Butyl Glycol Market

Global Butyl Glycol Market Report: By Function (Solvents, Plasticizers and Chemical Intermediates) By Application (Paints & Coatings, Printing Inks, Metalworking Fluids, Automotive, Oil & Gas and Electrical & Electronics), and Region (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Chemical & Material | December 2023 | Report ID: EMR00360 | Pages: 301

Global Butyl Glycol market is predicted to reach approximately USD 5.05 billion by 2031, at a CAGR of 4.35% from 2023 to 2031.

The global Butyl Glycol market has experienced robust growth driven by its widespread applications across diverse industries. Butyl Glycol, sometimes referred to as 2-Butoxyethanol, is a useful solvent used in the production of coatings, paints, and cleaning supplies. The growing demand for these end-use products, especially in the construction and automotive industries, is credited with the market's expansion. The demand for butyl glycol as a crucial component in formulations has increased due to the rise in construction activities around the world and an increase in automobile production. The chemical's rising popularity is also attributed to its favourable environmental qualities and efficacy as a solvent.

 

 

 

Global Butyl Glycol report scope and segmentation.

Report Attribute

Details

Estimated Market Value (2022)

3.46 billion

Projected Market Value (2031)

5.05 billion

Base Year

2022

Forecast Years

2023 – 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By functions, By End-User & Region.

Segments Covered

By Functions, By End-User & By Region.

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Butyl Glycol dynamics

The market is expanding due to the rising demand for butyl glycol, a flexible solvent that finds use in textiles, chemicals, and paints and coatings, among other industries. Since butyl glycol is an essential ingredient in paints and coatings used in these industries, increased infrastructure development and construction activities are significant contributors. Furthermore, the growing need for high-performance coatings and the expansion of the automotive industry are driving the market.

Environmental concerns and stringent regulations regarding volatile organic compound (VOC) emissions are steering the industry towards eco-friendly alternatives, influencing product innovation and development. The market is witnessing intensified competition among key players, driving advancements in production processes and product formulations to meet evolving industry standards. Geopolitical and economic factors also play a role, affecting the availability and pricing of raw materials essential for butyl glycol production.

 

Global Butyl Glycol drivers

Growing Demand in Construction Industry

Because butyl glycol is essential to the manufacturing of premium paints and coatings, the construction sector is a significant market driver. Butyl Glycol is a multipurpose solvent that improves the viscosity and stability of the formulation. Butyl Glycol consumption is being driven by an increasing demand for long-lasting and aesthetically pleasing coatings due to the global upsurge in urbanisation and infrastructure projects. Because of its versatility with different resins and pigments, it is a highly favoured option in the construction industry, which further contributes to the market's overall expansion.

 

Surging Automotive Production

The market for butyl glycol is also significantly influenced by the automobile sector. The chemical is a common ingredient in automotive coatings and refinishing products, and it is essential to improving the performance, adhesion, and longevity of coatings on automobiles. Butyl Glycol is still in high demand because the automotive industry is growing steadily, especially in emerging nations. The demand for vehicles with superior finishes and resistance to corrosion is driving up the significance of butyl glycol in automotive coatings.

 

Restraints:

Stringent Environmental Regulations

Strict environmental regulations are one major factor limiting the market for butyl glycol. Manufacturers are re-evaluating the use of Butyl Glycol and other glycol ethers as a result of regulatory bodies' increased focus on lowering emissions of volatile organic compounds (VOCs). In order to create environmentally friendly substitute solvents that still have the required performance attributes, compliance with these regulations will require large investments in research and development. The production process is made more complex and expensive by this regulatory environment, which affects the dynamics of the market.

Health and safety concerns pose a notable restraint for the Butyl Glycol market. Prolonged exposure to Butyl Glycol and other glycol ethers has been associated with adverse health effects, including respiratory and reproductive issues. This raises occupational safety concerns for workers involved in the production and application of Butyl Glycol-containing products.

 

Opportunities:

Innovation in Bio-Based Alternatives

The market for butyl glycol presents a huge opportunity for innovation as a result of the push for sustainability. In an effort to develop bio-based or alternative solvents that can take the place of conventional glycol ethers, manufacturers are spending money on research and development. Bio-based butyl glycol alternatives that come from renewable resources may be able to satisfy environmental regulations and the industry's sustainability objectives at the same time. The increasing demand from consumers and regulators for eco-friendly solutions is in line with this innovation, offering market participants a strategic chance to stand out and seize a growing market niche.

