Butyl Glycol Market Size & Share, by Functions (Solvents, Plasticizer, Chemical Intermediates); End-user (Paints & Coatings, Printing Inks, Metalworking Fluids, Automotive, Oil & Gas, Electrical & Electronics) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4660
  • Published Date: Feb 22, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Butyl Glycol Market size is poised to surpass USD 5 billion by the end of 2033, witnessing around 4% CAGR during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of butyl glycol was USD 4 billion. The growth of the market can be attributed to the increasing demand for water and solvent-based paints, backed by the growing construction activities along with the rise in spending on construction projects. Water and solvent-based paint are usually used for painting home interiors. Furthermore, rapid growth in the urbanization process coupled with significant migration of people from rural to urban areas also boosting the demand for the construction of new buildings. Therefore, it is also anticipated to increase the demand for water and solvent-based paint, which in turn is expected to boost the butyl glycol market. For instance, according to an analysis of data from the U.S. Census Bureau released today by the Associated Builders and Contractors, national non-residential construction spending grew by approximately 0.7% in July 2022 in the United States. 

Butyl glycol is most frequently employed as a coalescing agent and solvent in water-based paints, varnishes, and inks, where it prolongs drying times and increases product flow. Additionally, it effectively improves the flow of urea, melamine, and phenolic stove coatings. Hence, these factors are also expected to influence market growth over the forecast period. Additionally, the growing inclination of people toward home decor is also anticipated to boost the growth of the market over the forecast period. It was estimated that globally, any average home requires painting every 6 to 10 years, while the actual interval depends on the material and the area.


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Butyl Glycol Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Paint & Coating owing to Rapid Construction of Building – Every year, nearly 1 million house units are planned solely in the USA which is an increase from 550,000 in 2009. Additionally, approximately 199 million gallons of paint are sold annually. Butyl glycol is highly used in paints since it is a low-volatility solvent that can decrease the drying time of coating. Owing to the shift of more people towards cities, urbanization is growing. Hence, the demand for houses has been increasing further leading to a boost in construction activity. All these factors are ultimately expected to boost the growth of the market.

  • Rising Utilization of Butyl Glycol in Automotive Parts – Butyl glycol is highly used in automotive parts since it is high-boiling, low-volatility, that can maintain the right engine temperature. It is also used in the snowmelt system and hydronic heating.  For instance, in 2021, around 55 million passenger cars were produced across the globe.

  • Increasing Demand for Butyl Glycol in the Oil & Gas Industry – It is estimated that around 17 million barrels of oil are consumed every day globally, and in 2020, the Middle East was stated to hold approximately 48% of the recognized oil reserve.

  • Growing Utilization of Butyl Glycol in Cosmetics – Butyl glycol is heavily used in several types of functional cosmetics since it has healing properties to cure frequent breakouts in facial skin. Skincare became the second-largest branch of the beauty industry by exhibiting approximately 22% around the world.

Challenges

  • Stringent Government Regulations- As a result of its toxicity, butyl glycol is included in the Toxics Release Inventory (TRI). Butyl glycol exposure could result in pulmonary edema or necrosis in the near term, as well as other chronic illnesses like nausea, anorexia, anemia, and harmful reproductive abnormalities in the long term. Hence, this factor is expected to hinder the growth of the market over the forecast period.
  • Negative Impact on Health Owing to Toxic Nature
  • Presence of Alternative Products in the Market

Butyl Glycol Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~4%

Base Year Market Size (2022)

~ USD 4 Billion

Forecast Year Market Size (2033)

~ USD 5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Butyl Glycol Segmentation

Functions (Solvents, Plasticizer, Chemical Intermediates)

The global butyl glycol market is segmented and analyzed for demand and supply by functions into solvents, plasticizers, and chemical intermediates. Out of these sub-segments, the solvents segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing usage of butyl glycol solvents of pesticides and fungicides in the fields to protect crops from weeds, insects, and several fungal diseases. About a billion pounds of chemical solvents are applied to crops in the US each year, including fruits, nuts, and vegetables. Furthermore, butyl glycol is also used at a higher scale as a solvent in water-based inks, paints, and others owing to its bi-functional nature. For instance, in 2018, more than 3 million tons of printing ink were utilized across the globe.

