The global isobutanol market is expected to reach USD 1.18 billion by 2022, according to a new report by Grand View Research, Inc. Growing isobutanol demand across various end-use industries such as oil & gas and chemical intermediates is expected to drive its demand over the forecast period. Emergence of isobutanol as a platform chemical for producing isobutyl esters has also helped in market penetration. Intrinsic properties associated with isobutanol such as medium volatility and limited miscibility is expected to positively impact market growth.
Synthetic isobutanol was the largest product segment and accounted for 58.1% of total market volume in 2014. Bio-based Isobutanol is expected to witness the highest growth of 7.0% from 2015 to 2022. Growing environmental and toxicity concerns coupled with high rate of commercialization of bio-based isobutanol at cheaper prices may be attributed towards product demand. Bio-based isobutanol is extensively being used in renewable jet fuels that provide low carbon footprints and cleaner burning.
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Further key findings from the report suggest:
- Global isobutanol market demand was 552.4 kilo tons in 2014 and is expected to grow at a CAGR of 6.0% from 2015 to 2022.
- Chemical intermediate was the largest application segment and accounted for 46.0% of total market volume in 2014. The segment is expected to gain share over next seven years on account of rapid expansion of petrochemical industry particularly in Middle East and Asia Pacific.
- Oil & gas is expected to witness the highest growth of 6.4% from 2015 to 2022. Growing gasoline additives owing growing demand for high performance/clean fuel is expected to drive this segment over the forecast period.
- Asia Pacific was the leading regional market with demand share estimated at 40.1% in 2014. High rate of utilization across various end-use industries in India, China, Vietnam and Indonesia is expected to drive the regional market. Rapid expansion of integrated refineries in the region is also expected to have a positive impact on the market growth.
- Developed markets of North America and Europe are characterized by shifting consumer preference towards environmental friendly products and stringent regulatory framework for manufacturing various petrochemicals.
- Key players having majority stake in the industry include BASF, The Dow Chemical Company, Eastman Chemical Company, Toray, Fitesa, Formosa Plastics Corp., Oxea GmbH, Mitsubishi Chemical Corporation, Perstorp Holding AB and Sasol Ltd.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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