Tert-butanol Market Analysis and Forecast By Region 2024

The top five companies competing in the global tert-butanol market, namely LyondellBasell Industries Holdings B.V., Lotte Chemical Titan Corporation, Evonik Industries AG, TonenGeneral Sekiyu K.K., and Merck KGaA, accounted for a share of 43.2% in 2015. This reflects the moderately consolidated nature of the market. Analyzing the medium-level of competition among these and other players, Transparency Market Research has zeroed in on extensive research and development as the key strategy adopted by most. R&D activities focused on increasing the effectiveness of tert-butanol applications have surged in recent times.

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“Mergers and acquisitions are also a go-to growth strategy for both established and smaller players,” the author of the study observes. Over the past few years, prominent companies such as Merck KGaA and TonenGeneral Sekiyu K.K. have been expanding their businesses in newer product lines and regions to gain market share. In July 2015, TonenGeneral acquired Kyokuto Petroleum Industries, Ltd. to strengthen its domestic presence and expand its product portfolio. Merck Life Sciences, in November 2015, acquired Sigma-Aldrich to emerge as one of the most leading players.

The development of bio-based solvents is yet another opportunity that players in the tert-butanol market can capitalize on. “Presently, strict government regulations pertaining to VOC emissions restrict a number of players owing to the harmful effects associated with chemical and industrial solvents,” the analyst states. “However, this has encouraged manufacturers to move away from petroleum-based solvents and instead, focus on developing environment-friendly products.”

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Rapid Economic Growth a Major Driving Force

Considering that the demand for tert-butanol stems mainly from its application in paints and coatings and fragrances and flavors, the tert-butanol market is driven primarily by the rapid growth of the automobile, construction, and foods and beverages industries.

“Asia Pacific has, over the years, emerged as an increasingly lucrative investment option for players in the tert-butanol market,” a TMR analyst states. Rapid industrialization and urbanization in countries such as China, India, and Japan has resulted in the massive expansion of the building and construction sector. In addition, economic growth has spurred the rise in disposable income, furthering the demand for automobiles. This has led to the increasing use of paints and coatings as well as tert-butanol. The constantly-rising population in the APAC region has also contributed toward the escalating demand for food and beverages, boosting the demand for tert-butanol as a key flavoring ingredient.

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Asia Pacific to Remain in the Limelight throughout Forecast Period

The global opportunity in the tert-butanol market is poised to be worth US$2.6 bn by 2024, TMR predicts, rising from US$1.5 bn in 2015 at a 6.2% CAGR therein. By volume, the market is projected to register a 5.4% CAGR during the forecast period. Asia Pacific dominated the global tert-butanol market in 2015, with a share of over 40% that year. In addition to retaining its lead through 2024, the region is also anticipated to emerge as the most rapidly growing segment. Paints and coatings formed the leading end-use segment in 2015, accounting for a share of almost 40% by volume. On the other hand, the pharmaceuticals segment is expected to develop at the fastest pace by revenue as well as volume, registering a respective CAGR of 6.6% and 5.8% from 2016 to 2024.

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