Butylated Hydroxytoluene Market projected to exceed $350 million by 2026, says Global Market Insights Inc.
Increasing awareness and concerns over sun exposure & need for preserving youthful appearance supported by the rise in sales of anti-aging and sun protection products should drive the butylated hydroxytoluene market growth, says this report.
SELBYVILLE, Del., November 23, 2020 (Newswire.com) - Based on Global Market Insights Inc., report, the global butylated hydroxytoluene market was estimated at $250 million in 2019 and is slated to surpass $350 million by 2026, registering a CAGR of 6% from 2020 to 2026, owing to its growing utilization in multiple feed application such as fish feed, poultry feed, swine and cattle feed. The report provides a detailed analysis of the market estimations and size, top investment avenues, wavering industry trends, drivers & opportunities, key winning strategies, and competitive scenarios.
BHT is predominantly used in cosmetics and personal care production as an antioxidant and preservative that is used in skincare and cosmetic formulations to stabilize the formulation and prevent oxidation. This product is majorly used in products including lip products, makeup, hair products, antiperspirant/deodorant, sunscreen, fragrance and creams which should accelerate butylated hydroxytoluene market share.
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Printing ink and coating applications accounted for USD 13.48 million in revenue in the years 2019 and anticipated to grow with a CAGR over 5% by 2026. Butylated hydroxytoluene is significantly used in printing ink and coating applications as an anti-skinning agent to drive product usage. Additionally, BHT also helps to prevent frequent drying of inks & coatings, which led Its high adoption in the printing inks and coatings applications.
Increasing demand for books, newspapers, journals, and other reading materials due to rising awareness regarding education is expected to drive the butylated hydroxytoluene market growth during the forecast period. Additionally, a wide application of coating in different industries such as automotive, construction, medical, and cosmetics, led to generate its high demand. Moreover, the growing construction industry worldwide owing to rising population and urbanization led to generate high demand for coating and supporting BHT growth.
Some major findings of the butylated hydroxytoluene market report include:
- Pharmaceutical application of BHT including treating a cold sore, genital herpes, and acquired immunodeficiency syndrome as antioxidants led to fuel its market growth over the forthcoming years.
- A surge in demand for food preservatives that improve the shelf life of food products is driving the butylated hydroxytoluene market sales, as BHT majorly prevents oils in foods from oxidizing and becoming rancid.
- Food application witnessed the highest growth potential and the sector is further anticipated to grow due to massive application in multiple food products such as bakery, sausages, cereals, snacks, dried meat, and other foods containing fats and oils.
- Asia Pacific holds a large share and is anticipated forecasted to grow due to the continuous expansion of the industrial sector in this region. For instance, steady economic growth may drive Indonesia's automobile industry over the forecast period.
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The Europe region accounted for over USD 65.0 Million in 2019 and is expected to grow over 5.5% by the end of 2026. Growth in Europe's butylated hydroxytoluene market is due to the substantial growth of the personal care industry in this region owing to the rising disposable income of Europe's population, which led a rise in spending on luxury personal care products. Europe is the second-largest market for cosmetics, which was valued at USD 91.10 billion by retail sales in 2017. Where France's skincare business is valued at USD 3,613.6 billion in 2017 and is predicted to record significant gains in coming years.
Key players in the butylated hydroxytoluene industry are SI Group, Oxiris, Eastman Chemical Company, Sasol, Lanxess, Kemin Industries, KH Chemicals, Akrochem Corporation, Ratnagiri Chemicals Pvt Ltd., and Spectrum Chemical Manufacturing Corp. are some other players. Players are implementing strategic initiatives including increasing production capacity, mergers and acquisitions, and partnerships to enhance market share and global presence.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Source: Global Market Insights Inc.