2,3-Butanediol Market (Application: Intermediate Chemicals, Plastics, Food Additives, Cosmetics, and Others [Pesticides and Anti-freeze Agents]) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Plastic Films: Hero or Villain in Killing COVID-19?
Plastics are under scrutiny for spreading the novel coronavirus (COVID-19). Manufacturers are increasing their research efforts to develop plastic materials capable of killing the coronavirus. For instance, Symphony Environmental Technologies Plc.- a specialist in anti-microbial plastic technologies has announced positive antiviral test results validated by the Eurofins Laboratories for its polyolefin film. Thus, companies in the 2,3-Butanediol market should take cues from such companies to develop plastic that kills COVID-19. As such, 2,3-Butanediol manufacturers have a vast product portfolio of plasticizers and polyester products.
Manufacturers operating in the 2,3-Butanediol market are increasing efforts to meet the ISO (International Organization for Standardization) standard for the development of plastic films capable of rendering the COVID-19 pathogen harmless. They are conducting several quality control checks to innovate in plastic films. Such films cater to positive development in the field of plastics that hold promising potentials in providing an extra level of protection in end-use products.
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Production of Synthetic Rubber and Renewable Resources Fuels Market Growth
2,3-Butanediol is an emerging material, which is being used in the production of renewable resources. This organic compound holds promising potentials in various industrial applications, such as in the production of rubber, food additives, and cosmetics. Companies in the 2,3-Butanediol market are broadening their revenue streams by increasing the production of plasticizers, softening agents, derivatives, and drugs, among others. The market is expected to reach a value of ~US$ 300 Mn by the end of 2030.
There is a growing demand for starting materials that deploy chemical conversions. This has fueled the demand for 2,3-Butanediol isomer. Manufacturers in the 2,3-Butanediol market are targeting the use of isomer in the production of methyl ethyl ketone (MEK). As such, MEK is being used as a liquid fuel-additive to produce synthetic rubber where the latter is a major building block in the chemical industry.
Eco-friendly Fermentation Processes Enable Manufacturers Gain Global Recognition
2,3-Butanediol is gaining popularity as a non-toxic and eco-friendly material, which can be used in various agricultural applications. The South Korean oil refiner GS Caltex, has achieved successful commercialization of 2,3-Butanediol being produced using eco-friendly fermentation methods. Companies in the 2,3-Butanediol market that are producing the isomer using eco-friendly fermentation process sans chemical synthesis, are gaining recognition in the global market landscape. They are tapping into value-grab opportunities through the production of fertilizers, biostimulants, and crop protection products.
The cost efficiency of 2,3-Butanediol is being realized by fertilizer manufacturers, as this organic compound is readily available in soil, animals, and food. Thus, manufacturers in the 2,3-Butanediol market are enhancing their credibility credentials by adopting eco-friendly fermentation of the isomer, which results in preserving the natural ecosystem. Fermented and natural foods such as wine, honey, and raspberry are natural sources of 2,3-Butanediol.
Chemical Fertilizers versus 2,3-Butanediol Fertilizers: Which is better?
The ever-expanding agricultural sector has catalyzed the demand for fertilizers and biostimulants. Companies in the 2,3-Butanediol market are focusing on developing fertilizers that possess drought-resistance mechanism. Conventional chemical fertilizers supply crops with nutrition. However, fertilizers with 2,3-Butanediol possess enhanced resistance to various environmental stress such as freeze injury, drought, high temperature, and salt injury. The worldwide demand for organic food is another key driver for the market.
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Fertilizers with 2,3-Butanediol promotes growth in crops and yield better volumes. There is a rising awareness about these fertilizers to achieve plant disease control, owing to its advantageous attributes of non-toxicity and the use of eco-friendly materials. The use of chemical pesticides is limited during the harvest of crops as a result of residual toxicity issues. Manufacturers in the 2,3-Butanediol market are solving these issues by increasing the availability of 2,3-Butanediol-induced pesticides.
In-house Bioengineering Technological Solutions Deploy Innovations in Cosmetic Products
2,3-Butanediol is being highly publicized as a natural and eco-friendly polyol easily found in fermented food and living organisms such as bees and fish. This next-gen polyol is emerging as a suggestive alternative to synthetic chemicals in the production of polyester and cosmetics. Manufacturers in the 2,3-Butanediol market are increasing their R&D efforts to include superior moisturizing and preservative-boosting effects in polyols. The excellent dispersing effects of 2,3-Butanediol are acquiring prominence in the production of cosmetics and personal care products.
