n-Butanol Market worth $4.0 billion by 2025
The global n-Butanol market size is estimated at USD 3.1 billion in 2020 and is projected to reach USD 4.0 billion by 2025, at a CAGR of 5.0%. The demand for n-Butanol is rising, owing to the increased infrastructural and construction activities, and rising demand for coatings from end-use industries. However, stringent regulations and restrictions, and low economy of scale for small capacity plants are challenging the market. Furthermore, emerging trends in bio-derived butanol provide growth opportunities to the market. On the other hand, fluctuating raw material prices and their scarcity in future, and potential health hazards and environmental concerns with solvent-based systems are restraining the growth of the n-Butanol market.
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Based on application, the butyl acrylate to be the largest application in n-Butanol market.
Butyl acrylate is the largest application of n-Butanol owing to its increasing use in the composition of various copolymers. These copolymers are used in applications such as resins and dispersions for paints, aqueous dispersions for fabrics, varnishes, inks, glues, and adhesives. They can also be used in the production of textile & paper and the synthesis of plastics and other chemicals. Therefore, the increasing growth of paints & coatings, adhesives, textile, plastic, paper, and other industries also drives the consumption of butyl acrylate. Hence, the growing construction activities and infrastructural development owing to the increasing disposable income and a better standard of living of consumers in emerging economies play a pivotal role in the growth of the butyl acrylate application and, in turn, boost the demand for n-butanol.
Based on region, APAC is estimated to lead the n-Butanol market in 2020.
APAC is estimated to be the largest n-Butanol market during the forecast period. The growth of the market in this region is primarily attributed to the rapidly growing population, urbanization, and industrialization. The presence of emerging economies with high growth potential, availability of cheap labor, the rapid expansion of infrastructure, and increasing foreign investments are driving the market in the region.
The key players in the n-Butanol market include BASF (Germany), The DOW Chemical Company (US), Eastman (US), OQ Chemicals (Germany), SASOL (South Africa), BASF PETRONAS (Malaysia), PetroChina (China), Mitsubishi Chemical Company (Japan), SINOPEC (China), and KH Neochem (Japan). These players have established a strong foothold in the market by adopting strategies, such as merger & acquitsions, and joint venture.
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