Gamma Butyrolactone Market To Grow Substantially At A CAGR Of 2.7%

Posted by rahul nikade on November 30th, 2022

Europe Gamma Butyrolactone Industry Overview

The Europe gamma butyrolactone market size is expected to reach USD 1.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.7% from 2021 to 2028. The market is majorly driven by rising demand for electronic products, organic chemicals, and other major application industries.

Europe Gamma Butyrolactone Market Segmentation

Grand View Research has segmented the Europe gamma butyrolactone market on the basis of purity, application, and country:

Based on the Purity Insights, the market is segmented into Industrial, Electric Capacitance.

• The electrical capacitance segment dominated the market and accounted for a share of 76.5% in 2020.
• This high share is attributable to the surging demand for compact and technologically advanced electronic devices. The product is used as a solvent for manufacturing semiconductor devices such as op-amps, transistors, capacitors, diodes, resistors, integrated circuits (IC), and electric batteries owing to its high purity level of 900%.
• Gamma butyrolactone is used as a solvent in various end-user industries. Growing demand for electronic products in the market due to increasing trends to have compact and technologically advanced devices is expected to boost the demand for gamma butyrolactone in the electrical industry over the forecast period.
• Industrial class gamma butyrolactone has a purity level of 99.5%. It is widely utilized as a solvent in various industries.
• Gamma butyrolactone is used for producing organic agrochemicals such as pesticides and herbicides. It is also used as a plant growth regulator and a weed killer.

Based on the Application Insights, the market is segmented into Agrochemical, Food & Beverages, Electrical, Petroleum, Pharmaceutical, Others.

• The electrical application segment dominated the market and accounted for the largest share of 37.0% in 2020. 
• This high share is attributable to the increasing demand for semiconductors devices. The growing demand for semiconductors devices in various electronic products such as television, washing machines, light-emitting diode (LED) bulbs, coupled with growing demand for the electric automobile is expected to trigger segment growth over the forecast period.
• Thus, increasing demand for electronic goods coupled with surging demand for electrical vehicles is anticipated to propel the demand for gamma butyrolactone in electronics and automotive industries over the forecast period.
• Pharmaceutical is the second-largest application segment and accounted for 20.8% of revenue share in 2020. The segment is anticipated to witness a CAGR of 1.9% from 2021 to 2028. Gamma butyrolactone is used in supplements to promote clear thinking, for relaxing the body's muscles, and to release hormones.
• In the personal care and cosmetic industry, gamma butyrolactone is used as a solvent in cosmetics such as nail polish and fragrances. Growing cosmetic product demand due to increasing awareness regarding self-care, especially among the youth, is expected to spur the demand for personal care and cosmetic products, which, in turn, can positively drive product demand in the industry.

Europe Gamma Butyrolactone Country Outlook 

• Germany
• U.K.
• France
• Italy
• Spain
• Netherlands

Key Companies Profile & Market Share Insights

Most of the players in the market are focusing on differentiating themselves from other players as the market is highly competitive and concentrated. Manufacturers of gamma butyrolactone, including industrial class and electric capacitance class, are continuously engaged with third-party distributors of gamma butyrolactone.

Some prominent players in the Europe gamma butyrolactone market include

• TCI CHEMICALS (India) Pvt. Ltd.
• Ashland
• BASF SE
• Mitsubishi Chemical Corporation
• LyondellBasell Industries Holdings B.V.
• Sipchem

Order a free sample PDF of the Europe Gamma Butyrolactone Market Intelligence Study, published by Grand View Research.