New York, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global butylated hydroxytoluene (BHT) market is expected to grow at a rate of 6.1%, reaching a value of US$1.60 billion by 2030 from US$0.26 billion in 2023.
The market's robust growth is driven by increased demand for BHT in various industries, especially the personal care sector, as consumers focus more on their appearance. The comprehensive evaluation in the Global Butylated Hydroxytoluene Market report covers key segments, trends, drivers, restraints, competitive landscape, and significant factors shaping the market.
Butylated Hydroxytoluene (BHT), an organic chemical derived from modifying 4-methyl phenol with tert-butyl groups, finds applications across food, beverages, pharmaceuticals, agriculture/animal feed, and more. Acting as a preservative, BHT is widely used to maintain freshness and prevent spoilage in various foods. While some food companies are phasing out BHT, it remains crucial in the petroleum industry and as an additive in water-pumping fluids, turbine and gear oils, and jet fuels. The plastics and rubbers segments are expected to drive significant growth in the BHT market.
Though proposed as an antiviral drug, BHT's usage for this purpose lacks scientific literature support and regulatory approval as of March 2020.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 0.26 Bn | |
| Estimated Revenue 2030 | US$ 1.60 Bn | |
| Growth Rate - CAGR | 6.1% | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 195 Pages | |
| Market Segmentation | By Grade, Application and Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Butylated Hydroxytoluene Market Dynamics
Driving Force: The widespread use of BHT as an antioxidant in plastics manufacturing stems from its crucial role in combating oxidation, a major limitation in thermoplastics and thermosetting resins. Oxidation negatively impacts various polymer properties, leading to issues like reduced flexibility, color change, and surface deterioration. As per the Plastic Atlas 2019, global plastics production reached 460 million tons in 2019, with China being the leading contributor. The rising demand in industries like packaging, automotive, construction, and agriculture is expected to propel plastics production, creating substantial demand for BHT in plastic stabilization.
Restraints: Despite being a significant consumer of BHT, the food & beverage industry faces concerns over its usage. BHT functions as an antioxidant in various food products, but studies indicate potential interactions with hormonal birth control and steroid hormones, along with adverse effects on liver enzymes. Regulatory bodies like the US Department of Health and Human Services express concerns about its potential carcinogenicity. Allergic reactions, hyperactivity, and organ system toxicity are additional worries. Although FDA approves BHT in food manufacturing, several regions, including Australia, Canada, New Zealand, Japan, and Europe, have imposed restrictions on its use in food products.
Opportunity: The Asia Pacific region, a global chemical manufacturing hub, plays a pivotal role in the BHT market's opportunities. With over 50% of global polymer production output, Asia Pacific attracts chemical, petrochemical, personal care, and food & beverage manufacturers due to factors like rising per capita expenditure, a massive consumer base, urbanization, low labor costs, and abundant raw materials. China, in particular, is anticipated to be a major and rapidly growing market for BHT in the foreseeable future. The industrial growth in the region is poised to drive significant consumption of BHT as a crucial antioxidant.
Challenges: As concerns about synthetic additives in pet food rise, the demand for natural and sustainable alternatives to BHT gains momentum. BHT, a synthetic antioxidant used in pet food stabilization, poses environmental risks and is considered toxic to aquatic organisms. To address these concerns, companies like Kemin Industries Inc. are developing natural antioxidants as safer alternatives to BHT. The challenge lies in creating viable substitutes that are both effective and environmentally friendly, reflecting the industry's evolving commitment to sustainability and safety.
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Latest Trends in the Butylated Hydroxytoluene Market
The use of butylated hydroxytoluene is widespread in the plastics and rubber industry due to its antioxidant properties, and its utilization is anticipated to grow significantly in the coming years.
Traditionally, rubber was coated with antioxidants to safeguard it from oxidation. However, advancements have been made by incorporating chemicals directly into the rubber mix during the blending process. This method ensures continuous protection against oxidation, preventing rapid degradation once the outer coating wears off.
