Tert-butanol Market Growth, Share, Demand and Analysis of Key Players to 2024
The
top five companies competing in the global tert-butanol market,
namely LyondellBasell Industries Holdings B.V., Lotte Chemical Titan
Corporation, Evonik Industries AG, TonenGeneral Sekiyu K.K., and
Merck KGaA, accounted for a share of 43.2% in 2015. This reflects the
moderately consolidated nature of the market. Analyzing the
medium-level of competition among these and other players,
Transparency Market Research has zeroed in on extensive research and
development as the key strategy adopted by most. R&D activities
focused on increasing the effectiveness of tert-butanol applications
have surged in recent times.
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“Mergers
and acquisitions are also a go-to growth strategy for both
established and smaller players,” the author of the study observes.
Over the past few years, prominent companies such as Merck KGaA and
TonenGeneral Sekiyu K.K. have been expanding their businesses in
newer product lines and regions to gain market share. In July 2015,
TonenGeneral acquired Kyokuto Petroleum Industries, Ltd. to
strengthen its domestic presence and expand its product portfolio.
Merck Life Sciences, in November 2015, acquired Sigma-Aldrich to
emerge as one of the most leading players.
The
development of bio-based solvents is yet another opportunity that
players in the tert-butanol market can capitalize on. “Presently,
strict government regulations pertaining to VOC emissions restrict a
number of players owing to the harmful effects associated with
chemical and industrial solvents,” the analyst states. “However,
this has encouraged manufacturers to move away from petroleum-based
solvents and instead, focus on developing environment-friendly
products.”
Considering
that the demand for tert-butanol stems mainly from its application in
paints and coatings and fragrances and flavors, the tert-butanol
market is driven primarily by the rapid growth of the automobile,
construction, and foods and beverages industries.
“Asia
Pacific has, over the years, emerged as an increasingly lucrative
investment option for players in the tert-butanol market,” a TMR
analyst states. Rapid industrialization and urbanization in countries
such as China, India, and Japan has resulted in the massive expansion
of the building and construction sector. In addition, economic growth
has spurred the rise in disposable income, furthering the demand for
automobiles. This has led to the increasing use of paints and
coatings as well as tert-butanol. The constantly-rising population in
the APAC region has also contributed toward the escalating demand for
food and beverages, boosting the demand for tert-butanol as a key
flavoring ingredient.
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The
global opportunity in the tert-butanol market is poised to be worth
US$2.6 bn by 2024, TMR predicts, rising from US$1.5 bn in 2015 at a
6.2% CAGR therein. By volume, the market is projected to register a
5.4% CAGR during the forecast period. Asia Pacific dominated the
global tert-butanol market in 2015, with a share of over 40% that
year. In addition to retaining its lead through 2024, the region is
also anticipated to emerge as the most rapidly growing segment.
Paints and coatings formed the leading end-use segment in 2015,
accounting for a share of almost 40% by volume. On the other hand,
the pharmaceuticals segment is expected to develop at the fastest
pace by revenue as well as volume, registering a respective CAGR of
6.6% and 5.8% from 2016 to 2024.
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