The global n-butanol market is estimated to exceed US$ 3.64 billion in 2023 to US$ 5.65 billion by 2032, growing at a compound annual growth rate (CAGR) of 5% during the forecast period from 2024 to 2032.
N-butanol is a colorless, clear liquid that belongs to a group of chemicals known as alcohols. It is utilized as a solvent and as an intermediate in the manufacture of other chemicals, including adhesives, paints, and plastics. It is also utilized in the production of glycol ethers, which are solvents utilized in the production of paints, inks, and other products. The main benefit is high solvency and low volatility, which makes it perfect for a broad range of applications. The main end-users of N-butanol are the coating and paint industry, pharmaceuticals, and the personal care industry.
Flourishing Demand from the Transportation Sector
N-butanol has major demand in the transportation sector for applications inignition engines, biofuel, brake fluids, and others. The production growth and established transportation sectors, including aerospace, marine, automotive, and locomotive are driving the growth in the market. For instance, BOEING forecasts that commercial, general, and business aviation services will represent US$ 1.7 trillion by 2030. The growth in transportation across the world is influencing the demand for N-butanol.
According to the Bureau of Transportation Statistics (BTS), North American transborder freight was 23.8% up in March 2022 compared to March 2021. Thus, with the growing transportation industry from aerospace, marine, automotive, and others, the demand for N-Butanol is rising, due to its broad range of applications in transportation for biofuel, engine ignition, and others; thereby the N-Butanol industry is experiencing major growth opportunities to the market during the forecast period.
Fluctuating Raw Material Prices and their Scarcity in the Future
The manufacturing procedure for n-butanol involves the reaction between syngas and propylene in the presence of a catalyst. Propylene is a petrochemical, which is made from steam cracking of liquid feedstocks like LPG and naphtha, as well as from off-gases produced in fluid catalytic cracking units in refineries. Propylene is a fossil fuel-derived raw material and, hence, subject to a frequent price change as per market requirements. Similarly, syngas is also derived from a hydrocarbon base, which is meeting volatility in prices.
As per Ecotricity, it is projected that crude oil reserves are being utilized at the rate of 4 billion tons a year and are estimated to last until 2052. Also, the Asian n-butanol market across the first quarter of 2024 saw a largely mixed market situation. During the first two months of 2024 prices of n-Butanol witnessed an inflation of more than 7%, due to elevated production costs across the exporting European market and price hikes implemented by major oxo-alcohol producers, namely OQ Chemicals and Eastman Chemicals. Gas and coal aids would run out by 2060 and 2088, respectively.
Due to these fluctuations in crude oil prices, the prices of raw materials for n-butanol have also been involved. Manufacturers must cope with these fluctuations in raw material costs, which decrease their profit margins. This scenario has forced market players to improve the productivity and efficiency of their operations to sustain growth. Thus, all these factors are hindering the growth of the market over the forecast period.
Emerging Trends in Bio-derived N-Butanol or Biofuel
N-butanol has flourishing demand as biofuel and is preferred across different sectors. The demand for biofuel is rising rapidly due to the growing focus on the reduction of greenhouse gas emissions, VOC content, and volatility in crude oil prices. Thus, biofuel production is appearing as the latest trend.
According to the International Energy Agency (IEA), the global demand for biofuels is anticipated to grow by 41 billion liters, or 28%, over the period 2021-2026. The biobased N-Butanol is produced from cellulose by over-expressing aldehyde dehydrogenase. Thus, with the emerging demand and trends for biofuels, the demand for bio-derived n-butanol fuels is encountering high traction, thereby boosting growth opportunities in the market throughout the projection period.
By Application
In 2023, the glycol ethers segment dominated the global n-butanol market in terms of revenue and is anticipated to maintain its dominance during the forecast period. This growth can be attributed to the fact that these ethers are fundamental solvents utilized in a variety of industrial and domestic applications. It is an oily, clear, colorless liquid with a mild odor. It is an essential organic compound and a chemical intermediate. It has chemical stability, excellent solvency, and compatibility with water and several organic solvents. They are utilized in applications like dyes, solvents for industrial cleaning, solvents for insecticides and herbicides, icing inhibitors, and chemical reaction solvents. Hence, these factors are driving the growth of this segment in the global market throughout the projection period.
By End Use
In 2023, the building & construction segment dominated the global n-butanol market in terms of revenue and is expected to maintain its position during the forecast period. This growth can be due to the fact that n-butanol has major applications in the construction and building sector for commercial and residential buildings as a solvent, paints, varnishes, coatings, and others.
This is due to its excellent advantages like decor, aesthetics, and protection in the building and construction industry. The growing development and investments in construction projects are boosting the growth in the market. According to the Office for National Statistics, the monthly construction output in Great Britain grew by 1.7% in volume in March 2022, recording a monthly level high since 2010 volume.
Also, under the Make in India scheme by the Government of India, under Pradhan Mantri Awas Yojna-Urban (PMAY-U), around 52.55 lakh houses have been constructed by November 2021 out of 114.06 lakh houses sanctioned in India. Thus, the demand for n-butanol for paint, coatings, varnish, and other applications is growing rapidly, thereby boosting the growth of the building and construction industry in the market during the forecast period.
Regional Analysis
In 2023, the Asia-Pacific region dominated the global n-butanol market in terms of revenue. This growth can be attributed to the growing urbanization, rising population, expansion of international players in this region, and technological advancements are some factors attributed to the market growth of this region.
The rising disposable incomes and industrial growth in countries like India, China, and Japan result in greater market demand. For, instance, according to the U.S. Energy Information Administration (EIA), the disposable income for the Asia Pacific region is estimated to reach US$ 9,311 per person by 2025.
Also, the rising applications in the automotive and construction sectors, increasing utilization of the product in personal care products, and strengthening the pharmaceutical sector in China, India, and Japan boost the market growth. For instance, according to the reports, in 2023, the construction output in the Asia-Pacific region grew to 6.4% compared to 1.9% worldwide, as emerging economies are driving growth. Thus, all these factors are driving the growth of the global market in this region in the future.
Key Companies Operating in the Global n-Butanol Market
Market Segmentation Outline
By Application
By End Use
By Region
1 INTRODUCTION OF GLOBAL N-BUTANOL MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: N-BUTANOL MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL N-BUTANOL MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL N-BUTANOL MARKET, BY APPLICATION
5.1 OVERVIEW
5.2 BUTYL ACRYLATE
5.3 BUTYL ACETATE
5.4 GLYCOL ETHERS
5.5 DIRECT SOLVENT
5.6 PLASTICIZERS
5.7 OTHERS
6 GLOBAL N-BUTANOL MARKET, BY END-USER
6.1 OVERVIEW
6.2 AGRICULTURE
6.3 PAINTS AND COATINGS
6.4 PHARMACEUTICALS
6.5 CONSTRUCTION
6.6 PERSONAL CARE
6.7 OTHERS
7 GLOBAL N-BUTANOL MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL N-BUTANOL MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 SASOL LIMITED
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 SINOPEC
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 THE DOW CHEMICAL COMPANY
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 ARKEMA SA
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 BASF SE
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 COBALT TECHNOLOGIES
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 EASTMAN CHEMICAL COMPANY
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 GREEN BIOLOGICS INC.
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 INEOS GROUP LTD.
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 JIANGSU HUACHANG CHEMICAL INDUSTRY COMPANY LIMITED
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 KH NEOCHEM
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 MITSUBISHI CHEMICAL CORPORATION
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 OQ CHEMICALS
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 PETROCHINA COMPANY LIMITED
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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