iCrowdNewswire Jan 14, 2021 2:00 PM ET
Isobutanol is a colorless liquid with four carbon branched chain alcohol is commonly used as a raw material for isobutyl methacrylate, isobutyl acetate, coating resins, isobutyl acrylate, and paint thinners. Isobutanol is miscible with all common solvents such as ketones, ethers, glycols, alcohols, aldehydes, and aliphatic and aromatic hydrocarbons. It is broadly used as a diluent in cellulose nitrate lacquers and offers to enhance their gloss, flow, and resistance to blushing. It is widely used in numerous end-use industries such as oil & gas, paint & coatings, chemicals, textiles, pharmaceutical, and others on account of their excellent properties.
Some of the important factors that positively influence the growth of the isobutanol market are expanding building & construction industry, continuous growth of woodworking industry, and rising demand for marine & aerospace coatings. It is also used as flavoring agent in food industry hence increasing processed foods industry in developing countries are predicted to fuel isobutanol market over the assessment period. Moreover, growing population along with rising construction projects in various economies has increased the consumption of isobutanol based coatings, which is likely, to propel the growth of the market over the assessment period, during 2017 to 2023. However, fluctuating crude oil price affects the raw material prices of isobutanol, which in turn, is estimated to hamper the growth of the market in the next few years.
The global isobutanol market is divided on the basis of type, application, end use industry, and region. On the basis of the type, isobutanol market is bifurcated into bio-based and synthetic. Among them, bio-based type segment is estimated to witness tremendous growth due to increasing environmental concern along with the implementation of stringent regulations by various government bodies regarding the VOC emission level. On the basis of the application, the market is categorized into intermediate, solvent, solubilizer, extracting agent, additive, and others. Among these, intermediate accounted for the leading market share in 2016 and is estimated to retain its dominance over the assessment period due to the continuous expansion of petrochemical industry specifically in the Asia Pacific and the Middle East & Africa. On the basis of the end-use industry, the market is further classified into pharmaceuticals, oil & gas, paint & coatings, textiles, chemicals, and others. Among the end use industry segment, oil & gas is predicted to register the highest growth owing to increasing demand for high performance/clean fuel is expected to propel the segment over the estimated period.
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The Asia Pacific is predicted to be the largest market for isobutanol followed by Europe and North America on account of rising demand from paints & coatings and oil & gas among others. Various countries of the Asia Pacific such as Malaysia, China, India, Thailand, and South Korea are the fastest growing market for isobutanol and is estimated to grow with the same pace in the upcoming years. Europe is predicted to witness moderate growth over the forecast period due to increasing demand for food and paints & coatings sector. In North America, countries such as U.S. and Canada are predicted to register moderate growth due to expanding textile and oil & gas sector in this region. Emerging economies of the Middle East & Africa such as Turkey, Qatar, the United Arab Emirates, and Saudi Arabia are expected to register healthy growth due to increasing building & construction sector in this region.
The major players operating in the isobutanol market are BASF SE (Germany), Eastman Chemical Company (U.S.), Gevo (U.S.), Butamax® Advanced Biofuels LLC (U.S.), Sahara PCC (Saudi Arabia), The Dow Chemical Company (U.S.), Mitsubishi Chemical Corporation (Japan), OXEA GmbH (Germany), INEOS (UK), SIBUR (Russia), Lesaffre Advanced Fermentations (France) among others.
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