Tert Butanol Market Worth US$ 6,149.1 Million by 2028 - COVID-19 Impact and Global Analysis
The Insight Partner
Europe Tert Butanol Market Size to Reach $6,149.1 million by 2027, Driven by Rising Automotive and Construction Paint Demand
NEW YORK, UNITED STATES, April 27, 2023 /EINPresswire.com/ -- The scope of the “Tert butanol Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Purity (> 99 and ≤ 99), Application [Solvents and Intermediates, Ethanol Denaturants, MTBEs and ETBEs, Methylmethacrylates (MMAs), and Others], and End-Use Industry (Flavors and Fragrances, Paints and Coatings, Pharmaceuticals, and Others)” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. It also identifies significant market players and their key developments.
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Strategic Insights
Report Coverage - Tert Butanol Market
Report Coverage- Details
Market Size Value in- US$ 4,955.64 Million in 2021
Market Size Value by- US$ 6,149.11 Million by 2028
Growth rate- CAGR of 3.0% from 2021-2028
Forecast Period- 2021-2028
Base Year- 2021
No. of Pages- 205
No. of Tables- 170
No. of Charts & Figures- 111
Historical data available- Yes
Segments covered- Purity, Application, and End-Use Industry
Regional scope- North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope- US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Tert butanol market is projected to reach US$ 6,149.11 million by 2028 from US$ 4,955.64 million in 2021; it is expected to grow at a CAGR of 3.0% from 2021 to 2028. Tert butanol is produced commercially as a byproduct of isobutane during the propylene oxide production. Tert-butanol is used as a chemical intermediate in a variety of products. Further, it is primarily used as a solvent in various applications. It is also used as a paint remover, alcohol denaturant, and so on. Tert butanol is also used as an alkylating agent for aromatics and phenols, resulting in tert-butyl aromatics and tert-butyl esters, which are used as precursors in the synthesis of antioxidants, phenolic resins, pharmaceutical products, and perfumes.
Based on application, the tert butanol market is further segmented into solvents and intermediates, ethanol denaturants, MTBEs and ETBEs, methylmethacrylates (MMAs), and others. The solvents and intermediates segment is anticipated to hold the largest share of the market during the forecast period. Tert Butanol is used as a nonreactive solvent for facilitating chemical reactions. It is used as a solvent for paints, lacquers, and varnishes. The compound is also used as an intermediate in the manufacturing of various pharmaceuticals and chemicals, including tert-butyl chloride, tert-butyl phenol, tert-butyl hydroperoxide, isobutylene, and methyl methacrylate. Tert butanol is used an intermediate in the synthesis of other flavors and perfumes as well.
The tert butanol market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). Europe is anticipated to hold the largest share of the market during the forecast period. The increased demand for automotive refinish performance and architectural coatings is bolstering the demand for tert butanol in the automotive and construction paint and coating industries in the region. Further, consumer preference for masking flavors that are used in conjunction with antioxidants and vitamins to reduce off-tastes and off-odors is also boosting the demand for tert-butanol in Europe. A rise in pharmaceutical R&D expenditure, increased popularity of niche fragrances, and surge in demand for premium fragrances, particularly in Western Europe, would continue to drive the tert-butanol market growth in the region during the forecast period.
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Impact of COVID-19 Pandemic on Tert Butanol Market
The COVID-19 pandemic has drastically altered the status of the chemicals and industrial sectors, and consequently hindered the growth of the tert butanol market. The implementation of measures to combat the spread of SARS-CoV-2 has aggravated the situation. The sudden distortion in operational efficiencies and disruptions in value chains due to sudden shutdown of national and international boundaries have hampered the performance of the flavors and fragrances, paints and coatings, and pharmaceuticals industries, among others. Further, the pandemic also led to discontinuations in product orders and deliveries, along with cancellations and order backlogs. The significant decline in the growth of several sectors has led to lowered demand for tert butanol. However, the compound is gradually emerging as a preferred freeze desiccant in the biomedicals industry. Moreover, continuous surge in research activities necessitates the preservation of vaccines, blood samples, purified proteins, and many other biological materials, which is contributing to the tert butanol market growth. Tert-butanol is a solvent with high vapor pressure, and low toxicity and melting point, and it is a trending freeze-drying agent. Nevertheless, as the economies are planning to revive their operations, the demand for tert butanol is expected to rise globally. However, the focus on just-in-time production is another concerning factor hindering the market growth.
The report segments the global tert butanol market as follows:
Based on purity, the global tert butanol market is segmented into >99 and ≤99. On the basis of application, the market is segmented into solvents and intermediates, ethanol denaturants, MTBEs and ETBEs, methylmethacrylates (MMAs), and others. Based on end-use industry, the tert butanol market is segmented into flavors and fragrances, paints and coatings, pharmaceuticals, and others. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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