The butyl glycol market size is projected to be worth USD 3.3 billion in 2023. The market is likely to reach USD 4.7 billion by 2033. The market is further expected to surge at a CAGR of 3.6% during the forecast period 2023 to 2033.
Key Market Trends and Highlights
| Attributes | Key Insights |
|---|---|
| Butyl Glycol Market Estimated Size in 2023 | USD 3.3 billion |
| Projected Market Value in 2033 | USD 4.7 billion |
| Value-based CAGR from 2023 to 2033 | 3.6% |
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The scope for butyl glycol rose at a 3.1% CAGR between 2018 to 2022. The global market for butyl glycol is anticipated to grow at a moderate CAGR of 3.6% over the forecast period 2023 to 2033.
| Report Attribute | Details |
|---|---|
| Market Value in 2018 | USD 2.8 billion |
| Market Value in 2022 | USD 3.2 billion |
| CAGR from 2018 to 2022 | 3.1% |
The butyl glycol market has witnessed significant changes in the transition from 2018 to 2022 to the forecast period from 2023 to 2033. During 2018 to 2022, the market experienced growth, due to factors such as increasing demand for butyl glycol in a variety of applications, such as paints and coatings, printing inks, metalworking fluids, automotive, oil and gas, and electrical and electronics.
Butyl glycol found applications in industries such as paints and coatings, chemicals, textiles, and automotive. Its role as a solvent, coalescing agent, and coupling agent in these industries boosted demand. The construction industry witnessed growth, especially in emerging economies. Butyl glycol was used in paints, coatings, and adhesives, benefiting from increased construction activities.
During 2023 to 2033, the market is projected to expand, owing to increasing demand for butyl glycol in paints and coatings. Butyl glycol is a key ingredient in paints and coatings. It is used as a solvent, plasticizer, and coalescing agent. The growing demand for paints and coatings in the construction and automotive industries is expected to drive the growth of the butyl glycol market in the coming years.
The construction industry is anticipated to grow further, particularly in developing countries. Butyl glycol's use in construction materials, coatings, and adhesives will see continued demand. Butyl glycol will continue to serve as a versatile chemical in various industrial processes, including chemicals, textiles, and manufacturing.
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The below table showcases revenues in terms of the top 3 leading countries, spearheaded by the United States and China. These two countries are expected to lead the market through 2033.
Forecast CAGRs from 2023 to 2033
| The United States | 3.4% |
|---|---|
| China | 3.2% |
| India | 3.1% |
| Japan | 2.8% |
| United Kingdom | 2.6% |
The butyl glycol market in the United States is expected to expand at a CAGR of 3.4% through 2033. The United States experiences continuous growth in the construction sector, including residential, commercial, and infrastructure projects. Butyl glycol is a key ingredient in coatings, paints, and adhesives used in construction applications.
The automotive industry in the country is one of the largest in the world, and relies on butyl glycol for various applications, such as automotive coatings, adhesives, and sealants. The broader manufacturing sector, including electronics, aerospace, and consumer goods, depends on coatings, solvents, and adhesives that may contain butyl glycol.
The aerospace industry in the United States relies on coatings and adhesives for aircraft manufacturing and maintenance, which often contain butyl glycol. Butyl glycol is used in various applications in the oil and gas industry, including as a solvent and degreaser.
Butyl glycol trends in China are taking a turn for the better. A 3.2% CAGR is forecast for the country from 2023 to 2033. China's robust economic growth has led to increased construction, manufacturing, and automotive sectors, all of which rely on butyl glycol for various applications.
China's electronics manufacturing sector is expanding rapidly, creating a demand for specialized coatings, cleaners, and adhesives that may contain butyl glycol. The overall growth of the chemical industry in China, including the production of butyl glycol itself, contributes to market expansion.
China's manufacturing capabilities and competitive pricing make it a significant exporter of products that use butyl glycol, expanding the market reach. Adherence to safety and compliance standards in industries like construction and automotive drives the use of safe and compliant chemicals like butyl glycol.
The butyl glycol market in India is poised to expand at a CAGR of 3.1% through 2033. India's growing manufacturing sector, including automotive and electronics, relies on coatings, cleaners, and adhesives that may contain butyl glycol. India's automotive industry, which is expanding both domestically and as an export hub, uses butyl glycol in various applications, including coatings and adhesives.
Ongoing research and innovation efforts in India lead to the development of advanced coatings, sealants, and adhesives, with butyl glycol playing a role in these formulations. India's strategic position in the global supply chain ensures efficient production and distribution of butyl glycol-based products to both domestic and international markets.
Government schemes and incentives promoting sustainable and eco-friendly materials boost the adoption of butyl glycol in environmentally conscious industries. Increased awareness of sustainability and green technologies results in a preference for environmentally friendly products containing butyl glycol.
The Japan’s butyl glycol market is anticipated to expand at a CAGR of 2.8% through 2033. Japan continually invests in construction and infrastructure projects, which require coatings, adhesives, and sealants containing butyl glycol. Japan is a significant producer of consumer electronics, such as smartphones and TVs, and butyl glycol is used in the production of coatings for these devices.
The paints and coatings industry benefits from the use of butyl glycol for producing high-quality, durable finishes. Japanese companies engage in research and development activities to enhance the performance of coatings, adhesives, and sealants, where butyl glycol is a valuable component.
