Butyl Glycol Market to Grow at CAGR of ~ 3% through 2019 - 2029
Posted by ankush Nikam on March 27th, 2020
VALLEY COTTAGE -- A new market research report by Future Market Insights on the butyl glycol market includes global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report examines the butyl glycol market and provides critical acuities for the forecast period of 2019-2029. As per findings of the report, the global butyl glycol market was valued at ~ US$ 946 Mn in 2018, and is expected to grow at a CAGR of ~ 3.5% during the forecast period.
Rising demand for paints and coatings is witnessed among the populace of advanced and emerging economies for enhancement of commercial and residential projects, including houses, industrial towers, and others, which is set to drive the butyl glycol market, suggests FMI’s study. In addition, high miscibility and coupling property of butyl glycol with other solvents are making them a great fit for cleaning and maintenance of residential and industrial premises.
The pursuit of an agent with highly favorable physical and chemical characteristics has been amplifying all across the globe. With regulators imposing restrictions on the utilization of butyl glycol due to its hazardous impact on exposure to humans, FMI’s study finds that market players will need to think of a better substitute to comply with changing industrial and consumer trends as well as environmental amendments.
Consumption of Butyl Glycol as a Solvent Superlative
The requirement of butyl glycol as a solvent is unsurpassed, accounting for more than 70% of total market revenue, suggests FMI’s study. Water-based coatings became prominent in 1980s, with about 70% of building trade coatings being water-based as of now. Vinylic and acrylic water-based paints are the most prominent, containing a small amount of organic solvents, such as butyl glycol. Low volatile organic compound (VOC) content of butyl glycol makes it extremely suitable as a solvent in protective surface coatings, including enamels, spray lacquers, and others, as it does not easily evaporate.
Butyl glycol is miscible in all percentages with a majority of organic solvents, for instance, ketones, aromatic paraffin, among others, and water. Owing to its high dilution ratios and excellent solvency, butyl glycol is sought-after in the production and formulation of inks, and varnishes. Slow evaporation rate of butyl glycol enables improved blush resistance, enhanced luster, bettered flow-out and reduced orange-peel in lacquers.
Developing and target countries are witnessing fast-paced growth in groundwork ventures, such as roads, commercial buildings, among others. Upsurge in residential projects for escalating demographic across the globe is propelling the demands for decorative and durable paints. Cleaning of machine components and other assets in industrial vertical is set to contribute to the demand for butyl glycol on account of its high solubility. Furthermore, butyl glycol is creating space in domestic sector as a constituent of cleaning solutions for its high coupling efficiency.
Despite tremendous demand growth, butyl glycol is likely to see a slight decline in the requirement due to its noxious impact on humans upon subjection. Industrial workers reported to have been suffering from chronic illnesses, including nausea, kidney, and liver damage. Further, to curb this problem, regulators are imposing amendments to reduce the use and import of butyl glycol and its parent compound.
The market for butyl glycol is still modest, and this study tracks the growth of butyl glycol market over the period of next decade. The study unfolds how increasing collaboration of stakeholders with local distributors to expand market footprint of butyl glycol will contribute towards the progress of the market. Although North America was the major contributor fueling the growth of butyl glycol market till a few years back, FMI attempts to analyze how the penetration will increase in other regional markets over the course of next decade.
Press-release Source - https://www.globenewswire.com/news-release/2019/09/03/1909898/0/en/Butyl-Glycol-Market-is-foreseeable-to-grow-at-a-CAGR-of-3-during-the-forecast-period-2019-to-2029-Future-Market-Insights.html
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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About the Authorankush Nikam
Joined: December 21st, 2016
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