The chemical industries can be traced back to the artisans of the middle east. These artisans refined lime stones and alkali for the production of the glass in the early 7,000 BC. Furthermore, the chemical industry became an independent branch during the time of the industrial revolution. One prominent chemical which has myriad of uses are butyl glycol. The synonyms of butyl glycol. In this blog, we will discuss various aspects of butyl glycol market. Let us commence with the myriad of uses, the chemical has-
The butyl glycol is a low volatility solvent and can be used to serve various commercial and industrial usages. Let us discuss the various domains where butyl glycol is extensively utilized-
- Butyl Glycol in paint and coating industry
Out of the total butyl glycol produced, 75% of it is utilized in the paint and coating industry. The chemical possess low volatility which is used to improve the flow of the coatings. This helps in extending the drying times of the paints and coating.
- Butyl Glycol in printing inks industry
The butyl glycol has wide usage in the printing ink industry. The butyl glycol compound is used as a solvent in textile dyes and printing inks. Moreover, it is also used as a component of hydraulic fluids.
- Butyl Glycol in oil drilling industry
The butyl glycol component is widely used for drilling and cutting purposes in oil extraction. In fact, the compound is an oil spill dispersant product.
- Butyl Glycol in chemical industry
The butyl glycol also used as chemical intermediate and as starting material in the production of plasticizers.
- Butyl Glycol in household cleaning
The compound is regularly used in most of the households as it is an impeccable home cleaning product. It provides very good cleaning power for the domestic cleaning products. It also provides the characteristics odour that we associate with many products.
The other uses of the butyl glycol are written as follows-
- Component in surface cleanser, for example it is used in degrease metal surfaces
- The component is widely used making polymers & plastics
Butyl Glycol Market Analysis-
The global butyl glycol market is anticipated to garner USD 3.24 billion by the year 2022. Moreover, the sales in the butyl glycol market is expected to accumulate USD 4 billion by the end of the end of 2030 and expanding at a CAGR of 4% during the forecast period.
Various leading manufacturers in the butyl glycol market are endeavoring to adopt strategies such as mergers, acquisitions, strategic partnership, and collaborations. These companies aim to widen their production capacity to meet the rising demand for the useful compound butyl glycol. For instance,
- In July, BASF SE, a German multinational chemical company, declared its plan to expand its tert-butylamine capacity. The company is facilitating BASF specialty Chemicals Co. Ltd in Nanjing China. This will enrich the company to increase the production capacity by 30%.
- In August 2021, Sinopec and BASF expanded the joint venture at the Verbund site. The production capabilities in numerous chemical manufacturing units has been expanded to boost the production scope in the market.
Some of the prominent companies in the butyl glycol industry outlook are written as follows-
- Eastman Chemicals Co.
- LyondellBasell Industries N.V
- Asia Pacific Petrochemicals Co. Ltd
- BASF SE
- Dow Chemicals
- Nippon Nyukazai Co. Ltd
- KH Chemicals
- Sasol Ltd.
- Lotte Chemical Corporation
Country wise analysis-
The North American region is estimated to emerge as the most lucrative market. Particularly, US region is expected to account for nearly 28% of the sales in the year 2022.
With the rising demand for growing and fuel crude oil prices, a remarkable rise in the production of gas and oil. For example, according to the report published by EIA (Energy Information Administration) the production of crude oil and natural gas grew from 10% in year 2028 to 12.9% in the year 2019. The compound is extensively used in the production of gas and oil as oil slick dispersants.
Furthermore, there are various factors which are augmenting the growth of butyl glycol market in China. The region has rising construction activities which are bolstering the demand for butyl glycol compound. It has been estimated that the East Asia market is expected to account for more than 30.1% of the revenue share by 2022. Other than this, the rising application in printing sector to fasten the sales of butyl glycol in UK. In response to this, it has been witnessed that there is a rise in the sales across the UK. Moreover, the market in the Europe region is anticipated to grow rapidly accounting for over 22% of the total share of year 2022.
In a nutshell,
The butyl glycol market is holding immense opportunities for the entrepreneurs. Recently, Research Nester has published a research report incorporating all the important details of the market. Knowing all the parameters of the market helps in making sound decision for the business.