The latest market analysis report by Reports and Data is titled Global 2,3-Butanediol Market Forecast to 2030. The report offers a comprehensive view of the 2,3-Butanediol markets, elaborating on the industrys key segments. In this report, Reports and Datas team of market researchers have provided details on the key market dynamics, including market revenue growth drivers, restraints, trends, opportunities, supply demand ratios, shifting consumer tastes preferences, and changing production consumption patterns, and technological breakthroughs. The market research report sheds light on the key challenges and barriers to industry revenue growth, such as stringent government regulations and policies and potential market threats and risks. Key regional markets encompassed in the report are North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. Moreover, the current market positions of the top industry players have been assessed in this report using advanced analytical methods such as SWOT analysis, Porters Five Forces analysis, and PESTLE analysis.
Major Factors Contributing to the Global Materials and Chemicals Market Revenue Growth
According to a recent market analysis report by Reports and Data, the global materials chemicals market is expected to surpass a market size ofUSD 21.93 Billionin2030, registering a robust8.18% CAGR during the forecast period. The global materials chemicals market revenue growth is primarily attributed to factors such as fast-paced industrialization across the globe, rising demand for essential consumer goods (including packaged foods beverages, personal care cosmetic products, and household hygiene products), and increasing applications of raw materials and chemicals in a wide range of industries including the buildings construction, food beverage, pharmaceutical, agriculture, and textile industries. Other important factors contributing to the global market revenue growth are increasing industrial applications of specialty chemicals, growing use of high-performance, organic agrochemicals in the agriculture industry, rising environmental concerns among the population, growing need for environmentally friendly and sustainable raw materials and chemicals, and increasing government investments in the materials chemicals industry.
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Market Overview:
The chemicals and materials industry is made up of a diverse group of businesses that differ in size, geography, business style, and end-market emphasis. These businesses are part of a larger ecosystem that includes oil, gas, coal, minerals, and bio-based products as raw materials on one hand and a diverse range of application industries on the other. Petrochemicals, diversified manufacturers, and specialized chemical industries have traditionally been divided into three categories.
While the wider patterns discussed in the previous section apply to the entire sector, the complexity of the distinctions among the various players highlights the need of looking at trends by player segment. Deloitte previously classified chemical sector stakeholders into three categories in its multiverse series: natural owners, distinctive commodities, and solution providers. 4 Each of these groups usually has its own strategic imperative. Large, vertically integrated natural owners have a tendency to prioritize continual improvement and operational perfection over innovation. Differentiated commodities flourish in a highly complex and fragmented category by focusing on supply chain efficiency, market innovation (commonly referred to as industrial marketing), and cost optimization. Solution providers do exactly that: they concentrate on maximizing the potential of their unique goods, as well as their application expertise and services.
Top 10 Companies Operating in theGlobal 2,3-Butanediol Market:
BASF SE, Mitsubishi Chemical Corporation, Ashland Inc., SK Global Chemical Co. Ltd., Nan Ya Plastics Corporation, Mitsui Co. Ltd., Genomatica Inc., Chemtura Corporation, Dairen Chemical Corporation, and Bioamber Inc., among others.
Further key findings from the report suggest
- 2,3-Butanediol is also used as a plasticizer in cellulosic and polyesters as a carrier solvent in the printing ink, an adhesive (in leather, plastics, polyester laminates, and polyurethane footwear), a cleaning agent, in veterinary and agricultural chemicals and coatings.
- 2,3-Butanediol is also applicable as a humectant in pharmaceuticals and as a solvent in cosmetic formulations. It is imported as a solid wax in 200L steel drums and also is formulated materials.
- 2,3-Butanediol is converted to gamma-hydroxybutyrate (GHB) in the body. GHB slows down brain function and can cause loss of consciousness, along with the dangerous slowing of breathing and other vital functions. It also stimulates the growth hormone secretion.
- Poly Butylenes Terephthalate (PBT) is a synthetic thermoplastic polymer. 2,3-Butanediol is the key raw material for the production of PBT. One of the major driving factors of the market is the rising demand for lightweight vehicles due to their high performance, competitive pricing, strength, style, reliability, and safety.
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2,3-Butanediol Market Segmentation
Technology Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Davy-McKee Process
- Butadiene Process
- Reppe Process
- Propylene Oxide Process
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Poly Butylene Terephthalate (PBT)
- Tetrahydrofuran (THF)
- Polyurethane (PU)
- Gamma-Butyrolactone (GBL)
End-Use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Textile
- Automotive
- Electrical and Electronics
- Agricultural Chemicals
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