The global butyl glycol market was valued 793 Million USD in 2018 and is further anticipated to be valued at 1018 Million USD in 2026 at a CAGR of 2.86%. The report covers estimation and analysis for the butyl glycol market on a global and regional level. The study presents a broad valuation of the market, emerging trends, opportunities, rivalry, and industry-validated market numerals. The report presents significant data from 2016 to 2018 along with a forecast from 2019 to 2026 based revenue (USD Million).
Butyl glycol is colorless, neutral, and hygroscopic in nature, which belongs to the family of glycol ethers. It can be used as a solvent in many chemical reactions as a starting material. For instance, it is being used as a solvent for water-based paints. It is also used as a solvent in the ink and coating industry and lacquer thinners too. Increasing applications of water-based coatings that use glycol ethers as a solvent are accelerating the demand for global butyl glycol market value. However, increasing concerns regarding toxicity of butyl glycol may challenge the market growth.
Based on the function, the global butyl glycol market has been classified into solvents, coalescing acid, chemical intermediate, and plasticizer. The solvent segment has accounted for the highest market share in 2018. Butyl glycol as a solvent is used in various industries such as paints and coatings, in adhesives, industrial cleaners, and some other applications. Moreover, printing inks and dyes also use butyl glycol as a primary solvent in solvent-based printing inks. As butyl glycol is extensively used as a solvent in many verticals, increasing demand for solvents is anticipated to drive the butyl glycol market.
The global butyl glycol market is categorized into paints and coatings, printing inks, metalworking fluids, plastic & polymer, and others. In the global butyl glycol market, paints and coatings segment has accredited for the largest market share in 2018. Butyl glycol is relatively used in the paints & coatings industry owing to its more effective nature in drying applications. Moreover, increasing construction activities and residential buildings have propelled the demand for paints and coatings, which further caters to the demand for butyl glycol.
Based on the region, Asia-Pacific is expected to continue its dominance over the forecast timeline. Rapid urbanization coupled with increasing constructional activities in this region, especially in China and India is expected to propel the demand for paints and coatings industry. This, in turn, will ultimately bolster the demand for butyl glycol market.
Some of the recent developments by key players in the global butyl glycol market are expansions, investments, new production facilities, and others. In July 2019, BASF SE announced its plan for the expansion in Nanjing, China for butylamine capacity. Moreover, in June, Eastman Chemical Company announced to invest more than 65 MN USD to expand its manufacturing facility in Louisiana, U.S. Furthermore, in May, Lotte Chemical had inaugurated shale gas-based ethylene production facility in the U.S.
The global butyl glycol market is fused with major players including Sadara Chemical Company, Anshika Polysurf Ltd., Nippon Nyukazai Co. Ltd., Lotte Chemical Corporation, India Glycol Ltd., Sasol Ltd., LyondellBasell Industries N.V., Eastman Chemical Corporation, Dow Chemical Company, and BASF SE. The major strategies implemented by these leading companies in the market are recent developments, partnerships, mergers & acquisitions, and new Function launches. These companies are focusing on investment in expansions, inventions, and collaborations to increase their market share.
Global Butyl Glycol Market: Function Segment Analysis
Global Butyl Glycol Market: Application Segment Analysis
Global Butyl Glycol Market: Regional Segment Analysis