Butyl Glycol Market size is expected to be valued at USD 960.1 million in 2022, growing at a 5.3% CAGR from 2022 to 2028. Butyl glycol is also known as BG, 2-butoxyethanol, glycol monobutyl ether, ethylene glycol monobutyl ether, butyl cellosolve, and butoxyethanol. It is a clear, colorless, oily liquid with a high boiling point, low volatility, and a mild fruity odor. It has a bi-functional nature, containing both ether and an alcohol group in the same molecule which has excellent miscibility makes it a versatile solvent and coupling agent which offers excellent performance features in various applications. It has been produced industrially for solvents in paints and surface coatings but also in inks and cleaning products. Butyl glycol is classed as an irritant, so great precaution and care must be taken during the handling and distribution process. Most butyl alcohol is used as a solvent in paints, inks, and coatings. Growing demand for paints and coating manufacturers, growing oil and gas production, increasing solvent application in industry, and various applications in the textile and fabric industry will boost the overall market of the global butyl glycol market. Butyl glycol also has surface active properties and hence is widely used in the cleaning and sterilizing industry. However, Butyl glycol is mildly toxic in nature which is the key restraining factor in the global market. According to an American report, it is carcinogenic for animals like rodents. Moreover, leading manufacturers in the global butyl glycol market are adopting strategies such as acquisitions, mergers, collaborations, and strategic partnerships to expand their production capacity to meet the surging demand for butyl glycol. Hence, the global glycol butyl market will expand at a faster pace in the forecasted years. Asia Specific held the largest share in the global butyl glycol market and is expected to grow at a prodigious CAGR in the upcoming years.
Recent Market Developments:
In Aug 2020, Lotte Chemical has taken over a Vietnamese high-tech material company to attain its vision of becoming the seventh-largest chemical industry in the world.
In May 2020, Lotte Chemical has invested 161.7 billion won to acquire a 4.46 percent stake in Japanese chemical company Showa Denko.