Tert-butanol Market Segmentation and Strategies of Key Players For 2024

Tert-butanol Market: Snapshot

The moderately consolidated market for tert-butanol has its hopes pinned on the emerging economies of Asia Pacific, Latin America, and the Middle East and Africa. These regions rake in the most revenue owing to the growing use of tert-butanol in the food and beverages, automotive, personal care products, and construction sectors and as a result, most players – both established and new – have turned their focus to developing countries.

While some might have predicted that regulatory pressure from government agencies regarding VOC emissions would have curbed the growth of the tert-butanol market, the truth is that these restrictions have compelled players to focus on the development of bio-based solvents. This is a major opportunity in today’s competitive and environment-conscious industry.

Fueled by the opportunities that lie ahead, the tert-butanol market is poised to expand at a 6.2% CAGR during the forecast period, rising from a valuation of US$1.5 bn in 2015 to US$2.6 bn by 2024.

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Booming Automotive and Construction Sectors in Emerging Economies Driving Paints and Coatings Segment

Tert-butanol finds application in a number of end-use industries, including flavors and fragrances, paints and coatings, and pharmaceuticals. Accounting for a share of over 35% in 2015, paints and coatings formed the largest end-user segment in terms of demand. The increasing demand for paints and coatings can be attributed to the growth in the automobile industry and the rise in construction activities across the globe. The number of vehicles being manufactured has significantly increased over the past few years owing to rapid urbanization in several developing economies. This growth has translated into the rising demand tert-butanol from the paints and coatings segment. The expansion of the construction sector has also propelled the demand for paints and coatings. There has been a surge in the construction of hospitals, schools, amusement parks, and others in regions such as Latin America, Asia Pacific, and the Middle East and Africa.

The pharmaceuticals segment, on the other hand, is forecast to expand at the fastest pace by volume as well as revenue, registering a respective CAGR of 5.8% and 6.6% from 2016 to 2024.

The use of tert-butanol in flavors and fragrances also presents immense scope for market players. It is used as a solvent and a flavoring ingredient in the food and beverages industry. Tert-butanol is also used in perfumes and other personal care products.

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Tert-butanol Market in Developed Regions Reeling from Maturation; Emerging Markets to Soar

Geographically, the global market for tert-butanol comprises North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific is the largest market for tert-butanol market and in 2015 constituted a volume share of more than 40% in the global market. The growing demand for paints and coatings in the automobile and construction industries and rising sales of food and beverages and personal care products are mainly responsible for the growth of this regional market. Asia Pacific is also anticipated to be the fastest expanding market for tert-butanol during the forecast period, with significant contribution from countries such as India, China, and Japan.

The tert-butanol market in the Middle East and Africa is forecast to experience moderate growth over the coming years. The markets in North America and Europe, on the other hand, have reached maturation and are likely to witness average growth by 2024. The Latin America tert-butanol market is projected to expand significantly over the next eight years.

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