NEW YORK, Sept. 2, 2020 /PRNewswire/ -- The Global Isobutanol Market is forecast to reach USD 1555.8 Million by 2027, according to a new report by Reports and Data. Rising demand for isobutanol through diverse end-use industries, including oil & gas and chemical intermediates, is anticipated to enhance its production over the forecast period. Isobutanol's introduction as a synthetic medium for the development of isobutyl esters has also led to market penetration. Isobutanol-associated intrinsic characteristics such as medium volatility and minimal miscibility are considered to be favorable for market growth.
Overall, the production of effective and advanced technologies, increased demand from the paint and coating industries, building and automobile industries, increased packaged food industries in various developed countries, booming pharmaceutical industries, and advantageous isobutanol properties, such as medium flexibility, minimal miscibility, enhanced gloss and flow, and prevented blushing are among the prime growth drivers for the market. Additionally, the marketing of bio-isobutanol manufacturing through biological fermentation has expanded isobutene acceptance for use in newer vertical industrial economies, and developing economies, such as China, India, and others, will create new prospects for the global isobutanol industry.
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Fluctuations in the price of crude oil are likely to impede the potential demand for petroleum-derived goods. Extensive R&D by some of the primary industry players has led to isobutanol development being commercialized by biological fermentation that could be used in jet fuel. The product is used for low carbon emissions and safer burning in green jet-fuel. Since its higher energy content, isobutanol, as a biofuel, is favored to ethanol and follows EPA pollution goals.
COVID-19 Impact Analysis:
Isobutanol is a solvent used in the manufacturing of personal care goods or disinfectants. The current epidemic of COVID-19 has led to a significant rise in the production and use of hand sanitizers and surface disinfectants, thereby positively influencing demand. Manufacture and supply increased, which was beneficial for manufacturers, dealers, and consumers. The market would continue to rise with the growing healthcare concerns and an increasing need to maintain hygiene. Even after the pandemic, the market is estimated to continue to escalate as the ongoing virus has increased the focus on healthcare, creating more awareness among customers.
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Further key findings from the report suggest
- Chemical intermediates were the leading product group and constituted 46.54% of the overall value of the industry in 2019. Due to the rapid development of the petrochemical industry, especially in the Middle East and the Asia Pacific, the segment is anticipated to gain market share in the coming years.
- The fastest growth of 6.6% from 2020 to 2027 is anticipated for bio-based isobutanol. Rising environmental and toxicity issues coupled with high selling levels of bio-based isobutanol at lower prices can be due to demand for the chemical. Bio-based isobutanol is widely used in low carbon emissions and cleaner-burning green jet fuels.
- The APAC is expected to intensify with an estimated 6.4% CAGR, due to the booming oil & gas industry, the demand in emerging nations such as China and India is rising. The government has taken steps for urbanization, and industrialization has led to the rapid growth of the production sector in the country, which will have a significant impact on regional growth.
- Established markets of North America and Europe are distinguished by changing customer interest to environment-friendly products and a tight regulatory system for the manufacture of various petrochemical products.
- Key participants include BASF, The Dow Chemical Company, Eastman Chemical Company, Toray, Fitesa, Formosa Plastics Corp., Oxea GmbH, Mitsubishi Chemical Corporation, Perstorp Holding AB, and Sasol Ltd., among others.
For the purpose of this report, Reports and Data has segmented the Global Isobutanol Market on the basis of product, distribution channel, application, and region:
Product Outlook (Revenue, USD Million; 2017-2027)
Distribution Channel Outlook (Revenue, USD Million; 2017-2027)
Application Outlook (Revenue, USD Million; 2017-2027)
- Oil & Gas
- Solvents & Coatings
- Chemical Intermediate
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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