- According to a recent study by Grand View Research, Inc., the bio-butanol market was worth about USD 7.5 billion in 2014. It is estimated to surpass USD 17 billion by 2022. This can be attributed to the growing awareness of environmental sustainability.
For Market Research Report on “Bio-Butanol Market” Visit -http://www.grandviewresearch.com/industry-analysis/bio-butanol-industry
Bio-based chemicals are increasingly replacing petroleum-based ones. They have similar material characteristics but a lower carbon footprint than the latter. Synthetic fuels are hazardous to the environment. They contribute to global warming. Rising demand for alternative fuels will boost the growth of the bio-butanol market in the future. Tight supply of key raw materials like corn, sugarcane, etc. may slow down the market in the forthcoming years.
The main application segments of the market are acrylates, glycol ethers, acetates, plasticizers, solvents, and others. Acrylates, with revenues worth USD 2.9 billion, was the leading segment in 2014. They face huge demand in the coatings industry. Paper coatings, water-based coatings, and leather coatings are likely to fuel the growth of acrylates in the years ahead.
Plasticizers will grow at a CAGR of more than 11.1 % from 2015 to 2022. There exists high demand for plasticizers possessing superior solubility, thermal stability, molecular mobility, etc. Glycol ethers are used in the manufacture of liquid soaps, resins, perfumes, and cosmetics. They will grow at a CAGR of 10.8 % over the next seven years.
North America will contribute revenues worth USD 4 billion to the bio-butanol market in 2022. Stringent regulations in favor of bio-based products are a key regional market driver. Revival of the manufacturing industry will also boost the sales of bio-butanol. Asia Pacific accounted for about 41% of the total market in 2014. It is anticipated to grow at the fastest rate till 2022.
A strong manufacturing industry will fuel this growth. Rapid urbanization in China, and India are triggering the demand for bio-butanol in the construction sector. Cosmetics, and textiles are the other important end-use industries. The prominent players in the bio-butanol market include Butamax Advanced Biofuels LLC, Cobalt Technologies, Solvay S.A., and Gevo Inc..
Green Biologics Ltd., Cathay Industrial Biotech Ltd., Arbor Biofuels Company LLC, and Bioenergy International LLC are the other key players.
Information Source: Grand View Research
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