NEWARK, Del, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The global butyl glycol market is anticipated to reach a valuation of US$ 4.14 Bn by 2029, with sales growing at a stagnant CAGR of 3.6% from 2022 to 2029. By the end of 2022, the target market is set to reach an estimated US$ 3.23 Bn. The increasing application of butyl glycol as a coupling agent and solvent in household cleaning and industrial sectors will fuel the growth of the butyl glycol market during the forecast period.
A colorless liquid organic compound, butyl glycol has properties like lower volatility, sweet-ether odor, and high acidity. These aspects are gaining tremendous popularity as solvents in multiple industry verticals including chemical processing, industrial cleaner, and printing inks sectors among others.
With escalating demand for water and solvent-based paints, the demand for butyl glycol is also increasing. Thus, butyl glycol is experiencing demand from an assortment of end-use industries such as the construction, chemical, and industrial sectors. Again, the expansion of industries like metal working industry, paints & coatings industries, and printing sectors also benefit from the use of butyl glycol. This is expected to have a positive impact on the target market.
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Moreover, butyl glycol is observing extensive usage in the paint & coatings industry as a coalescing agent, coupling agent, and solvent. This is because of its favorable characteristics like low volatility, high miscibility, and others. It also finds application in manufacturing paints for improving the brushablity of alkyd resin paints and extending drying time. Similarly, growing demand for architectural paint from residential housing and commercial projects as well as municipal infrastructure such as roads, sewage plants, rails, and others is augmenting the global sales of butyl glycol during the forecast period.
“Extensive application of butyl glycol as a solvent, a coupling agent, and others will likely boost the global growth of the butyl glycol market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Harmful side effects and strict regulations may stymie the market growth.
- In 2022, the butyl glycol market in North America accounts for 27.9% of the overall sales.
- The advancing oil and gas industry drives the target market in the United States.
- Growing construction activities will propel butyl glycol market growth in China.
- East Asia’s butyl glycol market holds 30.3% share of the global revenue.
- By function, the solvent segment will record a strong CAGR during the forecast period.
- On the basis of application, the paints and coatings segment will lead the market.
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Competitive Landscape
Sadara Chemical Company, Anshika Polysurf Ltd., Nippon Nyukazai Co. Ltd., Lotte Chemical Corporation, Sasol Ltd., Lyondell Basell Industries N.V., Eastman Chemical Corporation, Asia Pacific Petrochemicals Co Ltd, Dow Chemical Company, BASF SE, and KH Chemical among others are some of the major players in the butyl glycol market profiled in the full version of the report.
Key market participants are keen on increasing their production capacity to cater to growing consumer demands. These enterprises employ strategic acquisitions, mergers, collaborations, and partnerships to strengthen their market position.
More Insights into Butyl Glycol Market Report
In its latest report, FMI offers an unbiased analysis of the global butyl glycol market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2029. To understand the global market potential, growth, and scope, the market is segmented on the basis of function (solvent, coalescing aid, chemical intermediate, plasticizer), application (paints and coatings, printing inks, metal working fluid, polymer & plastics, others), and region.
According to the latest FMI reports, based on segmentation, the solvent function segment will make significant contribution to the overall market growth during 2022-2029. Owing to butyl glycol usage as a solvent across multiple industry verticals, this segment is expected to register a strong CAGR. In terms of application, the paints and coatings segment will lead the market growth during the forecast period.
Based on region, the butyl glycol market in China will present substantial growth during 2022-2029. Owing to a surge in construction projects, the target market in China is undergoing impressive growth while pushing East Asia’s butyl glycol market to account for 30.3% of the overall revenue in 2022. Increasing building and infrastructure activities and extensive application in paints and coatings sector further aids the target market growth in this region during the projected period.
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Butyl Glycol Market by Category
By Function:
- Solvent
- Coalescing Aid
- Chemical Intermediate
- Plasticizer
By Application:
- Paints and Coatings
- Printing Inks
- Metal Working Fluid
- Polymer & Plastics
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Overview
1.3. Demand Side Trends
1.4. Supply Side Trends
1.5. Analysis and Recommendations
2. Market Introduction
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
4. Key Success Factors
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