Active ingredients such as Vitamin C in cosmetics and personal care products have high dispersing effects due to the presence of 2,3-Butanediol in products that deliver excellent skin penetration. As such, companies in the 2,3-Butanediol market are establishing stable revenue streams in pharmaceutical and agriculture sectors. Leading manufacturers are establishing in-house bioengineering technological solutions in order to innovate in cosmetics and personal care products.
Aesthetic Formulations of Personal Care Products Enhanced with 2,3-Butanediol Polyols
The 2,3-Butanediol market is expected to grow at a sluggish CAGR of 3.5% during the forecast period, as 2,3-Butanediol fermentation, with the help of sugars, leads to high production costs. Hence, manufacturers are using less-expensive feedstock substrates such as molasses, starch, and glycerol for 2,3-Butanediol fermentation. There is a growing demand for sustainable and bio-based 2,3-Butanediol with colorless and odorless features for use in the production of emollients and solvents. These emollients and solvents are commercialized in cosmetics and personal care products.
Moreover, excellent moisturizing and preservative boosting properties are highly preferred in cosmetics and personal care products. Companies in the 2,3-Butanediol market are developing this polyol using bio-based fermentation processes. The superior spreading and lubricity properties are enhanced in cosmetics products with the help of 2,3-Butanediol polyols. This has helped to improve the aesthetic formulations of personal care products.
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Plastic films that kill the coronavirus hold promising potentials in providing an extra layer of protection in products until the end of their lifetime.
The cost-efficient production of 2,3-Butanediol is being made possible with the help of eco-friendly fermentation processes, as manufacturers can source the isomer from fruit and pulp waste via the juice industry and other F&B companies. However, the fermentation of 2,3-Butanediol using sugars such as glucose and xylose substrates can be potentially cost-intensive. Hence, companies in the 2,3-Butanediol market should use less expensive feedstock such as starch, molasses, and lignocellulosic materials for the fermentation of 2,3-Butanediol.
In addition, incremental opportunities in agriculture and pharmaceutical products are bolstering market growth.
2,3-Butanediol Market: Overview
- 2,3-Butanediol contains symmetrical carbon atoms and three types of optical isomers. It is composed of three stereoisomers (2R-3R-, 2S-3S- and 2R-3S-).
- 2,3-Butanediol features strong hydrophilicity. It is an odorless, colorless, and transparent liquid at normal temperature. 2,3-Butanediol can be solid, liquid, solidified melt, or supercooled melt due to its specific melting range.
- 2,3-Butanediol is completely soluble in water, lower alcohol, dimethyl ketone, and methyl ethyl ketone. It is partially soluble in ether, acetic ether ethyl acetate, castor oil, and dibutyl phthalate. 2,3-Butanediol is insoluble in fat hydrocarbon, benzene, toluene, phenol, carbon telrachloride, mineral oil, flaxseed oil, or ethanolamine.
- 2,3-Butanediol plays an important role in chemical, plastic, pharmaceutical, cosmetic, and food industries. It is an intermediate chemical and is readily convertible into butadiene, butenes, and methyl ethyl ketone (MEK), which are used in the production of hydrocarbon fuels and several chemicals.
2,3-Butanediol Market: Key Highlights
- 2,3-Butanediol, an organic compound, is one of the highly useful chemical intermediates. It is employed extensively in the production of synthetic rubbers such as polybutadiene rubber, styrene-butadiene rubber, styrene-butadiene latex, nitrile rubber, and chloroprene rubber.
- Rise in demand for rubber such as styrene-butadiene rubber, styrene-butadiene latex, nitrile rubber, and chloroprene rubber in the tire industry is anticipated to drive the 2,3-Butanediol market, as 2,3-Butanediol is converted into 1,3-Butadiene that is extensively employed in the manufacture of different kinds of rubbers.
- 2,3-Butanediol acts as a precursor to methyl ethyl ketone (also known as MEK or 2-butanone). Demand for 2,3-Butanediol is expected to rise significantly in this area of application during the forecast period.
- 2,3-Butanediol is a niche chemical. Currently, the industry is in the early phase of its adoption. High cost involved in the commercial production of 2,3-Butanediol is key factor hampering the global market.
Rise in Demand for Bio-based Chemicals to Drive 2,3-Butanediol Market
- The global 2,3-Butanediol market has been segmented based on application and region. In terms of application, the global 2,3-Butanediol market has been divided into intermediate chemicals, plastics, food additives, cosmetics, and others. In terms of revenue, the intermediate chemicals segment held major share of the global 2,3-Butanediol market in 2019.
