With a rise in the petrochemical industry, and the rising demand for isobutanol in oil & gas and chemical industries is anticipated to enhance the growth of the Isobutanol market over the forecast period.
JERSEY CITY, N.J., Sept. 27, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Isobutanol Market" By Product Type (Synthetic Isobutanol, Bio-Based Isobutanol), By Application (Paint And Coatings, Pharmaceuticals, Chemicals And Textiles), and By Geography. According to Verified Market Research, the Global Isobutanol Market size was valued at USD 1.12 Billion in 2020 and is projected to reach USD 1.65 Billion by 2028, growing at a CAGR of 5.00% from 2021 to 2028.
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Global Isobutanol Market Overview
Isobutanol has properties that make it useful in a variety of industries. The petrochemical industry is a vital component of numerous industrial processes as it provides raw materials for a wide array of products that find application in automotive, construction, and manufacturing. With a rise in the petrochemical industry, the use of Isobutanol is also increased which in turn increases the growth of the Isobutanol Market.
Moreover, the booming construction industry across the globe and supportive government initiatives to develop infrastructure have triggered the growth of the market. For instance, in 2020, the UK government announced that they will spend £ 640bn (€ 733bn) on infrastructure development over the next five years. In addition to this, the growing automotive industry and rising adoption of Isobutanol in vehicles as an engine oils are also supporting the market growth.
The use of Isobutanol in cleaners and polishes will improve market growth since there is a high need for such products globally. Although Isobutanol is widely accepted, it has volatile prices and sometimes its compounds may not be readily available. Along with this, stringent government regulation towards the use of isobutyl acetate in food processing and cosmetics, owing to the toxic properties can also hinder the market growth
Key Developments in Isobutanol Market
In 2020, Fitesa signed four new agreements with the Reicofil product provider. The package contains state-of-the-art facilities that will expand the capacity to support the safety and hygiene industries substantially.
In 2019, Eastman Chemical Corporation has purchased the Marlotherm heat transfer fluids production assets in Germany, as well as related formulations, intellectual property, and customer contracts, from Sasol, a worldwide chemical 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 S.A., and Oxea GmbH.
Verified Market Research has segmented the Global Isobutanol Market On the basis of Product Type, Application, and Geography.
Isobutanol Market, By Product Type
Isobutanol Market, By Application
Isobutanol Market by Geography
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