nonpolar protic solvent that is frequently used as a paint remover, ethanol denaturant, and gasoline octane booster and oxygenate. It is frequently used as a chemical intermediate in the manufacture of a variety of products.
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By application, the market is divided into:
- Solvents and Intermediates
- Ethanol Denaturant
- MTBE and ETBE
- Methyl methacrylate (MMA)
By region, the industry is categorised into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Tert-Butanol Market Trends
The global tert-butanol market’s competitive landscape is quite fragmented. This fragmentation is a result of the growing presence of several well-known players on the global stage. Competition in the global market is expected to intensify over the forecast period. Numerous factors are anticipated to contribute to the global tert-butanol market’s growth. Chemical processes are becoming increasingly important in a variety of industries.
As a result of this, increased demand for hydrocarbons such as tert-butanol has resulted in the product becoming a more significant player on the market. Additionally, it is a versatile solvent with exceptional solvating properties, making it ideal for various industrial and large-scale applications.
As a result, the Tert-butanol market is expected to expand rapidly in the coming years. However, strict regulatory restrictions on VOC emissions may restrain the Tert-butanol Market’s anticipated year-over-year growth.
Additionally, the investments in the chemical industry have increased significantly in recent years. This, too, is expected to provide a significant boost to the global market’s overall development.
China is the largest consumer of tert-butanol in the Asia Pacific. Demand for protective coatings is expected to increase in the coming years because of population growth, urbanization, and industrialization in the construction and automobile industries.
This is expected to drive the tert-butanol market during the forecast period. India is expected to provide attractive opportunities for tert-butanol producers in the coming years.
Significant real estate development and rapid industrialization are expected to increase demand for tert-butanol in the region. Increasing demand for perfumes, air fresheners, and toiletries in emerging economies such as India, China, and Vietnam are expected to boost tert-butanol demand during the forecast period.
Europe and North America are another significant region in terms of tert-butanol use. Tert-butanol demand is increasing in the automotive and construction paint & coatings industries in the region, as demand for vehicle-refinish performance coatings and architectural coatings increases.
The tert-butanol market is expected to benefit from increased pharmaceutical R&D spending, the increased popularity of niche perfumes, and increased demand for premium fragrances, particularly in Europe and North America, over the forecast period.
Key Market Players
The major players in the market are LyondellBasell Industries Holdings N.V., Evonik Industries AG, ZiBo Haizheng Chemical Co., Ltd., Lotte Chemical Titan Corporation, Wanhua Chemical Group Co., Ltd., among Others.
The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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