Butyl Glycol Market revenue to cross USD 5 Billion by 2033, says Research Nester

The Butyl Glycol Market is predicted to grow steadily over the next decade. It is expected to experience a Compound Annual Growth Rate (CAGR) of about 4% from 2023 to 2033. By the end of 2033, the market is projected to generate a revenue of $5 billion, which is an increase from the approximately $4 billion earned in 2022. This growth can be attributed to the increasing demand for paints that utilize solvents and water bases. These types of paints are commonly used for interior decoration purposes in residential properties.

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The demand for butyl glycol is expected to rise due to the surge in investment in construction projects and the overall growth in construction activity. This is anticipated to drive up the need for both solvent-based and water-based paint. As an example, the study done by the Associated Builders and Contractors and published today shows an increase of approximately 0.7% in national non-residential construction spending in July 2022, according to statistics from the Census Bureau.

Global Butyl Glycol Market: Main Points

The exponential increase in the expansion of cities worldwide will actively contribute to the progress of the market.

Urbanization refers to the process of people gathering in specific areas, leading to the transformation of land for various purposes such as residential, commercial, industrial, and transportation. This includes densely populated urban areas as well as the surrounding suburban or peri-urban areas. Additionally, it involves the movement of people from rural to urban regions, resulting in a decrease in rural population and requiring societies to adapt. Urbanization is experiencing significant growth worldwide and is expected to continue increasing. In 2018, 55% of the global population lived in cities, and by 2050, it is estimated that 68% will reside in urban areas. This rise in urbanization is driven by more individuals choosing to relocate to cities, leading to a higher demand for housing and increased construction activity. Butyl glycol, a widely used substance, plays a significant role in various construction activities. Consequently, these factors are expected to contribute to the expansion of the global butyl glycol market.

Overview of Butyl Glycol Market Across Regions Worldwide

The worldwide market for butyl glycol is divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

The Asia Pacific region is expected to witness a significant boost in market growth due to the rising construction activities.

By the end of 2033, it is expected that the Asia Pacific region will have the highest revenue in the market for butyl glycol. The strong growth in the construction industry and related activities in the region is a major factor contributing to this. It is projected that the Asia Pacific region will contribute around USD 8 trillion to the global construction industry output by 2030. This growth is driven by the widespread use of butyl glycol in the construction industry. Additionally, the region has a large labor force, with countries like India having a significant number of people of working age. However, due to the impact of COVID-19, unemployment rates have increased, reaching 9.1% in mid-August compared to 8.67% the previous week. There were significant improvements after the sharp rise in April and May when the unemployment rate exceeded 23%, dropping to 7.4% in July. This is expected to have a significant impact on the growth of the market as well.

The North American region is expected to experience considerable growth driven by the expanding automotive industry.

According to projections, the North American butyl glycol market is expected to experience the highest compound annual growth rate (CAGR) by the end of 2033. The primary reason behind this growth is the significant expansion of the automotive sector in this region. It has been observed that the manufacturing of motor cars and their components provides employment opportunities for nearly 923,000 Americans, while auto dealers employ 1,251,600 individuals. In 2021, the motor vehicle and parts industry in the United States generated revenue of almost USD 1.5 trillion. This industry contributes around 3% to the country's overall GDP. Additionally, the rise in disposable income per person among the local population has enabled more individuals to own personal vehicles. As of 2022, approximately 75% of Americans reported having access to their own car, and an additional 20% had access to a company or family vehicle. The high demand for automobiles within the nation is a driving force behind the prosperous automotive industry. Consequently, this is expected to further bolster the growth of the butyl glycol market in North America.

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The research also encompasses year-on-year expansion, the balance between supply and demand, and predicts potential future opportunities in: Additionally, the analysis takes into account the annual increases in growth, the relationship between the availability and demand of goods or services, and predicts potential opportunities that lie ahead in the future.

Butyl Glycol, Categorized based on Usage

In the two categories mentioned, the solvents category is expected to have the largest share throughout the predicted period. The reason for this segment's growth can be attributed to the increased usage of substances that kill insects. Every year, nearly a billion pounds of chemical solvents are used in the United States on crops like fruits, nuts, and vegetables. Many pest-control products include solvents in their formulations. Benzene, chloroform, carbon tetrachloride, 1,2-dichloroethane, 1,4-dioxane, and 2-nitropropane are among the solvents that have been cautioned against being used in pesticides.

Differentiation based on the ultimate consumer of Butyl Glycol

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Out of these three categories, the electrical and electronics section is anticipated to dominate the market in the projected timeframe. The growth in this particular segment can be ascribed to the significant expansion of the electronics sector and the high demand for electronic products among consumers. The global consumer electronics industry witnessed a substantial surge, reaching nearly USD 113 billion in 2021, indicating a significant increase compared to the previous year. Moreover, the accelerated growth of the industrial robot industry and its widespread adoption also contribute to the sector's progress. Additionally, the extensive utilization of electronics in various industries plays a crucial role in driving growth. Globally, industrial robot sales have tripled in the past decade, reaching a record high of approximately 423,000 units in 2018.

Research Nester has provided profiles of some prominent players in the butyl glycol market worldwide. These players include Sadara Chemical Company, Anshika Polysurf Limited, Nippon Nyukazai Co. Ltd., Lotte Chemica Sasol Limited, Lyondell Basell Industries B.V., Eastman Chemical Company, Asia Pacific Petrochemicals Co Ltd, Dow Chemical Company, BASF SE, and various other important market players.

Recent Advancements in the International Butyl Glycol Industry

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