Rockville, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to the latest study by Fact.MR, a provider of market research and competitive intelligence, the global Butylbenzene Market accounts for a revenue of US$ 12.12 million in 2023 and is predicted to expand at 3.8% CAGR over the next ten years. Rapid industrialization and supportive government initiatives to promote manufacturing activity make Asian countries a highly remunerative space for butylbenzene manufacturers and suppliers going forward.
Increasing demand for products such as lubricants, solvents, paints, and coatings from industries such as automotive, construction, and chemical is projected to be the prime factor driving shipments of butylbenzene over the coming years. Expanding pharmaceutical manufacturing activity owing to the surge in the prevalence of chronic disorders is also a prospect that could benefit market growth in the future.
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This elaborate butylbenzene market research survey by skilled analysts at Fact.MR, a market research and competitive intelligence provider, has listed new developments by leading companies such as Vinati Organics Limited, Hairui Chemical, IOL Chemicals and Pharmaceuticals, and Shandong Xinhua Pharma.
Key Takeaways from Market Study
- The global butylbenzene market stands at a value of US$ 12.12 million in 2023.
- From 2023 to 2033, butylbenzene sales are predicted to rise at a CAGR of 3.8%.
- The butylbenzene market is anticipated to reach US$ 17.61 million by the end of 2033.
- Growing demand for solvents and plasticizers, surging use of adhesives and resins, high construction activity, rapid industrialization, and rising investments in chemical R&D are key market drivers.
- Bans on volatile organic compounds (VOCs), volatility in raw material pricing, and high costs of production are some key restraints affecting butylbenzene market development through 2033.
- The butylbenzene market in China is projected to attain a value of US$ 6.9 million by 2033, expanding at 4.7% CAGR over the next ten years.
- Butylbenzene use for resin production is predicted to increase at 4.1% CAGR from 2023 to 2033.
- Sales of butylbenzene in South Korea are extrapolated to rise at 4.4% CAGR across the forecast period.
“Butylbenzene suppliers should focus on coming up with butylbenzene-based products that are compliant with evolving sustainability mandates to stay relevant in the future,” says a Fact.MR analyst
Winning Strategy
Butylbenzene manufacturers should focus on making their manufacturing process more sustainable and eco-friendly to comply with the stringent norms being implemented around the world to conserve the environment. Companies should also focus on developing butylbenzene products that are tailored for industry-specific applications to boost their revenue generation capacity in the future.
Key manufacturers of butylbenzene are focusing on developing new techniques to facilitate sustainable production of butylbenzene.
- In 2022, Bio-on, an Italian chemical company focusing on the production of butylbenzene in a sustainable manner, revealed that it had successfully produced butylbenzene from corn starch.
Key Companies Profiled
- Vinati Organics Limited
- Hairui Chemical
- IOL Chemicals and Pharmaceuticals
- Shandong Xinhua Pharma
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What Makes the United States an Investment-worthy Market for Butylbenzene Manufacturers?
The United States is renowned for its well-established healthcare infrastructure and significant investments in medical research and development. These factors combine to create a highly lucrative environment for suppliers of butylbenzene, an essential intermediate used in pharmaceutical manufacturing. The country's strong presence of key pharmaceutical companies, along with the ongoing growth in residential construction and automotive production, further enhance the prospects for market expansion in the United States throughout the coming decade, leading up to 2033.
Butylbenzene, being a critical component in pharmaceutical production, enjoys a thriving demand in the United States due to its diverse applications in drug synthesis and formulation. As pharmaceutical companies continue to develop and manufacture innovative medications, the need for butylbenzene as an intermediate is expected to grow substantially, presenting a promising opportunity for suppliers in the market.
Furthermore, the nation's growing residential construction activity and automotive production offer additional avenues for market growth. Residential construction often involves the use of various chemicals, including butylbenzene, in paints, adhesives, and coatings, contributing to the rise in demand for the compound. On the other hand, the automotive industry utilizes butylbenzene in the production of rubber and plastic components, further boosting its market value.
As a result of these favorable conditions and steady market expansion, experts predict that the sales of butylbenzene in the United States will reach an impressive US$ 6.9 million by the end of 2033. This projection reflects the strong confidence in the continued growth and significance of the pharmaceutical, construction, and automotive sectors, all of which will continue to drive the demand for butylbenzene in the country over the next decade.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global butylbenzene market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on purity (<98%, >98%), type (primary butylbenzene, secondary butylbenzene, tertiary butylbenzene), and application (thermal fluid formulations, agrochemical production, resins production, pharmaceutical formulations, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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