New York, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global Butyl Glycol Market size is slated to expand at ~ 4 % CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 5 billion by the end of 2033, up from a revenue of ~USD 4 billion in the year 2022. The market's expansion can be attributed to the rise in popularity of paints with solvent and water bases. Paints with water and solvent bases are frequently used to decorate the interiors of homes.
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The market for butyl glycol is predicted to grow as a result of increased spending on construction projects and expanding construction activity. This is projected to increase demand for solvent- and water-based paint. For instance, national non-residential construction spending increased by around 0.7% in July 2022, according to a study of Census Bureau statistics published today by the Associated Builders and Contractors.
Global Butyl Glycol Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The solvents segment to garner the highest growth
- Market in North America to grow at a highest rate
Rapid Growth in Urbanization across the Globe to Boost Market Growth
The term urbanization describes the concentration of people into specific geographic areas. Land is transformed for residential, commercial, industrial, and transportation uses as a result of this concentration. It may encompass heavily populated areas as well as the peri-urban or suburban areas that border them. The population movement from rural to urban regions, the concomitant decline in the number of individuals living in rural areas, and the manner in which societies adjust to this transition are also included. Urbanization is significantly increasing all over the world and is estimated to increase more over the forecast period. Globally, 55% of people lived in cities in 2018, and 68% are expected to do so by 2050. The urbanization rate is rising as more individuals show a tendency to move to urban areas. As a result, the demand for homes has been growing, which has increased construction activity, where butyl glycol is widely used for different activities. In the end, all of these factors are anticipated to accelerate the expansion of the global butyl glycol market.
Global Butyl Glycol Market: Regional Overview
The global butyl glycol market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Construction Work to Drive Market Growth in the Asia Pacific Region
The butyl glycol market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The increasing construction industry and related work throughout the region can be attributed to a large part of the regional growth. The Asia Pacific region is projected to account for USD 8 trillion of global construction industry output by the year 2030. Backed by the wide usage of butyl glycol in the construction industry, this is estimated to be an important factor driving the growth of the regional market. In addition to this, this region accounts for a major population that is involved in labor. For instance, India has a sizable labor pool as nearly half of its 1.2 billion people are of working age. Since the onset of COVID-19, unemployment has increased significantly, rising to 9.1% in mid-August from 8.67% the previous week. There had been considerable gains after the jobless rate significantly increased in April and May to over 23%, dropping to 7.4% in July. Hence, this is also anticipated to add to the market growth significantly.
Increasing Expansion of the Automotive Industry to Propel Growth in the North American Region
The butyl glycol market in the North American region is estimated to garner the highest CAGR by the end of 2033. The growth of the market in this region can primarily be attributed to the significant expansion of the automotive industry in the region. It was observed that the manufacturing of motor cars and their components employs nearly 923,000 Americans, while auto dealers employ 1,251,600. In the United States, the motor vehicle and parts industry generated nearly USD 1.5 trillion in revenue as of 2021. About 3% of America's GDP is accounted for by the automotive industry. Moreover, increasing disposable income per capita among the regional population is allowing them to go for individual vehicles. As of 2022, nearly 75% of Americans reported having access to a car, with an additional 20% having access to a company or family car. The nation's high demand for automobiles supports a thriving automotive industry. As a result, this is expected to fuel market growth in the North American region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Butyl Glycol, Segmentation by Functions
- Solvents
- Plasticizers
- Chemical Intermediates
Amongst these two segments, the solvents segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the increased use of insecticides. Each year, the United States applies almost a billion pounds of chemical solvents to crops, including fruits, nuts, and vegetables. A lot of pesticide formulations use solvents. A list of solvents that have been warned against using in pesticides includes benzene, chloroform, carbon tetrachloride, 1,2-dichloroethane, 1,4-dioxane, and 2-nitropropane.
Butyl Glycol, Segmentation by End-User
- Paints & Coatings
- Printing Inks
- Metalworking Fluids
- Automotive
- Oil & Gas
- Electrical & Electronics
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Among these three segments, the electrical and electronics segment is expected to have the largest share during the forecast period. The segmental growth can be attributed to the huge growth of the electronics industry along with the demand among consumers for electronics. The global consumer electronics industry accounted for nearly USD 113 billion in 2021, marking a huge increase from 2020 to the year 2021. The rapid expansion of the industrial robot industry and its increasing adoption can also be attributed to growth factors, as can the widespread use of electronics in the industry. Industrial robot sales have tripled globally during the past ten years, reaching a peak of about 423,000 units in the year 2018.
Few of the well-known market leaders in the global butyl glycol market that are profiled by Research Nester are Sadara Chemical Company, Anshika Polysurf Limited, Nippon Nyukazai Co. Ltd., Lotte Chemica Sasol Limited, Lyondell Basell Industries B.V., Eastman Chemical Company, Asia Pacific Petrochemicals Co Ltd, Dow Chemical Company, BASF SE, and other key market players.
Recent Development in the Global Butyl Glycol Market
- The ethylene oxide and propylene oxide pipeline transportation system of Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical Co., has started operating.
- In order to develop an organic electrolyte facility that will produce EV battery components, LOTTE Chemical and Sasol Chemicals, a global petrochemical firm, signed a memorandum of understanding (MOU).
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