According to a new report published by Allied Market Research, the isobutanol market size was valued at $1.0 billion in 2020, and is projected to reach $1.9 billion by 2030, at a CAGR of 6.3% from 2021 to 2030.
Isobutanol is an organic molecule made from propylene that has been carbonized. It is a flammable, colorless liquid with a distinct odor. It is mostly employed as a solvent, either directly or in the form of esters. The other butanols, or isomers, are n-butanol, 2-butanol, and tert-butanol, which are important industrially.
Growth Opportunities in Isobutanol Market
The isobutanol market is estimated to grow at a significant rate, owing to the rise in demand for isobutanol from various end-use industries such as solvents & coatings, oil & gas, automotive, pharmaceutical, and more.
A large portion of isobutanol is transformed into derivatives, which are then utilized as coating solvents. Isobutanol is frequently used as a diluent in cellulose nitrate lacquers because it minimizes blushing of some coatings when they cure in humid circumstances and improves their flow,
gloss, and resistance to flushing. Furthermore, it is widely utilized as a feedstock in the manufacturing of glycol ethers and flotation aids, which is expected to significantly drive the growth of the isobutanol market during the forecast period.
The global isobutanol market analysis has been done on the basis of product, application, and region. By product, the isobutanol market is divided into synthetic isobutanol, bio based isobutanol, and others. The bio based isobutanol sector accounted for the substantial market share of Isobutanol in terms of value and is estimated to lead the overall market in the coming years. This could be due to increased demand from developing countries such as China and India. In addition, in the future years, synthetic isobutanol is expected to expand at the fastest rate.
By application, the oil & gas sector accounted for the significant market share of isobutanol and is estimated to lead the overall market in the coming years. This may be because of the increase in demand from the construction and automotive industries. In addition, the chemicals industry is expected to grow at the quickest rate in the future years.
By region, the Asia Pacific led the global economy and is predicted to experience the highest growth during the projected period. Rise in oil & gas, petrochemicals, and construction industries is anticipated to augment regional growth in developing economies such as India, China, Indonesia, and Vietnam.
Source: Allied Market Research