Transparency Market Research has recently published a new research report on global tert butanol market. According to the research report, the global market is expected to reach a valuation of US$ 650 mn by the end of 2027. Initially, the market was valued at US$ 470 mn back in the year 2018. This huge growth of the global market is expected be achieved with the help of a steady CAGR of 4% for the given period of assessment.
There are several factors that are helping to drive the growth of the global tert butanol market. One of the primary factors for the market growth has been increasing demand for industrial solvents as well as co-solvents from the paints and coatings industry. In addition to this, increasing use of tert butanol in other prominent end use industries such as inks, coatings, adhesives, and paints among others. Moreover, it also finds application in alkaloids, rubbers, shellac, resins, waxes, dyes, vegetable oils, camphor, dyes, gums, and varnishes among others. Such wide range of application is also another key factor that is helping to drive the growth of the global tert butanol market.
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Increasing Use of Tert Butanol as Denaturing Agent is Emerging as Key Market Driver
Another key trend that is emerging in the global tert butanol market is its increasing use in variety of industries such as chemicals, cosmetics, toiletries, perfumes, and food processing among others. In recent years, there has been a growing demand for deodorizers and air fresheners across the globe. This coupled with growing demand for wide range of scents such as traditional to international luxury ones are also helping to drive the growth of the global tert butanol market.
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Tert butanol is mainly used as denaturant in the process of ethyl alcohol denaturing. It has outstanding solvating features and also possesses higher oxidation stability. The denatured alcohol finds its application in several application industries such as being cleaning agent and disinfectant. This too is expected to reflect positively on the growth of the global tert butanol market.
There are however, some factors that may impede the development of the global market for tert butanol and stop it from achieving its full potential. One of the key restraining factor for market growth has been the strict rules and regulations issued by the regulatory authorities about the VOC emissions. This however might present manufacturers with a new segment to tap into of bio-based solvents. This might able to compensate for the slow pace of the market due to stringent regulatory environment.
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China to Drive Asia Pacific’s Domination in Global Market
In terms of geographical segmentation, the global tert butanol market is being led by the regional segment of Asia Pacific. China in particular is among the leading contributors of the growth of the tert butanol market in Asia Pacific. The development and advancements in the automotive and construction industries are expected to create several lucrative business opportunities for the overall growth of the market in the region.
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Some of the key players in the global tert butanol market include brands such as Wanhua International Group, China Petroleum & Chemical Corporation, and Maruzen Petrochemical among others.