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1,3-Butylene Glycol Market To Generate $269.1 Million Revenue by 2030
(MENAFN- P&S Intelligence) Growth drivers such as the booming food, plasticizer, inks, pharmaceutical, and paints and coatings industries, the burgeoning demand for pharmaceutical-grade of 1,3-butylene glycol, and the rising need for this chemical from the cosmetic sector will help the 1,3-butylene glycol market exhibit a CAGR of 5.9% between 2022 and 2030. In contemporary years, the cosmetic industry is witnessing significant growth, due to the increasing disposable income of people and surging public awareness about physical appearance. The market was valued at $161.3 million in 2021, and it will generate $269.1 million revenue by 2030.
The booming cosmetic sector is one of the key growth drivers of the market. This can be ascribed to the increasing consumer expenditure, on account of the growing disposable income of the people. According to the World Bank, the consumption expenditure of the world surged from $62.665 trillion in 2018 to $63.792 trillion in 2019. The World Bank also estimates that the global adjusted net national per capita income grew from $9,378.082 in 2018 to $9,434.424 in 2019.
In recent years, players in the 1,3-butylene glycol industry have engaged in partnerships for product portfolio expansion and technology improvement to gain a competitive edge. For example, in November 2018, Genomatica Inc. signed a distribution partnership agreement with Viachem Ltd., a U.S.-based specialty chemical and ingredient distributor. With this partnership, Viachem Ltd. can sell, market, and distribute natural Brontide butylene glycol of Genomatica Inc. in the personal care sector of the North American region.
According to P&S Intelligence, the APAC 1,3-butylene glycol market generated the highest revenue in the preceding years, and it will continue witnessing this trend during this decade as well. This can be credited to the burgeoning demand for cosmetic and personal care products, such as hair styling gels, body moisturizing lotions, face washes, sunscreen lotions and creams, and makeups for women and men in the region. Among APAC nations, Japan, China, and India are the major markets for this chemical.
Thus, the growing cosmetic sector will create a huge demand for 1,3-butylene glycol in the coming years.
The booming cosmetic sector is one of the key growth drivers of the market. This can be ascribed to the increasing consumer expenditure, on account of the growing disposable income of the people. According to the World Bank, the consumption expenditure of the world surged from $62.665 trillion in 2018 to $63.792 trillion in 2019. The World Bank also estimates that the global adjusted net national per capita income grew from $9,378.082 in 2018 to $9,434.424 in 2019.
In recent years, players in the 1,3-butylene glycol industry have engaged in partnerships for product portfolio expansion and technology improvement to gain a competitive edge. For example, in November 2018, Genomatica Inc. signed a distribution partnership agreement with Viachem Ltd., a U.S.-based specialty chemical and ingredient distributor. With this partnership, Viachem Ltd. can sell, market, and distribute natural Brontide butylene glycol of Genomatica Inc. in the personal care sector of the North American region.
According to P&S Intelligence, the APAC 1,3-butylene glycol market generated the highest revenue in the preceding years, and it will continue witnessing this trend during this decade as well. This can be credited to the burgeoning demand for cosmetic and personal care products, such as hair styling gels, body moisturizing lotions, face washes, sunscreen lotions and creams, and makeups for women and men in the region. Among APAC nations, Japan, China, and India are the major markets for this chemical.
Thus, the growing cosmetic sector will create a huge demand for 1,3-butylene glycol in the coming years.
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