The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Global Butyl Alcohol Market: Definition and Introduction
Butyl alcohol is straight chain alcohol with four carbons, having molecular formulae – (C4 H10O)-. It is colorless and flammable liquid with a strong and sweet odor. The raw materials for the production of butyl alcohol are syngas and propylene, produced through petrochemical processes. The other names for butyl alcohol are butanol, n-butanol. The notable properties of butyl alcohol include better melting and boiling point, better viscosity, better potential as a fuel and soluble in solvents & insoluble in water.
The primary applications of butyl alcohol are they act as an intermediate in the synthesis of flavoring substance, accelerating agent in rubber synthesis, and dewaxing agent for organic dyes & inks. Butyl alcohol is known to possess improved properties vis-à-vis other product types, which helps them gain preferential applications in various end-use industries, such as coatings, automotive, construction, agriculture, pharmaceutical, and textile. Besides, butyl alcohol has superior property with very low level of impurities.
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Global Butyl Alcohol Market: Dynamics
The global demand for butyl alcohol from the agricultural and coating sector is expected to surge in next few years, owing to the penetration in high-value resins, especially solvents. With the increasing demand for the environmentally friendly, low VOC water-based paints, coatings, inks and adhesives are factors expected to surge the growth of the butyl alcohol market throughout the forecast period. The market for the plastic and polymer is growing as the use of plastic bags, synthetic rubber, and brake fluids has increased, which consequently is expected to contribute to the growth of the global butyl alcohol market.
The increasing demand for efficient fuel, rapid-acting intermediates as extractants in pharmaceuticals and artificial food, introduction of innovative food manufacturing facilities, and aging population are the key factors expected to drive the growth of the butyl alcohol market. The financial instability and regulatory norms are factors expected to restrain the growth of the global butyl alcohol market over the forecast period.
Global Butyl Alcohol Market: Segmentation
The global butyl alcohol market is segmented on the basis of application, product type, end users and regions.
On the basis of product type, the global butyl alcohol market is segmented as:
- Chemical butanol
On the basis of application, the global butyl alcohol market is segmented as:
On the basis of End-use industry, the global butyl alcohol market is segmented as:
- Paints & coating
Global Butyl Alcohol Market: Regional Outlook
The global butyl alcohol market can be segmented into seven key regions, namely North America, Eastern Europe, Asia Pacific, Western Europe, Japan, Latin America, and Middle East & Africa. Increasing urbanization and industrialization is expected to boost the demand for butyl alcohol in Asia Pacific. China is expected to be the major consumer of butyl alcohol owing to increase in the number of production facilities in the country. Moreover, butyl alcohol is been benefited from major economies, such as North America and Europe. The construction industry has witnessed significant growth in Europe, owing to which the demand for butyl alcohol is expected to increase in the region. Besides, the growth of butyl alcohol is expected to increase in North America due to the growth of the automotive sector.
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Global Butyl Alcohol Market: Key Players
Examples of some of the key participants identified across the value chain of the global butyl alcohol market are:
- The DOW Chemical Company
- SINOPEC (China Petroleum & Chemical Corporation)
- Sasol Limited
- OXEA GmbH
- Eastman Chemical Company
- Formosa Plastic Corporation
- Mitsubishi Chemical Corporation
- Tianjin Bohai Chemical Industry Co., Ltd.
- Green Biologics, Inc.