Butyl Glycol Market | Growing Demand from Paints and Coatings Manufacturers

According to Precision Business Insights (PBI), the latest report, the butyl glycol market is expected to be valued at USD 960.1 million in 2022, growing at a 5.3% CAGR from 2022 to 2028. The primary drivers of the expansion of the global butyl glycol market include growing demand for paints and coating manufacturers, growing oil and gas production, increasing solvent application in industry, and various applications in the textile and fabric industry.

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Paints and coatings Industry to Dominate the Butyl Glycol Market:
Based on application, the paints and coatings industry is expected to account for a larger revenue share in the global butyl glycol market, with a value share worldwide. Butyl glycol is used as the solvent in paint and coatings manufacturing. Increasing demand for water-based paints, the growing construction industry, and increasing demand in the chemical industry is boosting the global butyl market growth. Butyl glycol is also increasingly used as a chemical intermediate in the chemicals sector for a wide range of applications in producing butyl glycol acetate, chemical reaction solvent, and others which in turn drive the overall market growth.

Asia Pacific Butyl Glycol Market:
The Asia Pacific market is expected to increase in the global butyl glycol market over the forecast period. The Asia Pacific market is expanding as a result of the growing construction industry, rapid urbanization, and increasing demand for inexpensive industrial solvents. Also, the larger manufacturing base in this region is influencing the overall market revenue at a significant rate. North America is dominating the global butyl glycol market in 2022 and is expected to follow the trend in the forecasted years due to developed infrastructure, and increasing construction activities.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global butyl glycol market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In Oct 2020, South Africa's Sasol announced that chemical company LyondellBasell Industries had agreed to acquire a 50% stake in a unit of its U.S-based business for $2 billion, helping the petrochemicals firm to cut debt. In August 2021, BASF and Sinopec expanded the joint venture by expanding the production capabilities in various chemical manufacturing units, including butyl glycol.

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The butyl glycol market is segmented based on function, application, end user, and geography.
Based on the function, the market is segmented into the following:
• Solvent
• Coalescing Aid
• Chemical Intermediate
• Plasticizer
• Others

Based on the application, the market is segmented into the following:
• Paints and Coatings
• Printing Inks
• Metal Working Fluid
• Polymer & Plastics
• Others

Based on the end-user, the market is segmented into the following:
• Building & Construction
• Automotive Industry
• Chemicals Industry
• Electrical & Electronics
• Agriculture
• Cleaning
• Oil & Gas
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the butyl glycol market report are Sadara Chemical Company, Anshika Polysurf Ltd., Nippon Nyukazai Co. Ltd., Lotte Chemical Corporation, Lyondell Basell Industries N.V., Eastman Chemical Corporation, Asia Pacific Petrochemicals Co Ltd, Dow Chemical Company, BASF SE, KH Chemicals, Solventis, and INEOS.

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This release was published on openPR.