The market for butyraldehyde is expected to grow at a CAGR of more than 4.8% globally during the forecast period. Butyraldehyde (Butanal) is a colorless, pungent-smelling liquid. It is soluble but partially soluble in water in most organic solvents. The increasing application in the paints and coatings sector has been driving the market growth.
- However, the health hazard as well as environmental threats through direct contact of butyraldehyde and outbreak of coronavirus across the globe are likely to hinder the growth of the studied market.
- The growing application of butyraldehyde in the pharmaceutical and agrochemical sectors is likely to provide opportunities for the butyraldehyde market over the next five years.
- N-Butanol is the most dominating product type of market studied.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
N-Butanol to Dominate the Market
- N-Butanol stands to be the dominating segment owing to extensive demand from paints and coatings application in various end-user industries.
- N-Butanol is used as an ingredient in the manufacturing of acrylates that are then used in the production of paints and coatings, adhesives, textiles, and others. Increasing demand for such products from different end-user industries is likely to result in demand pulling from every phase of the value chain, thus driving market growth studied
- Production of paints and coatings is steadily increasing on the world market due to its demand from the applications of construction, and industrial coating.
- Adhesives demand is also rising, driven majorly by the growing construction and infrastructural activities, and increasing the need for furniture.
- All the aforementioned factors are expected to drive the butyraldehyde market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific accounted for the major market share and is expected to continue dominating the market during the forecast period.
- The key factors driving the Asia-Pacific market are positive trends for paints and coatings in India and China owing to the increasing investment in the construction industry.
- Asia-Pacific region accounts for more than 50% of global consumption on a volume basis of paints and coating. The Asia-Pacific paints and coating market is estimated to witness significant growth at an estimated CAGR of over 5%, over the forecast period
- In the Asia-Pacific region, China accounts for the largest market share in butyraldehyde consumption. The country is the largest producer of paints and coatings in the Asia-Pacific region, with a coating production of more than 18.5 million metric tons in 2019 and is expected to increase significantly in the nearby future.
- Hence, all such market trends are expected to drive the demand for the butyraldehyde market in the region during the forecast period.
The global butyraldehyde market is fragmented in nature owing to the presence of numerous players in the market with no significant market share. Some of the major companies are Mitsubishi Chemical Corporation, TCI, KH Neochem Co., Ltd, Eastman Chemical Company, and BASF SE amongst others.
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