The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Butylated Hydroxytoluene Market.
It was estimated prior to this unanticipated outbreak that the Butylated Hydroxytoluene Market was expected to grow at a CAGR of 5.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Butylated hydroxytoluene is a lipophilic organic compound, also known as dibutyl hydroxytoluene. It is chemically a derivative of phenol, that is useful for its antioxidant properties. In addition to this usage, BHT is widely used to prevent oxidation in fluids (e.g. fuel, oil) and other materials where free radicals must be controlled.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the grade type, the market is segmented as food grade and technical grade. Technical grade is estimated to be the faster-growing segment during the next five years. The demand for butylated hydroxytoluene as an antioxidant in rubbers, plastics, coatings, lubricants, printing inks, elastomers, and biodiesel is driving the market.
Based on the end-use industry type, the butylated hydroxytoluene market is segmented as plastics & rubbers, food & beverages, animal feed, personal care, and others. The plastics & rubbers segment leads the market owing to growing per capita and plastics consumption, especially in automotive, packaging, and building & construction industries, which is driving the demand for plastics, ultimately leading to growing demand for butylated hydroxytoluene.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing butylated hydroxytoluene market during the forecast period, with China and India, being the major countries promising considerable growth opportunities. It is a hub for plastics, animal feed chemical, personal care, pharmaceutical, food & beverages industries and the industrial growth in the region further endorses substantial growth opportunities in the next coming five years. North America and Europe are also estimated to offer lucrative growth opportunities during the forecast period.
Key Players:
Some of the major butylated hydroxytoluene manufacturers are-