Isobutanol Market Rising at $1,085.0 million in 2020
Zion Market Research has published a new report titled “Isobutanol Market for Paints and Coating, Automobiles, Building & Construction Industry, Pharmaceutical Oil & Gas, Chemical Intermediate and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020.” According to the report, global demand for isobutanol was valued at USD 775.0 million in 2014, is expected to reach approximately USD 1,085.0 million by 2020, growing at a CAGR of slightly above 6% between 2015 and 2020. In terms of volume, the global isobutanol market stood at around 550.0 kilo tons in 2014.
Isobutanol is an organic compound with the formula (CH3)2CHCH2OH. It is a colorless, flammable liquid, and low boiling isomer of butanol with a characteristic smell is mainly used as a solvent. Isobutanol is produced by the carbonylation of propylene. Isobutanol is used as a raw material for isobutyl acrylate, coating resins, isobutyl acetate, and paint thinners. Isobutanol has offers a range of technical and industrial applications such as precursor of various isobutyl esters, chemical intermediate, solvents for paints & coating, production of pharmaceutical, oil and gas, automotive paint cleaner additive and building & construction industry. Isobutanol is very soluble in water and miscible with alcohols and ketones.
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Global isobutanol market is mainly driven by increasing demand from chemical intermediate and automobile industry. Further, rising building & construction industry, and increasing demand from paints and coatings industry is expected to boost the growth of the market Increasing pharmaceutical industry in developed and developing countries due to improving health standards is also acting as key driver for the market. However, crude oil cost and supply fluctuations are expected to hinder the isobutanol market growth.
On the basis of applications, isobutanol market has been classified into Paints and coating, automobiles, building & construction industry, pharmaceutical oil & gas, chemical intermediate and other. Chemical intermediate application segment dominated the market with 40% share of the total market in 2014. In addition, paints and coating and oil and gas industry is expected to become fastest growing applications of isobutanol during the forecast period.
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Geographically, global isobutanol market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America regions. Asia Pacific region was the major user of the Isobutanol in term of consumption. Increasing demand from automobiles, construction, and paints & coating industries is likely to boost the demand for isobutanol in the region during the years to come. Asia pacific was followed by Europe. Europe is anticipated to observer grow at moderate rate in the years to come. North America is also expected to grow at modest rate due to rapidly growing automobile and pharmaceutical industry.
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Some of the major industry participants in global isobutanol market include BASF SE, Mitsubishi Chemical Corporation, Formosa Plastics Corp., The Dow Chemical Company, Oxea GmbH, Eastman Chemical Company, Sasol Ltd., Ineos Oxide Ltd. and Saudi Kayan Petrochemical Company.
Global Isobutanol Market: Application Segment Analysis
- Paints And Coating
- Building & Construction Industry
- Oil & Gas
- Chemical Intermediate
Global Isobutanol Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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