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The global butyl glycol market size was USD 0.79 billion in 2020. The market is projected to grow from USD 0.83 billion in 2021 to USD 1.17 billion in 2028 at a CAGR of 5.0% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with butyl glycol witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline in growth of 0.4% in 2020. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Butyl glycol, also known as 2-butoxyethanol is an organic compound with a sweet ether-like odor. It is also known as butyl ether or ethylene glycol. It is one of the inexpensive and non-volatile employed in various industrial and domestic applications. It is obtained by two production processes which include ethoxylation of butanol and ethylene oxide and second processes includes etherification of 2-chloroethanol. The compound possesses modest surface active properties and can also be used as solvent attributed to the non-volatile nature and cost-effectiveness.
Slowdown in Production Activities Triggered By Covid-19 to Hinder Market Growth
The COVID-19 pandemic has brought unprecedented changes in the chemical sector. The chemical industry is one of the most important sectors in the economy, since it deals with the manufacturing and distribution of essentials such as fertilizers, plastics, packaging materials, speciality chemicals, and other chemicals. COVID-19 has significantly hit the chemical sector and severely disrupted the raw materials and product supply and chain cycle. Moreover, Covid-19 has heavily changed the spending behavior of consumers which has caused a drop in demand for chemicals. Paints and coatings industry have handled the effect of the force due to sudden decline in the construction, automotive and industrial sector.
Growing Application in Textiles and Fabric to Aid Growth
Butyl Glycol is one of the raw materials used for manufacturing a broad set of products including polyester fibers for clothes, carpets, upholstery, pillows, and also fiberglass. These products are further used in manufacturing various products such as polyethylene terephthalate. Most of the products manufactured are recyclable and cost efficient. These properties make it a sustainable choice which further is resulting in growth in demand for butyl alcohol.
Growing Demand from Paints & Coatings Manufacturers to Drive Market Growth
A majority of this chemical produced is used as solvent in producing paints & coatings. Increasing demand for water and solvent based paints from various end-use sectors including construction, industrial, chemical, and food & beverages is boosting the demand for butyl glycol. It is also employed in making printing inks and varnishes. The low volatility of the compound extends the drying time of the coating and further improves its flow. Various properties such as volatility, inflammability, and solubility in water & other hydrophobic substances is driving market growth.
Increasing Adoption of Butyl Glycol in Cleaning Agents to Result in Growth
Butyl glycol possesses surface active properties and hence is widely used in cleaning and sterilizing chemicals and products. It is one of the major ingredients used in industrial and domestic cleaning solutions. The compound has polar and nonpolar ends and therefore effectively removes dirt and grease. It is also widely used in the petroleum industry as a component in drilling stabilizers, fracturing fluids and dispersing agents for water and oil based hydraulic fracturing. Growing demand for the compound as a surface active component is expected to drive the market growth.
Carcinogenic Nature towards Rodents to Limit Butyl Glycol Market Growth
Butyl Glycol has low acute toxicity and can cause adrenal tumors in animals after long term exposure. Additionally, according to the American Conference of Governmental industrial hygienists, it is carcinogenic in nature for rodents. In California, it is listed as hazardous substance and employers are mandated to inform when assigned projects involving use of butyl glycol. Hazardous nature of the compound is a prime factor limiting the market growth.
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Solvent Segment to Exhibit a Significant CAGR
Based on application, the market is segmented into solvent, chemical intermediate, and others.
Extensive use of solvents in paints and coatings industry is the primary factor influencing the segment growth. Almost 74.7% of the market is dominated by the solvent segment and is attributed to the extensive use due to its lower cost and volatility. It is also used as a chemical intermediate in producing various significant chemicals and therefore, chemical intermediate application holds the second largest butyl glycol market share.
Asia Pacific Butyl Glycol Market Size, 2020 (USD Billion)
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Asia Pacific held the largest share of the butyl market in 2020 and is expected to continue the dominance attributed to the larger manufacturing base. China is one of the largest producers and covers almost 60% of the Asian market. Additionally, increasing demand for inexpensive and less volatile industrial solvent is expected to drive growth.
Europe is one of the major markets for butyl alcohol. Presence of a large manufacturing base along with a high demand for solvents in paints and coatings industry is expected to fuel the market growth. This is expected to positively influence the market growth.
North America holds a significant market share in the global market due to increasing demand for industrial solvents from various end-use sectors. Increasing constructional activities is resulting in growth for paints which in turn is boosting the demand.
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Latin America and the Middle East and Africa are anticipated to grow sluggishly due to the presence of lower number of manufacturing units and lower demand.
Market Players such as DuPont Inc., BASF, and Solvent Are Expected to Strengthen Their Market Position
The producers in North America and Europe are focusing on increasing their presence in various countries in Asia Pacific in order to strengthen their position in the market and to drive the market growth of their organizations. The key players in the market have, therefore, developed strong presence in regional markets, distribution channels, and increased product offerings.
Major market players are investing in research and development in order to produce higher-quality products with more features. In addition, manufacturers emphasis on strategic collaborations in order to boost their R&D activities. Businesses place a strong emphasis on expanding their service areas in order to increase market share and income. Companies are committed to introducing new products to meet consumer demand. Key players are devising strategies in market including Lyondelbasell, Dow, Anshika Polysurf, and others are expected to boost market growth.
An Infographic Representation of Butyl Glycol Market
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The global butyl glycol market analysis covers both qualitative and quantitative data. The global market sizing in terms of value (USD billion) and volume (Kilo tons) through each segment, region, and sub-segment highlighted in the study scope are among the quantitative insights. The market research study also includes market share data and growth rates for each region's segment, sub-segment, and important nations. Qualitative insight entails a thorough examination of the market's drivers, restraints, growth opportunities, and important/key trends. The competitive landscape section includes thorough company profiles of the market's major players.
Value (USD Billion) and Volume (Kilo Tons)
Application, and Geography
Fortune Business Insights says that the global market size was USD 0.79 billion in 2020 and is projected to reach USD 1.17 billion by 2028.
The global market is expected to grow at a compounded annual growth rate (CAGR) of 5.0% during the forecast period (2021-2028).
The solvent segment is expected to be the leading segment for the market during the forecast period.
The increasing demand from the paints & coatings industry is driving the market growth.
Dow Chemical Company, Eastman Chemical, Lyondell Basell, Solventis, and others are the leading players in the global market.
Asia Pacific dominated the global market in 2020.
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