Butylene carbonate is an organic compound containing double ester group as well as carbonate as a functional group. It widely used as polar solvent in organic and inorganic materials, inks, colors, agriculture, fibers, surfactants, dyes, and batteries. Additionally, butylene carbonate is employed as binder for foundry sand molds, gallant for clay, crosslinking agent for superabsorbent polymers, and additive in fuel and hydraulic fluids. It is also used for the separation of carbon dioxide, hydrogen sulfide, and aromatic hydrocarbon in refinery operations. Butylene carbonate is extensively used in components of electrolytes in lithium-ion batteries due to its high polarity, solubility, and boiling point.
The global butylene carbonate market can be segmented based on form and end-user. In terms of form, the market can be bifurcated into solid and liquid. In terms of end-user, the market can be divided into automotive, oil & gas, industrial, medical, and personal care & hygiene. Automotive is the leading segment of the butylene carbonate market. Rise in demand for electric vehicles and consumer electronics is boosting the demand for lithium-ion batteries. This, in turn, is propelling the global butylene carbonate market. Lithium-ion batteries are rechargeable and require less recharging vis-à-vis their counterparts such as lead batteries, which require high recharging time. Increase in demand for electrolytes with better efficacy and light weight batteries is driving the demand for butylene carbonate.
Rise in demand for environmentally-safer solvents in various end-user industries such as oil & gas, automotive, and chemical is also augmenting the global butylene carbonate market. Butylene carbonate is an environmentally-safer solvent compared to methylene chloride, acetone, and aromatic solvents. It possesses excellent solvency properties, low VOC, low toxicity, low evaporation rates, and high boiling points. Thus, it is ideal for usage in many solvent applications. Fluctuation in prices of raw materials is expected to hamper the butylene carbonate market during the forecast period. However, rise in demand for hybrid solvents is anticipated to provide lucrative opportunities to manufacturers during the forecast period.
In terms of region, the global butylene carbonate market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific dominates the market. It is followed by Europe. China is the leading consumer of butylene carbonate in Asia Pacific. Increase in demand for electric cars in China and South Korea; and rise in demand for automotive coatings in developing economies in Asia Pacific are estimated to boost the demand for butylene carbonate in the region during the forecast period. Implementation of stringent regulations on fossil fuel depletion is also propelling the demand for electric cars in North America and Europe. This is driving the demand for lithium batteries, and in turn, butylene carbonate in these regions. Germany is a hub of the automotive industry. Butylene carbonate is used in various end-user industries the country due to its properties such as high viscosity index, better thermal resistance, and optimum performance in wide rage on temperatures. This is augmenting the market in Europe. The market in Middle East & Africa and Latin America is expanding at slower pace compared to mature economies. GCC, Brazil, Mexico, and South Africa are dependent on import of raw materials for manufacturing butylene carbonate and automotive. Increase in merger & acquisition activities among automotive manufacturers in regions such as GCC and Mexico is projected to fuel the demand for butylene carbonate in the near future.
Key players operating in the global butylene carbonate market include Huntsman Corporation, BASF SE, Oriental Union Chemical Corporation, and Mitsubishi Chemical.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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