The diverse use of tert-butanol in different industries is encouraging the growth of the overall market in the next few years. The global tert-butanol market was worth US$1.5 bn in 2015 and is projected to register a 6.20% CAGR between 2016 and 2014. The market is estimated to reach a value of US$2.6 bn by the end of 2024. Tert-butanol is one of the four isomers of butanol. It is a colorless solid and melts at room temperature.
Developing Construction Industry to Fuel Growth of Global Tert-butanol Market
The growing demand for paints and coatings owing to the rising construction activities across the globe and developing automotive industry are the prime factors estimated to encourage the growth of the global tert-butanol market in the coming few years. In addition, the rising demand for innovative food products with new flavors is estimated to drive the overall market in the next few years. On the flip side, the strict regulations imposed by various governments regarding limitations on volatile organic compound emitting solvents are impeding the growth of the tert-butanol market across the globe.
Nonetheless, technological advancements in this field and the expansion of companies’ product portfolio are projected to create several opportunities for the leading players in the market. Moreover, the use of tert-butanol as a freeze-drying agent for pharmaceutical compounds is estimated to accelerate the growth of the market in the coming years.
Rising Number of Vehicles Manufactured Worldwide to Bolster Paints and Coatings Segment
The global tert-butanol market can be classified on the basis of application into flavors and fragrances, paints and coatings, pharmaceuticals, and others. In 2015, the paints and coatings segment led the global tert-butanol market with a 35% share. The increasing demand from construction and automotive industries are the primary factors augmenting the growth of this segment. Moreover, the number of vehicles being produced across the globe is rising substantially due to the swift pace of urbanization in diverse emerging countries. However, the pharmaceuticals segment is estimated to witness robust growth, exhibiting a 5.80% and 6.60% CAGR between 2016 and 2024 in terms of volume and revenue respectively.
Furthermore, tert-butanol is used widely in manufacturing different flavors and fragrances and as a solvent in the food and beverages industry. The growing demand for personal care products and food products is expected to augment the growth of the overall market in the coming years.
Asia Pacific to Lead Global Tert-Butanol Market owing to Rising Construction Activities
The global market for tert-butanol can be divided on the basis of geography into Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa. In 2015, Asia Pacific accounted for a 40% share in the global tert-butanol market and is estimated to remain in the leading position in the coming few years. This region is estimated to witness overwhelming growth in the near future, thanks to the increasing construction activities and substantial contribution from China, India, and Japan. On the other hand, the Middle East and Africa is expected to grow at a steady pace in the next few years.
Browse Full Global Tert-butanol Market Report with TOC:http://www.mrrse.com/tert-butanol-market
The prominent players in the global tert-butanol market comprise Zibo Qixiang Petrochemical Industry, Capot Chemical Co., Ltd., Merck KGaA, Lotte Chemical Titan Corporation, Tokyo Chemical Industry Co., Ltd., TonenGeneral Sekiyu K.K., Evonik Industries AG, Struchem Co., Ltd., Alfa Aesar, Tiande Chemical Holdings Limited, AppliChem GmbH, Kuraray Co., Ltd., Avantor Performance Materials, Maruzen Petrochemical, and Finar Limited.