Global N-Butanol Market
As stated in our extensive report; the Global N-Butanol Market accounted for USD 2.5 Billion in the year 2022 and is forecast to reach USD 4.14 Billion by 2030 at a CAGR of 7.5%.
The ongoing boom in the global population has proven to be a driver for a broad range of industries. Among these are building and construction, food and beverages, as well as transportation and automobile industries. Governments all over the world are heavily investing in infrastructure projects to ensure the availability of shelter and competitive prices are driving the housing market to reach new heights. N-Butanol finds application in a variety of end-use sectors, including paints and coatings, sealants and solvents, as well as adhesives and plasticizers, all of which find crucial applications in construction projects. This has made N-Butanol a desired commodity. Coatings are also required by automobile manufacturers with cars, boats, and aircraft dominating this segment. N-Butanol also serves as an artificial flavoring agent in many food preparations and finds application in the beer-making industry as well.
All these factors have caused the demand for N-Butanol to increase substantially during the historical period of study. However, factors like fluctuating prices of raw materials needed for N-Butanol production, the use of non-renewable starting materials, and a firm shift in the industry towards sustainable means of consumption such as green energy and bio-fuels are predicted to slow growth and bring down prices all through the forecast period. The market for N-Butanol may suffer as a result.
Key factors influencing N-Butanol Market Growth
The growth of the global N-Butanol market can be attributable to the following:
- The market is expected to be positively impacted by a rise in customer buying power and the availability of disposable income. As consumers invest in automobiles, the subsequent need for N-Butanol in various end-user sectors like paints and coatings will drive market growth.
- Rise in need for housing facilities as the world experiences significant growth in human population set to increase demand for N-Butanol. Rapid pace of industrialization in developing countries will result in increased consumption and demand for fuels.
- Many top players in the industry are choosing to opt for sustainable means of production which is expected to lead to innovative research projects to come up with the use of Butanol as a green fuel. Currently, the production of Butanol is majorly dependent on petrochemicals which are a non-renewable resource. Scientists are exploring the use of waste from the food and beverage industry as a substrate for fermentation processes resulting in the production of bio-based butanol.
- N-Butanol finds application in cosmetic and pharmaceutical industries as a clear, miscible solvent and inactive ingredient. It is also used to study microorganisms in antibiotic-related experiments. As the burgeoning healthcare industry battles to find unique solutions for infection-related complications, the demand for N-Butanol is projected to go up in the medical sector.
- However, the upcoming decades will experience a scarcity of fossil fuels with supplies predicted to run out completely by 2050. The conventional modes of N-Butanol production may suffer as a result.
Asia Pacific Region Forecast to Lead the Global Market in the Estimated Period
Asia Pacific is anticipated to account for the majority of sales in the global N-Butanol market for many well-known players in the market are based in this area. Local companies are introducing tailored products to satisfy customer needs. The Asia-Pacific N-Butanol market will also benefit from the rising popularity of value-added products, such as green fuels which promote sustainable living.
The N-Butanol sales have been favorably impacted by the rising number of infrastructure projects currently undertaken by both government-funded as well as privately-owned businesses and a shift towards sustainable living is predicted to result in innovative ways to manufacture bio-based Butanol.
The well-known players in the Global N-Butanol Market include Green Biologics Inc. (U.S.), Eastman Renewable Materials LLC (U.S.), The Dow Chemical Company (U.S.), BASF SE (Germany), Mitsubishi Chemical Corporation (Japan), BASF Petronas Chemicals (Malaysia), Sinopec (China), KH Neochem (Japan), Oxochimie (France), Andhra Petrochemicals (India), among others.