Chicago, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Butylated Hydroxytoluene Market is projected to grow from USD 230 million in 2022 to USD 301 million by 2027, at a CAGR of 5.5% from 2022 to 2027, according to a new report by MarketsandMarkets™. The market growth is fuelled by the high demand in plastic & rubber, food & beverage and animal feed industries.
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Technical Grade segment to dominate the butylated hydroxytoluene market in terms of value during the forecast period
By grade segment include technical and food. Technical segment is projected to account largest market share during the forecast period. This is attributed to the growing use of BHT in plastic & rubber. BHT is prominently used to stabilize polypropylene and polyethylene.
Plastic & rubber end use industry segment to dominate the butylated hydroxytoluene market during the forecast period
Based on end-use industry, the butylated hydroxytoluene market is segmented into plastic & rubber, food & beverage, animal feed, personal care, and others. The plastic & rubber segment dominated the overall butylated hydroxytoluene market during the forecast period. This is attributed to the broad increasing demand for antioxidants from the polymer industry. BHT is added during plastic production to eliminate thermal and oxidation degradation, and they help in increasing the shelf-life of products.
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Asia Pacific is the fastest-growing market for butylated hydroxytoluene market during the forecast period
Asia Pacific is the fastest growing market for butylated hydroxytoluene during the forecast period. Easy availability of raw materials, low labor costs, and growing urban population are attracting international plastics, food & beverage, personal care, animal feed, and agrochemical manufacturers to shift their production facilities to the region, resulting in high demand for BHT. Asia Pacific is a global manufacturing hub for plastics, accounting for more than 50% of global chemicals production output. Economic growth is also expected to propel the demand for BHT in countries such as India, China, Indonesia, and Thailand. China is estimated to be the largest and the fastest-growing BHT market in Asia Pacific during the forecast period.
The key players in Butylated Hydroxytoluene Market are:
- Element Solutions, Inc. (US),
- Lucas Milhaupt Inc. (US),
- Qualitek International Inc. (US),
- Fusion Inc. (US),
- Henkel AG & Co. KGaA (Germany),
- Senju Metal Industries Co. Ltd. (Japan),
- Koki Company Limited (Japan),
- Indium Corporation (US) among others.
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