According to a new research report by Global Market Insights Inc., the Butylated Hydroxytoluene Market size is set to surpass USD 350 million by 2026.
Wide application of butylated hydroxytoluene in multiple industries such as food, animal feed, personal care, rubber, and others as additive or antioxidant agent led to accelerate market growth. Moreover, growing animal feed industry worldwide owing to rising consumption of meat and other poultry products support the BHT market demand in the animal feed industry.
The significant impact of the COVID-19 pandemic on China has adversely affected the supply of animal feed ingredients such as lysine, threonine, and vitamins owing to plant closures and price surges. This is likely to disrupt the animal feed sector and restrain the growth of the butylated hydroxytoluene market.
Governments are increasingly imposing hygiene protocols, temporary shutdown of businesses affected by COVID-19 infection, and limiting the import/export activities, this may result in slower movement of goods creating transportation barriers of butylated hydroxytoluene products. This may adversely impact the production and supply of butylated hydroxytoluene products and may hamper the market growth.
Rising rubber demand in numerous industrial products to propel BHT market growth
Rubber segment represented second largest share and valued at USD 54.24 Million in 2019. Butylated hydroxytoluene is mainly used in the rubber industry to protect the polymers from the harmful effects of oxidation. Rubber is an important component of numerous products such as automotive products, consumer goods, industrial products and many others in which tires are one of the highest consumers of rubber.
The growing automotive industry has attributed to the rising demand of tires, thus augmenting the butylated hydroxytoluene market growth. In addition, elastomeric properties such as block copolymers, SBR, NBR, EPDM, and other rubbers owing to its superior antioxidant properties is shifting preference towards use of butylated hydroxytoluene in the rubber industry. It is used as an antioxidant in white and light-colored rubber products.
Browse key industry insights spread across 230 pages 179 market data tables and 19 figures & charts from the report “Global Butylated Hydroxytoluene Market By Application (Food, Animal Feed [Poultry, Swine, Fish Feed, Cattle], Lubricating & Specialty Oils, Rubber, Personal Care & Cosmetics, Industrial Fats, Oils, & Fatty Acids, Printing Inks & Coatings, Food Packaging), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market” in detail along with the table of contents:
Rising industrial and automotive sector to garner Asia Pacific BHT market size
Rising industries such as chemicals/pharmaceuticals, transportation equipment, food processing, machinery and computers & electronics products in the Asia Pacific region. It is because of owing to supportive government initiatives and low labor cost in this region. According to statistics, among the top six largest manufacturing output countries are secured by four Asian countries including China, Japan, South Korea and India.
Increase in automotive production in emerging markets of China, Japan, India, South Korea, Thailand, Malaysia and Indonesia. Thailand is one of the major regions for automobile production and have major automobile manufacturers which include Nissan Motors, Toyota Motors, Suzuki Motors, Mitsubishi Motors, and Honda Motors have production base in Thailand owing to subsidies.
Hence, growing industrialization support the demand of butylated hydroxytoluene and valued at USD 86.22 Million in 2019. As it is highly used in multiple application such as lubricant and specialty oil, rubber and plastic. It is used as an antioxidant to stabilize the polymer during processing stage and hence protect the finished product throughout its service life.
Major players are adopting strategies acquisitions and partnership are focusing on investing in research and development and enlarging production capacity to improve production capacity and sustain their position in the increasing market competition. The major players include SI Group, Oxiris, Eastman Chemical Company, Sasol, Lanxess, Kemin Industries, KH Chemicals, Sinofi Ingredients, Cayman Chemical, Akrochem Corporation, Ratnagiri Chemicals Pvt Ltd., and Spectrum Chemical Manufacturing Corp.
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