Newark, NJ, Nov. 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global butylated hydroxytoluene market is expected to grow from USD 290 million in 2020 to USD 480 million by 2028, at a CAGR of 6.5% during the forecast period 2021-2028.
The butylated hydroxytoluene market is witnessing significant growth from the past years. This growth is attributed to the wide use in the plastics and rubber industry owing to increasing demand for butylated hydroxytoluene in many end-use industries as an antioxidant to retard deterioration, to maintain stability, colour, and flavour. Butylated hydroxytoluene is extensively used in personal care and cosmetic products as an antioxidant and stabilizing agent. The personal care industry is owing to rising consumer’s attention towards their personality & appearance, and increasing concern regarding water pollution and wastewater recycling is also driving the butylated hydroxytoluene market. Additionally, butylated hydroxytoluene is used as an animal feed to improve immunity in animals. Intensifying demand for synthetic antioxidants because of their booming utilization for storing food products to extend shelf life will boost the market growth.
Butylated hydroxytoluene, also called dibutyl hydroxytoluene, is a chemical derivative of phenol, a lipophilic organic compound which is helpful for its antioxidant properties. BHT has a wide range of applications mainly used to prevent free radical-mediated oxidation in fluids (e.g. fuels, oils) and other materials. The U.S. FDA oversees the rules and regulations, which considers butylated hydroxytoluene to be identified as a safe natural compound, permits small quantities to be added to meals, edible products. Additionally, the earlier determination with the aid of using the National Cancer Institute that Butylatedhydroxytoluene was noncarcinogenic in an animal model, societal concerns over its extensive use had been expressed. Butylated hydroxytoluene has additionally been postulated as an antiviral drug.
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The worldwide Butylated hydroxytoluene market is anticipated to witness significant growth, due to multiple application of BHT in different industries, growing demand of top-class personal care products, and growing trend of processed meals in the worldwide market. The elements restraining the market growth are stringent policies and rules, concerning use of butylated hydroxytoluene, and adverse consequences of butylated hydroxytoluene on animals and humans.
Key players operating in the global butylated hydroxytoluene market include Twinkle Chemi Lab Pvt Ltd (India), Sasol Limited (South Africa), Lanxess AG (Germany), Oxiris Chemicals S.A. (Spain), HELM AG (Germany), FinoricLlc (US), Honshu Chemical Industry Co. Ltd (Japan), Yasho Industries Limited (India),Eastman Chemical Company (US), Milestone Preservatives Pvt Ltd (India), and Finar Limited (India). To gain a significant market share in the global butylated hydroxytoluene market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- SK Capital Partners acquired SI Group in October 2018. The acquisition involves a combination of operations of SI Group with Addivant, an SK Capital company engaged in the business of specialty additives. SK Capital Partners is a company involved in specialty materials, chemicals, and pharmaceutical products.
- Kemin Industries partnered for the distribution channel with DKSH Business Unit in June 2020, to distribute its products in Myanmar, Vietnam, and Cambodia. This partnership would enable the company to expand its existing client base in South East Asia.
- Eastman Chemical Company partnered with DKSH Business Unit for the distribution purpose in September 2020, to distribute its products in the Asia Pacific region. This partnership would enable the company to provide better services to its customers in the Asia Pacific.
- In July 2017, Kemin industry launched a new color protection simulator for food and beverages in their North America branch. The consumer-friendly antioxidants are used as colour protection solutions, including butylated hydroxyanisole and butylated hydroxytoluene. The simulator helps production units determine the optimal antioxidant solution to meet their desired shelf-life requirements.
Technical Grade segment dominated the market and held the largest market share of 58.4% in the year 2020
On the basis of grade, the global butylated hydroxytoluene market is segmented into food grade and technical grade. Technical grade dominated the market and held the largest market share of 58.4% in the year 2020. Technical grade butylated hydroxytoluene works as stabilizer and processing resource in natural and artificial elastomers, polymeric substances subject to oxidation, packaging materials, waxes, insecticides, synthetic lubricants, and paints, etc. It retards oxidation in animal, vegetable, and mineral oils, fats, greases, and products containing those substances.
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Plastics and rubbers segment dominated the market and held the largest market share of 28.6% in the year 2020
On the basis end-user industry, the global butylated hydroxytoluene market is segmented into plastics &rubbers, food &beverages, animal feed, personal care, others. Plastics and rubbers segment dominated the market and held the largest market share of 28.6% in the year 2020. This growth is attributed to the increase in demand of plastics and rubbers.
Regional Segment of Global Butylated Hydroxytoluene Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global butylated hydroxytoluene market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia pacific held the largest market share in the year 2020. This growth is ascertained by the Asia Pacific region in the countries namely India, China, and Japan owing to the rising demand for the ready to eat products. This region is also the hub for plastics and chemicals, printing inks, lubricants, and agrochemicals, industries.
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About the report:
The global butylated hydroxytoluene market is analysed on the basis of value (USD Million), volume (Tons), export (Tons), and import (Tons). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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