The global butanediol market is set to gain traction from its increasing usage in a wide range of polymers and chemical formulations. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Butanediol Market Size, Share & Industry Analysis, By Type (1, 3-Butanediol, 1, 4-Butanediol, 2, 3-Butanediol), By Application (1, 4-Butanediol, 1, 3-Butanediol, 2, 3-Butanediol), Others, and Regional Forecast, 2019-2026.” The report further states that the emergence of bio-based technologies would eventually lower the production cost of butanediol.
The COVID-19 pandemic has complicated the chemical industry by disrupting the existing supply chain. Customers are looking for products based on carbon footprint and circularity. Hence, several companies are investing in decarbonization of transportation, energy efficiency, and renewable energy sources. Some of the others have started implementing digital technologies to surge reliability and gain more efficiency. We are providing elaborate research reports to help our clients regain business confidence amid this difficult situation.
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Drivers & Restraints-
Increasing Usage in Cement, Textiles, and Cosmetics Industries to Bolster Growth
Butanediols are extensively used in a wide range of end-use industries, such as food & beverages, paints & coatings, and polymers. In the chemical industry, it is mostly used in polyurethanes, GBL, THF, and PBT. Amongst these, THF or tetrahydrofuran is very popular because of its utilization in adhesives, plastics, packaging, cosmetics, textiles, and cement. It requires around 35% of 1,4 butanediol.
However, the rising awareness of the environment in developed and emerging nations is leading to the implementation of strict norms by government agencies. The chemical is reviewed multiple times by regulatory bodies to prevent exploitation. The European Commission, for instance, declared its planned amendments to regulate food contact plastic materials in 2017. These factors are expected to hinder the butanediol market growth in the upcoming years.
Surging Population in Developing Countries to Accelerate Growth in Asia Pacific
Geographically, Asia Pacific is currently dominating by holding the largest butanediol market share in the near future. This growth is attributable to the rapidly increasing population in developing countries. North America is expected to remain in the second position backed by the slow economic growth.
On the other hand, Latin America is anticipated to grow steadily fueled by the ongoing improvements of the socio-economic condition. The Middle East and Africa would exhibit high demand for butanediol on account of the surging middle class populations and disposable incomes.
Key Players Aim to Broaden Their Production Capacities to Strengthen Positions
The global market houses several renowned companies that are currently focusing on expanding their production capacities of butanediol to cater to the surging demand globally. A few others are acquiring businesses of prominent organizations to strengthen their positions. Below are the two latest industry developments:
June 2019: Daicel Corporation is planning to construct a new production facility at the Aboshi Plant, Japan. This facility will help the company to expand the production capacity of 1,3-butanediol. The entire construction activity is likely to end by September 2020.
January 2019: An affiliate of Shandong Ruyi Investment Holding purchased INVISTA’s Apparel & Advanced Textiles business. It includes the production assets of tetrahydrofuran (THF), 1,4 butanediol (BDO), and polytetramethylene ether glycol (PTMEG).
A list of all the renowned butanediol manufacturers present in the global market:
Shanxi Sanwei Group
LyondellBasell Industries N.V.
Penta Manufacturing Company
Godavari Biorefineries Ltd.
SHOWA DENKO K.K.
Global Bio-Chem Technology Group Company Limited
Other key market players
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