In both rubber and plastics, oxidation can lead to discoloration and structural deterioration. Free radicals, generated by heat, mechanical stress, and radiation, contribute to this degradation. Antioxidants play a crucial role by reacting with free radicals, preventing the breakdown of plastics and safeguarding them against deterioration.
The demand for plastics is expected to surge, with global plastic production projected to triple by 2050, according to the World Economic Forum. This surge in plastic demand is anticipated to drive the need for butylated hydroxytoluene in the market.
In recent years, there has been a notable increase in the demand for rubber. As an illustration, in October 2022, Bridgestone Corporation unveiled plans to invest USD 26.7 million to fortify its rubber plantations in South East Asia. These investments are aimed at ensuring a sustainable and robust natural rubber supply for tire production.
Butylated Hydroxytoluene (BHT) Market Segmentation
The Grade category is divided into Food Grade and Technical Grade. Among these, the Food Grade segment dominates the Butylated Hydroxytoluene (BHT) market. This dominance is fueled by the extensive utilization of BHT as a preservative in the food industry. Its primary role is to prevent the oxidation of fats and oils, thus extending the shelf life of various food items like snacks, cereals, and baked goods. However, experiencing the most rapid growth is the Technical Grade segment. Its increasing applications in non-food industries such as plastics, rubber, textiles, and pharmaceuticals highlight the growing recognition of BHT's value in preventing oxidative degradation. The versatility of Technical Grade BHT makes it a highly sought-after solution in diverse industrial processes, contributing to its swift growth.
The Application segment is further categorized into Food and Feed Additives, Fuel and Lubricant Additives, Pharmaceutical and Personal Care Products, Plastic and Rubber Additives, Automotive Products, and Miscellaneous. Notably, the Food and Feed Additives sub-segment holds the largest share in the BHT market, driven by its widespread use as a preservative in the food industry. Its crucial role in averting the oxidation of fats and oils ensures prolonged shelf life for various food products. Conversely, experiencing the most rapid growth is the Fuel and Lubricant Additives segment. This surge is propelled by the escalating demand for BHT to safeguard petroleum-based products from oxidation. BHT's efficacy in preventing the formation of harmful by-products in fuels and lubricants aligns with the automotive and industrial sectors' requirements for improved product stability and longevity.
Butylated Hydroxytoluene Market Across Regions:
In terms of geography, the Global Butylated Hydroxytoluene Market is categorized into North America, Europe, Asia Pacific, and the Rest of the World. The Butylated Hydroxytoluene Market in Asia Pacific is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) in terms of revenue during the forecast period. This growth is linked to the escalating stringency of regulations aimed at controlling Volatile Organic Compound (VOC) emissions. Major consumers of the Global Butylated Hydroxytoluene Market in the Asia Pacific region include China, India, and Japan. The region serves as a significant hub for industries such as plastics, chemicals, agrochemicals, printing inks, and lubricants.
Competitive Insights and Business Approach
The Butylated Hydroxytoluene (BHT) market is influenced by major industry players, such as Kemin Industries Inc., BASF SE, and Koninklijke DSM N.V., contributing significantly to market dynamics and expansion. Companies like Eastman Chemical Company and Archer-Daniels-Midland Company wield considerable influence with their diverse product offerings. Other notable contributors like Kalsec Inc., Barentz Group, and Adisseo add diversity to the competitive landscape. International Flavors & Fragrances Inc., DuPont de Nemours Inc., and LANXESS establish their market presence by emphasizing quality and technological progress. Perstorp Group and Caldic also play pivotal roles in shaping market competition.
Strategic initiatives, such as partnerships, mergers, and acquisitions among these players, are strengthening their global presence and technological capabilities. Competitive strategies encompass investments in research and development, expansion into emerging markets, and the creation of environmentally friendly alternatives, reflecting the industry's response to regulatory trends and evolving consumer preferences. The competitive landscape remains dynamic, with key players adapting to market needs and influencing the trajectory of the BHT market.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Butylated Hydroxytoluene (BHT) market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Butylated Hydroxytoluene (BHT) market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Butylated Hydroxytoluene (BHT) market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Butylated Hydroxytoluene (BHT) industry?
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