 

Segment Overview

By Functions

The market for butyl glycol is segmented based on functions into three categories: Solvents, Plasticizers and Chemical Intermediates. The solvents segment in the butyl glycol market plays a pivotal role as Butyl Glycol is widely recognized for its effectiveness as a solvent in various industries. It is extensively utilized in the formulation of paints, coatings, and cleaning products. As a solvent, butyl glycol demonstrates excellent solubility characteristics, making it an essential component for dissolving resins, pigments, and other components in the manufacturing of high-quality coatings. The Solvents segment benefits from the chemical's versatility, aiding in the creation of formulations with optimal viscosity, stability, and performance in applications ranging from architectural coatings to industrial surface treatments.

Butyl glycol is a useful additive in the plasticizers market that gives polymers and plastics better processing properties and flexibility. Because of the chemical's plasticizing qualities, it is a recommended option for improving polymers' elasticity and workability, which improves the overall performance of materials like vinyl, cellulose acetate, and other plastic goods. Butyl Glycol serves as a plasticizer, facilitating the creation of flexible and long-lasting plastic materials that broaden their use in sectors such as building, transportation, and packaging.

Butyl glycol is used as a vital precursor in the synthesis of numerous chemicals, which is why it is categorised as a chemical intermediate in the butyl glycol market. Butyl glycol is used as a transitional material to produce a variety of compounds, such as ethers and esters, which are used in a wide range of industrial processes. This segment benefits from the reactivity and versatility of butyl glycol, which makes it possible to create a variety of chemical derivatives with distinctive qualities. The synthesis of specialty chemicals, medications, and other advanced materials uses these intermediates, which adds to the overall complexity and value chain in the chemical industry. The section on chemical intermediates emphasises the significance of butyl glycol as a fundamental component needed to create a wide range of chemical compounds in different industrial sectors.

 

By End-User

The butyl glycol market is categorized based on end-user into paints & coatings, printing inks, metalworking fluids, automotive, oil & gas and electrical & electronics. The butyl glycol market's significant segment is Paints & Coatings, where the chemical serves as a crucial solvent. Butyl glycol enhances the formulation's viscosity, stability, and drying characteristics, making it a preferred choice in the production of high-quality paints and coatings. Its compatibility with various resins and pigments contributes to the industry's ability to produce durable, long-lasting finishes. As the construction and infrastructure sectors continue to grow globally, the demand for butyl glycol in the paints & coatings segment remains robust.

Within the Printing Inks segment, butyl glycol plays a vital role as a solvent and carrier. It is utilized to formulate inks for various printing processes, ensuring proper viscosity, colour dispersion, and drying properties. The chemical's versatility allows for the creation of inks with consistent performance, making it integral in the printing industry. As the demand for high-quality printing continues across packaging, publishing, and commercial printing applications, the Printing Inks segment of the Butyl Glycol market experiences steady growth.

In the metalworking fluids segment, butyl glycol acts as a key ingredient in the formulation of cutting fluids and lubricants. Its properties as a solvent and viscosity enhancer contribute to the effectiveness of metalworking fluids, aiding in the machining, cutting, and shaping of metals. The Metalworking Fluids segment benefits from the chemical's ability to improve the overall performance and longevity of these fluids, catering to the needs of the manufacturing and machining industries.

The automotive segment of the butyl glycol market is driven by the chemical's role in automotive coatings and refinishing products. Butyl Glycol enhances the adhesion, durability, and overall performance of coatings on vehicles, providing protection against corrosion and environmental elements. With the global automotive industry witnessing consistent growth, the demand for butyl glycol in this segment remains strong as consumers seek high-quality finishes for their vehicles.

Within the oil & gas sector, butyl glycol finds application in the formulation of fluids and solvents used in various processes, including drilling and extraction. The chemical's properties contribute to the stability and effectiveness of these fluids in challenging operating conditions. As the oil & gas industry continues to explore and extract resources, the demand for Butyl Glycol in this segment is influenced by the need for reliable and efficient chemical solutions.

The electrical & electronics segment utilizes Butyl Glycol in the production of electronic components and devices. The chemical's solvent properties are valuable in the formulation of coatings, inks, and cleaning solutions for electronic applications. As the demand for electronic products continues to rise globally, the Electrical & Electronics segment of the butyl glycol market experiences growth, driven by the need for high-performance and reliable chemical solutions in the manufacturing of electronic components.

