Global 1, 4 Butanediol Market - Segmented by Technology, Application, End-User Industry and Geography - Growth, Trends and Forecast (2018 - 2023)
The global butanediol market is expected to witness a CAGR of approximately 8.7% during the forecasted period, majorly driven by the rising demand from developing countries in the Asia-Pacific region.
Increasing Demand from Pharmaceutical and Leather Industries
Butanediol is used in a wide range of industries owing to its properties, which include hydrophobic and chemical resistance. It is mainly used in the application of polyurethanes in the leather industry for shoe soles and lamination in artificial leather. The demand for butanediol has also witnessed an increase from the pharmaceutical sector, owing to its requirement in medical and optical instrument parts and insulators. Therefore, with the growth of the pharmaceutical and leather industries globally, the market for 1, 4 butanediol is expected to benefit during the forecast period. Additionally, the growth of the cosmetics industry shall further augment the growth of the market.
1, 4 butanediol is mostly used as a solvent in industrial cleaners and glue removers such as tetrahydrofuran (THF). The demand for 1, 4 butanediol mostly arises from applications such as medicines, cosmetics, artificial leather, fibers, engineering plastics, and pesticides.
Automotive Segment Dominates the Market
1, 4 butanediol is heavily required in the production of PBT, which is then used in automotive production. There has been a significant growth in the automotive production globally, which has led to an increased demand for PBT. This has ultimately increased the demand for and consumption of butanediol in the automotive sector. Additionally, the rising demand for light weight and electric vehicles is expected to further augment the growth of the 1, 4 butanediol market during the forecast period.
Asia-Pacific is the Most Dominating Region
In terms of consumption in 2017, Asia-Pacific held the largest share. This is majorly owing to the rapid growth of spandex and PBT production in China. Additionally, the demand for PBT has been on the rise from other economies, which include India and ASEAN countries, owing to increasing usage in the automotive and pharmaceutical industries. This is expected to drive the demand for PBT over the next few years in Asia-Pacific, which in turn shall benefit the market for 1,4 butanediol during the forecast period.
Key Developments in the Market
January 2018: BASF declares force majeure on 1,4 butanediol and derivatives in North America.
The major players include – Ashland Inc., BASF SE, Dairen Chemical Corporation, Mitsubishi Chemical Corporation, and Nan Ya Plastics Corporation, amongst others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating process type and filler used in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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