Westford, USA, Dec. 12, 2022 (GLOBE NEWSWIRE) -- There is a growing demand for butyl glycol in the market. This is because butyl glycol is a versatile product with a wide range of applications. It is used as a solvent in the paint and coatings industry, as a coolant in the automotive industry, and as an ingredient in cosmetics and personal care products. SkyQuest’s analysis of the butyl glycol market is extremely comprehensive and provides detailed insights into the market. The report segments the industry by application, end-use, and region. It also analyses the key drivers and trends affecting the industry. The report finds that the global market is growing at a CAGR of 5.0% during the forecast period (2022-2028).
The North America region is estimated to be the largest butyl glycol market, accounting for 38.9% of the total demand in 2021. The robust growth in this region is driven by the growing demand from end-use industries such as construction and automotive. Key findings from the report include: The Asia-Pacific region is estimated to be the fastest growing market for butyl glycol, accounting for 38.9% of the total demand in 2021. The construction industry is estimated to be the largest consumer of butyl glycol. Apart from this, it is an important raw material used in a variety of end-use industries such as construction, automotive, consumer goods, and others. It is a clear, colorless, odorless liquid with a high boiling point and low freezing point.
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Dow Chemical to Continue Leading Global Butyl Glycol Market With Over 19% Revenue Contribution
The global butyl glycol industry is highly consolidated, with the top five players accounting for over 60% of the market. The industry is led by Dow Chemical, with a market share of over 19%. Other major players include BASF, ExxonMobil, and Shell. The butyl glycol industry is expected to grow at a moderate pace over the next five years. Emerging economies such as China and India are projected to be the main drivers of this growth. The construction and automotive industries are the major end-users of butyl glycol.
The threat of new entrants in the butyl glycol market is low. There are significant barriers to entry, including economies of scale, access to raw materials, and product differentiation. Dow Chemical is the largest company in the butyl glycol industry, with a market share of about 19%. The company has a significant competitive advantage due to its size and scale. However, SkyQuest notes that Dow has lost market share in recent years, due to competition from cheaper foreign producers. The report goes on to recommend that Dow should focus on three key areas in order to regain market share: cost reduction, product innovation and customer service. In particular, we recommend that Dow should invest in developing new products that meet the needs of customers in emerging markets.
BASF is the leading supplier in global butyl glycol market, with a market share of over 15%. The company has a strong presence in the European market as well. ExxonMobil is the second-largest player in North America. In Asia Pacific, Dow Chemical is the leading supplier of butyl glycol, with a market share of over 20%. The company has a significant presence in China, India, and other Asian countries. Other major suppliers in Asia Pacific include Shell, BASF, and ExxonMobil.
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Strong Inflow of Demand for Butyl Glycol Market from Paints and Coatings
SkyQuest’s analysis of market is witnessing strong inflow of demand from paints and coating industry. Butyl glycol is a key ingredient in many paint and coatings formulations, and its properties make it ideal for a wide range of applications. The compound is highly resistant to water and many other chemicals, making it an excellent choice for protecting surfaces from corrosion and abrasion. It also has a very low vapor pressure, meaning that it will not evaporate readily into the atmosphere. These properties have made butyl glycol one of the most popular choices for industrial and commercial paint and coatings formulations.
The compound is used in a wide variety of applications, including automotive coatings, metal coatings, and protective coatings for buildings and infrastructure. Demand for butyl glycol market has been growing steadily in recent years, driven by the expanding use of paint and coatings in Asia. China is the largest market for butyl glycol, accounting for more than half of global demand. Other major markets include India, Japan, South Korea, and Taiwan. The paints and coatings industry is projected to continue to grow in the coming years, driven by rising demand from the construction sector. This growth is expected to lead to further increases in demand for butyl glycol.
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Private Label Products to Keep Gaining Share in the Butyl Glycol Market
In its 2022 consumer products outlook, SkyQuest has identified a number of key trends that are impacting the butyl glycol market. Among these are the rise of e-commerce and new product formats, the growth of private label products, and the continued consolidation of the industry. E-commerce is having a major impact on the butyl glycol industry, as it is making it easier for consumers to purchase products online. This is causing a shift in sales from brick-and-mortar stores to online retailers. In addition, new product formats such as single-serve packets and pouches are becoming increasingly popular with consumers. These formats offer convenience and easy portability, which is appealing to busy consumers on the go.
Private label products are also gaining share in the butyl glycol market. These products are often more affordable than branded products, which is appealing to price-conscious consumers. In addition, many private label products are now comparable in quality to branded products, which has further increased their appeal. The butyl glycol industry is also undergoing consolidation, as larger companies are acquiring smaller companies in order to increase market share and economies of scale. This trend is likely to continue in the coming years as companies look to gain a competitive edge in this increasingly competitive market.
Major Players in Global Butyl Glycol Market
- Sadara Chemical Company (Saudi Arabia)
- Anshika Polysurf Ltd. (India)
- Nippon Nyukazai Co. Ltd. (Japan)
- Lotte Chemical Corporation (South Korea)
- Sasol Ltd. (South Africa)
- Lyondell Basell Industries N.V. (Netherlands)
- Eastman Chemical Corporation (US)
- Asia Pacific Petrochemicals Co Ltd (Thailand)
- Dow Chemical Company (US)
- BASF SE (Germany)
- KH Chemicals (Netherland)
- Solventis Ltd. (UK)
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