 

Global Butyl Glycol Overview by Region.

Asia Pacific

Due to its extensive infrastructure development, rapid urbanisation, and robust industrialization, Asia-Pacific leads the world market for butyl glycol. The building and automotive industries are expanding significantly in nations like China and India, which is driving up the demand for butyl glycol in paints, coatings, and automotive applications. The market is growing as a result of the region's thriving manufacturing sector and the increased focus on sustainable practices. With Asia-Pacific remaining a major centre for industrial production and economic development, there are prospects for innovation and market penetration in the butyl glycol market, which is expanding significantly.

 

 

 

North America

In North America, the butyl glycol market is propelled by a mature industrial sector and a strong focus on technological advancements. The construction and automotive industries drive the demand for butyl glycol, particularly in the formulation of high-performance coatings and refinishing products. Stringent environmental regulations in North America have led to increased research and development efforts to create eco-friendly alternatives, positioning the region as a hub for sustainable innovations in the butyl glycol market. The mature nature of end-user industries, coupled with a heightened awareness of health and safety concerns, shapes the market dynamics in North America. The region's commitment to sustainability and adherence to regulatory standards contribute to a steady and evolving butyl glycol market landscape.

 

Global Butyl Glycol market competitive landscape

The competitive environment in the butyl glycol industry is defined by the existence of major players who prioritise strategic efforts like joint ventures, product development, and acquisitions to fortify their market positions. Well-known businesses that operate as significant market contributors include Dow Chemical Company, BASF SE, Eastman Chemical Company, and Shell Chemicals. In order to meet changing regulatory standards and offer eco-friendly alternatives, these players place a strong emphasis on innovation. In addition, regional players are important because they meet local needs and add to the market's diversity. Continuous efforts towards sustainable practices, technological advancements, and the development of application-specific formulations to gain a competitive edge in the dynamic butyl glycol market shape the competitive dynamics of the market.

 

Global Butyl Glycol Recent Developments

  • July 2021, Clariant, a specialized and innovative specialty chemical company committed to sustainability, has successfully formed a joint venture with India Glycols Limited (IGL), a prominent manufacturer of green technology-based chemicals. The venture, now officially named Clariant IGL Specialty Chemicals Private Limited, operates with a 51-49% ownership structure, with Clariant holding the majority stake. This achievement follows the receipt of all required regulatory approvals for the production of renewable ethylene oxide (EO) derivatives.
  • June 2023, UPM Biochemicals and Selenis, a subsidiary of the IMG Group specializing in the production of specialty polyester resins for diverse applications, have unveiled a collaborative initiative aimed at reshaping the sustainability objectives of the packaging industry and diminishing its carbon footprint.

The strategic partnership's objective is to develop eco-friendly polyethylene terephthalate glycol (PETG) resin, expediting the integration of renewable materials sourced from sustainable forests into plastic applications and decreasing reliance on fossil resources.

 

Scope of global Butyl Glycol report

Global Butyl Glycol report segmentation

ATTRIBUTE

DETAILS

By Function

  • Solvents
  • Plasticizers
  • Chemical Intermediates

By Application

  • Paints & Coatings
  • Printing Inks
  • Metalworking Fluids
  • Automotive
  • Oil & Gas
  • Electrical & Electronics

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Butyl Glycol size and forecast: To identify and estimate the market size for global butyl glycol market segmented by metals type, by application and by region. Also, to understand the consumption/ demand created by consumers between 2023 and 2031.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global Butyl Glycol
  • Market Influencing Factors: To find out the factors which are affecting the market of global butyl glycol among consumers.
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies. 

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The growth of the Butyl Glycol Market is driven by factors such as increasing demand for solvents in various industries, especially paints and coatings, the growth of the construction sector, and the expanding automotive and electronics industries.
Butyl Glycol finds applications in diverse industries, including paints and coatings, textiles, inks, cleaning products, and the production of hydraulic fluids. Its versatile properties make it a valuable ingredient in various formulations across different industrial sectors.
Challenges in the Butyl Glycol Market include the volatility of raw material prices, increasing competition from alternative solvents, and the need for continuous innovation to meet evolving regulatory requirements. Market players navigate these challenges through strategic formulations and sustainable practices.
The expected market size for Global Butyl Glycol is 3.46 billion in 2022.
The major players in the market are Dow Chemical Company, BASF SE, Shell, INEOS Group, LyondellBasell Industries, Huntsman Corporation, and Eastman Chemical Company.