Isobutanol Market Size Worth $ 1.65 Billion, Globally, By 2028 At 5.00% CAGR: Verified Market Research®
JERSEY CITY, NJ, September 27, 2021 / PRNewswire / – Verified Market Research recently published a report, “Isobutanol market“By Product Type (Synthetic Isobutanol, Bio-based Isobutanol), By Application (Paint & Coatings, Pharmaceuticals, Chemicals & Textiles) & By Geography. According to verified market research, the global isobutanol market size was assessed To $ 1.12 billion in 2020 and should reach $ 1.65 billion by 2028, with a CAGR of 5.00% from 2021 to 2028.
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202 – Slips
126 – Tables
37 – Figures
Global Isobutanol Market Overview
Isobutanol has properties that make it useful in a variety of industries. The petrochemical industry is a vital component of many industrial processes as it provides raw materials for a wide variety of products that find applications in automotive, construction and manufacturing. With an increase in the petrochemical industry, the usage of isobutanol is also increased which in turn increases the growth of the isobutanol market.
In addition, the booming construction industry across the world and supporting government initiatives to develop infrastructure have triggered the growth of the market. For example, in 2020 the UK government announced it would spend Â£ 640 billion (â¬ 733 billion) on infrastructure development over the next five years. In addition to this, the growth of the automotive industry and the increasing adoption of isobutanol in vehicles as engine oils are also supporting the growth of the market.
The use of isobutanol in cleaners and polishes will improve the growth of the market, as there is a high need for such products in the world. Although isobutanol is widely accepted, its prices are volatile and sometimes its compounds may not be readily available. Along with this, strict government regulation regarding the use of isobutyl acetate in food processing and cosmetics, due to its toxic properties, may also hamper the market growth.
Key developments in Isobutanol market
- In 2020, Fitesa signed four new agreements with product supplier Reicofil. The set contains state-of-the-art facilities that will significantly increase the capacity to support the safety and health industries.
- In 2019, Eastman Chemical Corporation purchased the Marlotherm heat transfer fluid production assets from Germany, along with associated formulations, intellectual property and customer contracts, from Sasol, a global chemicals and energy company.
The major players in the market are Mitsubishi Chemical Corporation, Toray, Dow Chemical Company, BASF SE., Eastman Chemical Company, Fitesa, Formosa Plastics Corporation, Grupa Azoty SA and Oxea GmbH.
Verified market research segmented the global isobutanol market on the basis of product type, application, and geography.
- Isobutanol Market, By Product Type
- Synthetic isobutanol
- Bio-based isobutanol
- Isobutanol Market, By Application
- Painting and coatings
- Chemicals and textiles
- Isobutanol Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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