End-user (Paints & Coatings, Printing Inks, Metalworking Fluids, Automotive, Oil & Gas, Electrical & Electronics)

The global butyl glycol market is also segmented and analyzed for demand and supply by end-user into paints & coatings, printing inks, metalworking fluids, automotive, oil & gas, and electrical & electronics. Among these, the oil & gas segment is expected to garner a significant share. Butyl glycol is used in the oil & gas industry to eliminate the formation of hydrates that can result in pipeline blockage. Pipelines are used to provide gas in urban areas, for instance, nearly 200 miles of interstate natural gas pipeline are used to deliver gas in the United States to consumers. Furthermore, butyl glycol is also used to decrease the inlet and outlet of the gas flow from the pipelines.

Our in-depth analysis of the global market includes the following segments:

     By Functions

  • Solvents
  • Plasticizer
  • Chemical Intermediates

       By End-User

  • Paints & Coatings
  • Printing Inks
  • Metalworking Fluids
  • Automotive
  • Oil & Gas
  • Electrical & Electronics

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Butyl Glycol Industry - Regional Synopsis

APAC Market Statistics

The Asia Pacific butyl glycol market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the rising inclination of the population toward home interior design, backed by the up-surged construction of building in the region to provide homes for overflowing populations moving to urban areas and also expanding in rural areas. For instance, the Asian construction industry is projected to reach approximately USD 4,000 billion in 2023. Additionally, Asia also dominates the field of the automotive industry, where butyl glycol is highly recommended and used to maintain the engine temperature. Hence, propelling the demand for butyl glycol over the forecast period. For instance, in 2021, more than 34 million units of passenger cars were sold across Asia. Furthermore, the overflowing population has also spurred the requirement for the construction of pipelines to facilitate daily utility, and gas is one of them. It is a well-known fact that butyl glycol is heavily used in gas pipelines to prevent hydrate formation, so the pipelines will never be blocked in their lifetime. Based on the data released by the International Energy Agency (IEA), it was stated that the demand for gas in Asia can drop to 275 BCM by 2025.

Research Nester
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Companies Dominating the Butyl Glycol Landscape

top-features-companies
    • Sadara Chemical Company

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Anshika Polysurf Limited
    • Nippon Nyukazai Co. Ltd.
    • Lotte Chemical
    • Sasol Limited
    • Lyondell Basell Industries B.V.
    • Eastman Chemical Company
    • Asia Pacific Petrochemicals Co Ltd
    • Dow Chemical Company
    • BASF SE

In-the-news

In The News

  • Sadara Chemical Company to become a strategic partner with Saudi Aramco and Dow Chemical Co. This new joint venture comprised the utilization of Dow’s technology in 26 manufacturing units building on Saudi Aramco’s project. This unit building is stated to be the world’s largest integrated chemical facility.

  • LOTTE Chemical announced the signing of a memorandum of understanding (MOU) with Sasol Chemicals, the worldwide petrochemical corporation Sasol, for the building of an electrolyte organic solvent factory to be used as EV battery components.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4660
  • Published Date: Feb 22, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing demand for paint & coating owing to the rapid construction of the building are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2023-2033.

Negative impacts on health owing to its toxic nature are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Anshika Polysurf Limited, Nippon Nyukazai Co. Ltd., Lotte Chemical, Sasol Limited, Lyondell Basell Industries B.V., Eastman Chemical Company, Asia Pacific Petrochemicals Co Ltd, Dow Chemical Company, BASF SE, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by functions, end-user, and by region.

The solvents segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Butyl Glycol Market Report Scope
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