- Bio-based chemicals such as 2,3-Butanediol are anticipated to replace synthetic and petrochemical products. The move toward shale gas is leading to a scarcity of butadiene across the globe. Companies are seeking alternative sources of butadiene production.
- 2,3-Butanediol serves as a key building block in the pharmaceutical industry. Expansion in the pharmaceutical sector across the globe is projected to offer significant opportunities to the 2,3-Butanediol market in the near future.
Key Regional Highlights
- In terms of region, the global 2,3-Butanediol market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle & Africa. Asia Pacific dominated the global 2,3-Butanediol market in 2019. This trend is estimated to continue during the forecast period. The region is projected to create lucrative opportunities for the 2,3-Butanediol market in the near future.
- Growth in investments in science, technology, and innovation is expected to make China, Japan, South Korea, and India highly dynamic industrial economies in Asia Pacific during the forecast period. 2,3-Butanediol has been receiving special attention in Asia Pacific because of its possible conversion into 1,3-butadiene for usage in the manufacture of synthetic rubber. Amid the instability of rubber prices, the tire makers in Japan and China have been looking at extracting rubber from alternatives sources. Several R&D projects are being undertaken for 2,3-Butanediol in Asia Pacific.
- Demand for renewable raw materials is likely to increase significantly in the chemical industry in Europe in the near future. Government initiatives and partnerships among companies provide new opportunities for the 2,3-Butanediol market in the region.
2,3-Butanediol Market: Competition Landscape
- The global 2,3-Butanediol market was dominated by major manufacturers of 2,3-Butanediol in 2019. Prominent players operating in the global 2,3-Butanediol market include -
- Global Bio-Chem Technology Group
- Orochem Technologies Inc.
- Precigen, Inc.
- Haihang Industry Co., Ltd.
- Henan Coreychem Co., Ltd.
- Tokyo Chemical Industry Co., Ltd.
- Merck KGaA, Biosyncaucho S.L.
- GS Caltex.
2,3-Butanediol Market – Scope of the Report
Transparency Market Research’s recent report on the global 2,3-Butanediol market provides readers with an assessment of the landscape of the market with the help of a comprehensive outlook. This study on the global 2,3-Butanediol market analyzes the market for the period from 2020 to 2030, wherein 2019 is the base year. The report enables readers to make important decisions regarding their business, with the help of a wealth of information enclosed in the study.
This TMR study on the global 2,3-Butanediol market also provides data on developments made by important players and stakeholders in the market, along with competition analysis. The report also provides understanding of drivers, restraints, opportunities, and market trends.
This study also discusses the underlying trends and the impact of various factors that are driving the global 2,3-Butanediol market, along with their influence on growth of the market.
This study also offers Porter’s Five Forces analysis and value chain analysis of the global 2,3-Butanediol market in order to elaborate on crucial growth strategies of players operating in the regional market.
Key Questions Answered in 2,3-Butanediol Market Report
- How much revenue is the global 2,3-Butanediol market expected to generate by the end of the forecast period?
- Which region currently accounts for the maximum share of the 2,3-Butanediol market?
- What are the factors anticipated to drive the global 2,3-Butanediol market during the forecast period?
- Which region is likely to be a highly lucrative for 2,3-Butanediol during the forecast period?
- What are the essential strategies adopted by key stakeholders of the global 2,3-Butanediol market to expand their geographical presence?
- What are major advancements in the global 2,3-Butanediol market?
This report answers these questions about the global 2,3-Butanediol market, aiding major stakeholders and key players in making correct decisions and strategizing for expansion of their business.
2,3-Butanediol Market: Research Methodology
This TMR report on the global 2,3-Butanediol market is based on a complete and comprehensive evaluation of the market, supported by secondary and primary sources. The competition scenario of the global 2,3-Butanediol market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the global 2,3-Butanediol market arrived at predictions and estimations and calculated the market forecast.
This report uses an analytical triangulation method to estimate the global 2,3-Butanediol market by using bottom-up and top-down approaches.
This detailed assessment of the global 2,3-Butanediol market, along with an overview of the market, is provided on the basis of a careful examination of growth opportunities. Analysts’ conclusions on how the global 2,3-Butanediol market is set to expand are based on carefully vetted primary and secondary sources.
2,3-Butanediol Market – Segmentation
This report on the global 2,3-Butanediol market segments the market based on application and region.