The global tert-butanol market is foreseen to be growing at a moderate pace within the forecast period from 2016 to 2024. Lotte Chemical Titan Corporation, LyondellBasell Industries Holdings B.V., Evonik Industries AG, Merck KGaA, TonenGeneral Sekiyu K.K. are top five firms competing in global tert-butanol market. These firms held around 43.2% of total market in 2015. These key players are investing a lot in research and development activities. This has become the major strategy in the growth of the companies. Research and development activities helps in the betterment of effectiveness of tert-butanol applications, and is likely to grow in coming years.
Mergers and acquisitions are another popular strategy adopted by large and small players. In the past few years, major companies such as TonenGeneral Sekiyu K.K. and Merck KGaA have been expanding their global outreach and launching newer products to up sales. TonenGeneral, in In July 2015, took over Kyokuto Petroleum Industries, Ltd. in order to better its regional presence and improve its product portfolio. In November 2015, Merck Life Sciences took over Sigma-Aldrich to emerge as one of the key players.
Paints and Coatings to Emerge as Key Segment among End-Use Industries
According to Transparency Market Research the global tert-butanol market is developing at a CAGR of 6.2% in the forecast duration from 2016 to 2024. The market was valued at US$1.5 bn in 2015 and is likely to surge around worth of US$2.6 bn by the end of 2024.
Among several end-use sectors, paints and coatings segment held around 35% of the entire market in 2015. Geographically, Asia Pacific is anticipated to emerge as a key region with biggest market for ter-butanol market. As valued in 2015, the market accounted for 40% of overall shares. This is credited to the rise in demand for paints and coatings in automotive and construction sector.
As per the analysis, the demand for tert-butanol is supported majorly from its application in flavors, fragrances, paints and coatings. Moreover, the tert-butanol market is influenced positively by the significant growth of the construction, automobile, and foods and beverages sectors.
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Rapid Urbanization to Be Major Factor Behind Rise in Demand for Tert-Butanol in Market
Rapid urbanization and industrialization in nations for example India, China, and Japan has resulted in the noticeable expansion of the building and construction industry. Apart from that, economic development has propelled the growth in disposable income, contributing to the demand for automobiles, further. This has resulted in the increasing use of paints and coatings as well as tert-butanol. The ever-increasing population in the Asia Pacific region has fuelled the accelerating demand for food and beverages, supporting the demand for tert-butanol as a key flavoring ingredient.