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.
“Mergers and acquisitions are also a go-to growth strategy for both
established and smaller players,” the author of the study observes.
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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.”
Rapid
Economic Growth a Major Driving Force
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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Asia
Pacific to Remain in the Limelight throughout Forecast Period
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.
This review is based on the findings of a TMR report titled
“Tert-butanol Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2016-2024.”
Tert-butanol
Market: End-user Segment Analysis
- Paints & Coatings
- Flavors & Fragrance
- Pharmaceuticals
- Others
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