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Butylated Hydroxytoluene Market size to exceed $425Mn by 2030
- Published Date: September 22, 2022
Butylated Hydroxytoluene (BHT) Market size is projected to surpass USD 425 million by 2030, according to a new research report by Global Market Insights Inc.
The report identifies the growing demand for cosmetic products as the chief driver for the BHT industry landscape. Increasing food additive demand and rising awareness regarding the quality of animal-derived end-products, such as milk, eggs, and meat, will also spur the product demand. For instance, in 2021, the North America animal feed additives market was worth over USD 4.64 billion and is expected to grow significantly over the forecast timeline owing to the strong application potential of BHT as a growth promoter in poultry, swine, aquaculture, and cattle feed.
High penetration in machines and industrial plants to augment industry expansion
The butylated hydroxytoluene (BHT) market size from the lubricating & specialty oils segment is set to cross USD 45 million by 2030. The deployment of butylated hydroxytoluene for producing lubricating & specialty oils will remain high in the upcoming years. The use of lubricating oils in plants and machinery for their smooth functioning and quick operations will push product adoption in the manufacturing industry.
Meanwhile, the printing inks and coatings segment was valued at over USD 10 million in 2021 and is estimated to grow at a CAGR of more than 5% through the study timeframe. This is attributed to the increasing demand for books, newspapers, journals, and other reading materials facilitated by soaring awareness regarding the need for education.
Browse key industry insights spread across 232 pages 172 market data tables and 19 figures & charts from the report “Butylated Hydroxytoluene Market Analysis 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 Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Europe emerges as a prominent revenue pocket for industry growth
Europe butylated hydroxytoluene market is slated to reach USD 110 million by 2030. The region may emerge as a major hub for this industry owing to its steadily expanding pet food, bread, and dairy industries. Moreover, the burgeoning cosmetics industry due to the changing trends in beauty standards will also accelerate regional business trends. For instance, in 2021, the Europe cosmetics market was valued at USD 16.24 billion by retail sales.
Extensive R&D projects to remain a key growth strategy
The strategic landscape of the butylated hydroxytoluene market is expected to witness a spike in research and development projects and strategic partnerships by industry players in an effort to improve their business standing. For instance, in August 2020, Lanxess AG, a German specialty chemical company, launched Adiprene Green, a new range of MDI polyether prepolymer, which comprises renewable, bio-based materials. This initiative was aimed at replacing existing fossil-based polyether prepolymers to manufacture highly durable polyurethane elastomers. This was also devised to enable the firm to reduce the CO2 footprint by 20-30% while manufacturing PU elastomers and hence, contribute to an eco-friendly environment.
Some of the key players in butylated hydroxytoluene market profiled in the report include SI Group, Sasol, Eastman Chemical Company, Oxiris, Lanxess, KH Chemicals, Kemin Industries, Sinofi Ingredients, Cayman Chemical, Ratnagiri Chemicals Pvt Ltd., Akrochem Corporation, and Spectrum Chemical Manufacturing Corp.
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