DELRAY BEACH, Fla., Oct. 17, 2024 /PRNewswire/ -- The report "n-Butanol Market by Grade (Industrial, Pharmaceutical), Distribution Channel, Feedstock, Application (Butyl Carboxylate, Direct Solvents, Specialty Chemicals, Rubber & Plasticizers), End-Use Industry and Region - Global Forecast to 2029", is projected to reach USD 7.50 billion by 2029, from USD 5.63 billion in 2024, at a CAGR of 5.9 % during the forecast period.
The n-butanol market is driven by several factors, including technological advancements, shifting consumer behaviors, favorable economic conditions, expanding applications in various industries, and growing demand. The increasing use of n-butanol in various end-use industries, such as agriculture, building & construction, paints & coatings, marine, pharmaceutical, chemical, and personal care are a significant driver for market growth. The paints and coatings industry is the largest consumer of n-butanol due to the increasing demand of the construction sector. As the trend towards growth in building and construction grows, demand of n-butanol increases.
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"Pharmaceutical is projected to be the second fastest growing grade of n-butanol, in terms of value, during the forecast period."
The pharmaceutical grade of n-butanol is expected to be the second fastest-growing grade in the n-butanol market, driven by its growing importance for application in drug formulation and manufacturing. N-butanol is a well-established solvent and chemical intermediate used in the pharmaceutical industry. It is critical to the extraction and purification processes of active pharmaceutical ingredients (APIs). Due to its positive characteristics, it has a very low toxicity level and an excellent solubility characteristic. Hence n-butanol is the best pick for production in antibiotics, hormones, vitamins, and other vital compounds.
The world's age advance continues to increase global demand for pharmaceuticals and other things in which the proportion of healthcare expenses on old people increases the demand to the solvent like n-butanol with greater efficiency and effectiveness. Furthermore, the advancement in pharmaceutical research and development is anticipated to enhance the utilization of n-butanol in formulations for drugs, and hence this sector is predicted to drive growth in its market. By integrating all these aspects, it may be observed that n-butanol is of intense importance in the development of medicines in the pharmaceutical market with a focus on its importance in supporting the formulation of new as well as older therapeutic drugs.
"Conventional is the largest feedstock type of n-butanol, in terms of value."
Conventional feedstock type is expected to dominate the n-butanol market for the forecast period. This is due to the established processes and infrastructure on the production of n-butanol from conventional feedstocks that are mainly petrochemical-derived. Conventional production of n-butanol is often linked with oxo process in using propylene as the primary feedstock. This is highly adopted by major manufacturers because it is reliable and scalable, while conventional feedstock types offer several inherent quality advantages and allow easy integration of new developments into existing petrochemical facilities, besides offering scope for further optimization of efficiency and yield. Another significant factor is the well-developed distribution and supply chains established for more traditional feedstocks.
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"North America captures the second largest share in the n-butanol market during the forecast period, in terms of value."
The second largest share in the market share of n-butanol is expected to be captured by North America by the end of the forecasted period, setting an impressive position in the global scenario. Demand for n-butanol in the region is found to be mainly driven by the significant applications in construction, automotive, and consumer goods industries. The United States is not only a significant consumer of n-butanol, but also an important producer due to its very strong manufacturing industry, especially from paints, coatings, and adhesives. Thus n-butanol is a high potential solvent in that industry. Canada too is an important entity in the market as it has a very strong construction and automotive industry, hence high-quality coating and material producers in that country are continuously in demand for n-butanol. Mexico's booming industrial base, especially in the fields of manufacturing and construction, is strongly impacting the regional market. Investment in infrastructure development coupled with growing renovation projects is driving this sector in North America.
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Key Players
Acquisitions, new product launches, expansion and partnerships are the major growth strategies adopted by the key players in the market. The key global players in the n-butanol market include BASF (Germany), Dow (US), SABIC (Saudi Arabia), Mitsubishi Chemical Group Corporation (Japan), Eastman Chemical Company (US), Sasol Limited (South Africa), OQ Chemicals GmbH (Germany), PetroChina Company Limited (China), KH Neochem Co., Ltd. (Japan), and PETRONAS Chemicals Group Berhad (Malaysia).
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