Thanks to the rising usage of tert-butanol in pharmaceuticals, flavors and fragrances, and paints and coatings, the worldwide market for tert-butanol has gained significant momentum in the recent past. According to a report published by Transparency Market Research (TMR), the trend is likely to continue in the coming years. The study finds that the global market for tert-butanol stood at US$1.5 bn in 2015. Rising at a CAGR of 6.20% during the period from 2016 to 2024, the market is likely to present an opportunity worth US$2.6 bn by the end of 2024.
Browse the full Global Tert-butanol Market Report:http://www.mrrse.com/tert-butanol-market
Rise in Automotive and Construction Industries to Attract Demand for Tert-Butanol
Tert-butanol finds wide-ranging application as a solvent and paint remover ingredient in the paints and coatings industry. The significant rise in the automotive and the construction industries in the recent times has fueled the demand for paints and coatings remarkably, leading to a strong rise in the need for tert-butanol across the world.
In addition, the demand for paints and coatings is witnessing a considerable rise due to the growth of the construction industry. The growing urbanization in emerging economies in Latin America, Asia Pacific, and the Middle East and Africa has propelled the construction of schools, hospitals, amusement parks, and other buildings that require paints and coatings. This factor is likely to reflect positively on the demand for tert-butanol in the coming years.
Apart from this, the usage of tert-butanol in flavors and fragrances is also expected to present lucrative opportunities for market growth. Predominantly, it is utilized as a flavoring ingredient in food and beverages. With the accelerating demand for flavored drinks, the usage of tert-butanol is likely to increase considerably in the years to come.
Rise in Construction Activities to Ensure Dominance of Asia Pacific
The global tert-butanol market is spread across Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Asia Pacific, among these, has been leading the global market since the past few years. The rising requirement of paints and coatings, owing to the upswing in the automotive industry in China, India, and Japan and the increasing construction activities across the region, can be ascribed as the key driving force behind soaring demand for tert-butanol in Asia Pacific.
Browse the full Press Release of Global Tert-butanol Market at http://www.mrrse.com/global-tert-butanol-market
The increasing sales of food, beverages, and personal care products, thanks to the escalating disposable income of consumers, is also fueling the demand for tert-butanol in this region substantially. Considering all these factors, analysts expect Asia Pacific to remain the dominant market for tert-butanol in the coming years. Here is a snapshot of the performance of other regional markets for tert-butanol in the near future:
In the coming years, the following trends are projected:
Maruzen Petrochemical, Avantor Performance Materials, Finar Ltd., Alfa Aesar, TonenGeneral Sekiyu, Lotte Chemical Titan, Capot Chemical Co., Zibo Qixiang Petrochemical Industry, Struchem, Sisco Research Laboratories, AppliChem GmbH, Kuraray, Tokyo Chemical Industry, Tiande Chemical Holdings Ltd., LyondellBasell Industries Holdings, Evonik Industries AG, and Merck KGaA are some of the key companies in the global tert-butanol market.