Efforts to improve energy efficiency in buildings and infrastructure projects lead to the use of advanced materials that incorporate butyl glycol. Japan's active involvement in international trade ensures access to a wide range of chemical products, including butyl glycol. Renovation and remodeling activities in both residential and commercial properties involve the use of paints and coatings containing butyl glycol.
The butyl glycol market in the United Kingdom is anticipated to expand at a CAGR of 2.6% through 2033. The United Kingdom's industrial sector, including manufacturing and construction, continues to grow, creating demand for chemicals like butyl glycol. It is used as a solvent and coalescing agent in various industrial applications, including paints, coatings, and adhesives.
The paints and coatings industry is a significant consumer of butyl glycol. The demand for high-quality coatings continues to rise, as consumer preferences shift towards durable and aesthetically pleasing products.
Competition among suppliers can lead to competitive pricing, benefitting end-users and encouraging the adoption of butyl glycol in various applications. A stable economic environment supports investments in construction, infrastructure, and industrial activities, ensuring sustained demand for butyl glycol.
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The below table highlights how solvent segment is projected to lead the market in terms of function, growing at 3.5% CAGR through 2033.
The paints and coatings segment of application is likely to spearhead sales and is anticipated to witness a CAGR of 3.4% through 2033.
| Category | CAGR from 2023 to 2033 |
|---|---|
| Solvent | 3.5% |
| Paints and Coatings | 3.4% |
Based on function, the solvent segment is expected to continue dominating the butyl glycol industry with a CAGR of 3.5% from 2023 to 2033.
Butyl glycol is widely recognized for its effectiveness as a solvent in various applications. It is used in paints, coatings, inks, and adhesives to dissolve and disperse other components efficiently. The paint and coatings industry extensively employs butyl glycol as a solvent to enhance the formulation of paints. It contributes to the even spreading of pigments and additives, improving the overall quality and appearance of coatings.
Butyl glycol's low volatility and relatively low toxicity make it an environmentally friendly solvent choice, which aligns with the growing emphasis on eco-friendly and low-VOC (volatile organic compound) coatings, which are compliant with environmental regulations. The use of butyl glycol as a solvent aids in the production of coatings with desirable properties such as adhesion, durability, and resistance to moisture and chemicals.
Butyl glycol as a solvent finds extensive use in both industrial and commercial settings, including automotive refinishing, architectural paints, and industrial coatings. Various industries, such as construction, automotive, aerospace, and manufacturing, depend on high-quality coatings and paints produced with butyl glycol as a solvent.
Based on application, the paints and coatings segment is expected to continue dominating the butyl glycol industry with a CAGR of 3.4% from 2023 to 2033.
The construction industry relies heavily on paints and coatings for both aesthetic and protective purposes. Butyl glycol is commonly used as a coalescing agent and solvent in paint formulations. There is a consistent demand for high-quality paints and coatings, with ongoing construction and infrastructure projects worldwide.
Both decorative paints for residential and commercial properties and protective coatings for industrial and infrastructure applications require butyl glycol. The coatings provide protection against corrosion, weathering, and environmental damage, making them essential in various sectors.
The automotive industry utilizes coatings extensively for vehicle painting and refinishing. Butyl glycol is incorporated into automotive paints to enhance adhesion, durability, and finish quality, meeting stringent automotive standards.
In the electronics industry, coatings are applied to electronic components for protection against moisture and environmental factors. Butyl glycol's properties make it suitable for use in coatings applied to electronic devices.
Collaborations between manufacturers, end-users, and research institutions can lead to the development of innovative butyl glycol-based solutions for emerging applications.
The key strategies chosen by large companies include several growth strategies such as technology development, expansion as well and mergers and acquisitions to surge market share, reach, and revenue.
| Attribute | Details |
|---|---|
| Estimated Market Size in 2023 | USD 3.3 billion |
| Projected Market Valuation in 2033 | USD 4.7 billion |
| Value-based CAGR from 2023 to 2033 | 3.6% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Function, Application, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Sadara Chemical Company; Anshika Polysurf Ltd.; Nippon Nyukazai Co. Ltd.; Lotte Chemical Corporation; Sasol Ltd.; Lyondell Basell Industries N.V.; Eastman Chemical Corporation; Asia Pacific Petrochemicals Co. Ltd; Dow Chemical Company; BASF SE; KH Chemicals |
The butyl glycol market is expected to reach USD 3.3 billion in 2023.
The market for butyl glycol is set to expand by a CAGR of 3.6% by 2033.
The butyl glycol industry is forecast to reach USD 4.7 billion by 2033.
The United States is likely to be the top performing market, and to expand at a CAGR of 3.4% through 2033.
Solvent is preferred, expected to rise at a 3.5% CAGR through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Function 5.1. Solvent 5.2. Coalescing Aid 5.3. Chemical Intermediate 5.4. Plasticizer 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Paints and Coatings 6.2. Printing Inks 6.3. Metal Working Fluid 6.4. Polymer & Plastics 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Sadara Chemical Company 17.2. Anshika Polysurf Ltd. 17.3. Nippon Nyukazai Co. Ltd. 17.4. Lotte Chemical Corporation 17.5. Sasol Ltd. 17.6. Lyondell Basell Industries N.V. 17.7. Eastman Chemical Corporation 17.8. Asia Pacific Petrochemicals Co Ltd 17.9. Dow Chemical Company 17.10. BASF SE 17.11. KH Chemicals 18. Assumptions & Acronyms Used 19. Research Methodology
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Butyl Glycol Market
