Tert-butanol Market (End-user - Paints & Coatings, Flavors & Fragrance, Pharmaceuticals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Global Tert-butanol Market: Overview
The global tert-butanol market is gaining from industrialization and urbanization in emerging economies of Asia Pacific, the Middle East and Africa, and Latin America. These regions rake in maximum revenue due to the rapid growth of automobile, food and beverages, personal care, and construction industries. This has turned the focus of both established and new players to developing countries.
The demand for tert-butanol stems from its varied applications such as in paints and coatings, food flavoring, and fragrances.
The global tert-butanol market could be appropriately categorized based on end use and geography. By region, Asia Pacific holds dominance in terms of revenue generation.
The report on the global tert-butanol market prepared by expert analysts looks into every possible aspect that could influence the market’s growth over the forecast period. The highlight of the report is a brilliant assessment of the growth behavior of key segments under different categories.
Global Tert-butanol Market: Trends and Opportunities
Tert-butanol finds varied application such as in paints and coatings, fragrances, and food flavoring across several end-use industries. Rapid industrialization and urbanization in emerging economies of Asia Pacific have led to massive growth of building and construction sector. This has indirectly influenced the growth of tert-butanol market for its application in paints and coatings that are extensively used in the building and construction sector. The construction of hospitals, amusement parks, schools, and public amenities have been surging in emerging economies of Asia Pacific, Latin America, and the Middle East and Africa.
Further, economic growth leading to rising disposable incomes in emerging economies has upped the demand for automobiles. Vehicle production has risen significantly over the past few years due to rapid urbanization and increasing vehicle ownership in several developing countries. This is indirectly driving the growth of tert-butanol market for paints and coatings applications.
The growing population in Asia Pacific along with rising consumption of processed foods is also boosting the demand for tert-butanol for food flavoring applications. Tert-butanol is used as a solvent and a flavoring agent in the food and beverages industry.
Tert-butanol also finds application in perfumes and personal care products. The pharmaceuticals segment is anticipated to display the leading growth rate vis-à-vis volume and revenue in the upcoming years.
On the flip side, however, regulations in place pertaining to volatile organic compound emissions have challenged the growth of the tert-butanol market to some extent. Nevertheless, these restrictions have compelled market players to develop bio-based variants. This is anticipated to provide growth opportunities to serve the demand for environment-friendly products.
Global Tert-butanol Market: Geographical Analysis
Asia Pacific stands as the leading regional market for tert-butanol on the back of rising demand for tert-butanol for paints and coatings from automobile and construction sectors, and for application in flavors from the expanding processed food industry. Powered by China, India, and Japan Asia Pacific is also anticipated to be display speedier growth among other key regional markets over the forecast period.
The tert-butanol markets in North America and Europe are mature, and thus will display average growth by 2024. While Latin America tert-butanol market is likely to expand display notable growth, the Middle East and Africa tetra-butanol market is likely to display moderate growth in the upcoming years.
Global Tert-butanol Market: Companies Mentioned
Some of the core companies functioning in the global tert-butanol market are LyondellBasell Industries Holdings B.V., Evonik Industries AG, Lotte Chemical Titan Corporation, Merck KGaA, and Tonen General Sekiyu K.K.
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