Tert-butanol Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 11/14/2016 -- A new market research report has recently been added by Market Research Reports Search Engine (MRRSE) to its comprehensive collection of research studies. The research report, titled "Tert-butanol Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024," provides an in-depth analysis of the market. According to the research study, the global tert-butanol market was worth US$1.5 bn in 2015 and is projected to reach a value of US$2.6 bn by the end of 2024. The market is expected to register a 6.20% CAGR between 2016 and 2024.
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The growing demand for paints and coatings, owing to the increasing construction activities and the rising number of automobiles across the globe, is projected to augment the growth of the global tert-butanol market throughout the forecast period. In addition, the rising demand for personal care products and food and beverages is estimated to encourage the growth of the market in the near future. On the flip side, rigid government regulations against volatile organic compound (VOC) emitting solvents are a primary factor restraining the growth of the market. Nevertheless, the use of tert-butanol as a freeze-drying agent for several pharmaceutical compounds is expected to create potential growth opportunities for the key players in the market.
The global tert-butanol market has been categorized on the basis of end use into pharmaceuticals, flavors and fragrances, paints and coatings, and others. In 2015, the paints and coatings segment led, accounting for a 35% share in the global tert-butanol market. The robust growth of this segment can be attributed to the rising demand for paints and coatings from the automotive and construction sectors. On the other hand, the pharmaceuticals segment is anticipated to register a 6.60% CAGR between 2016 and 2024.
From the geographical perspective, Asia Pacific led the global tert-butanol market with a 40% share in 2015. This region is predicted to continue its dominance through the next few years, owing to the booming construction industry in developing countries here. Moreover, the Asia Pacific market for tert-butanol is expected to witness robust growth in the forecast period, thanks to the extensive contribution from Japan, India, and China. On the other hand, the Europe and North America markets have reached a level of maturity and are estimated to witness average growth in the near future.
Merck KGaA, Evonik Industries AG, TonenGeneral Sekiyu K.K., Zibo Qixiang Petrochemical Industry, Maruzen Petrochemical, Avantor Performance Materials, Struchem Co., Ltd., Finar Limited, Kuraray Co., Ltd., AppliChem GmbH, and Alfa Aesar are some of the prominent players operating in the tert-butanol market across the globe. The financial overview, business strategies, SWOT analysis, and the recent developments of the key players have been discussed in the research report.
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