Portland, OR, Sept. 01, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global isobutanol market generated $1.0 billion in 2020, and is expected to reach $1.9 billion by 2030, registering a CAGR of 6.3% from 2021 to 2030.
Rise in automotive production, surge in isobutyl acetate, and increase in construction activities drive the global isobutanol market. However, high cost of raw materials due to volatility of crude oil prices hinders the market growth. On the contrary, production of bio-isobutanol as a cost-effective alternative is anticipated to unlock new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 outbreak severely affected the European and Asian countries, which resulted in shutdown of various manufacturing and production facilities to curb the spread of the virus. Moreover, the lack of raw materials and disrupted supply chain negatively affected the market.
- The end-user sectors of isobutanol faced challenges due to the Covid-19 pandemic including delays in supply from producers, restrictions on import-export, and delay in raw material deliveries.
- Due to pandemic, the construction and automotive industries were among the worst-hit industries. Thus, the demand for paints & coatings decreased significantly. This hampered the market.
The report segments the global isobutanol market on the basis of product, application, and region.
Based on product, the bio-based isobutanol segment is expected to portray the highest CAGR of 6.4% during the forecast period. Furthermore, the segment held the largest share in 2020, contributing to nearly two-thirds of the market. The report includes an analysis of synthetic isobutanol and others.
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On the basis of application, the solvents & coatings segment is projected to manifest the highest CAGR of 6.5% during the forecast period. However, the oil & gas segment held the lion’s share in 2020, accounting for nearly half of the market.
The global isobutanol market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, holding more than two-fifths of the market. Moreover, the region is projected to showcase the highest CAGR of 6.6% during the forecast period.
The global isobutanol market includes an in-depth analysis of the prime market players such as BASF SE, Eastman Chemical Company, Gevo, Ineos Group Holdings S.A., Mitsubishi Chemical Holdings Corporation, Oq Chemicals Gmbh, Petronas Chemicals Group Berhad, Sasol Limited, The Andhra Petrochemicals Limited, and The Dow Chemical Company.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
