P-Tert-Butylphenol Market Forecast and CAGR
According to latest research, the P-Tert-Butylphenol (PTBP) market is projected to expand between 3% and 5% CAGR during the assessment period 2021-2031. The growth of the market can be attributed to the increasing demand from the paints and coatings industry.
Increasing demand for these new industrial, decorative, indoors, outdoors and machinery coatings are going to drive the market for the product. The growing demand for improved properties and quality is expected to provide growth opportunities for the P-Tert-Butylphenol market.
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What is Driving Demand for P-Tert-Butylphenol Market?
Major factors driving the market are the growing demand from the paint and coatings industry. It accounted for the largest share of the overall P-Tert-Butylphenol market. Increasing demand for these paints and varnishes in which this compound acts as an additive for products to promote hardening in paints, varnishes and plastics etc.
They can act as important drivers for the market. This compound also act as an insulating materials to protect from noise, cold, etc. (such as used in homes or buildings), insulating materials related to electricity.
Automotive industry is also becoming one of the major driving demand sectors for this compound as this compound is used to manufacture Polycarbonate resins which are used for guarding automated machinery, offering easy shaping, high clarity, and impact resistance.
Industrial Paints and Coatings Industry Remains a Key Segment for the Consumption of P-Tert-Butylphenol Market.
Increasing demand from the Paints and coatings industries is one of the major factors driving the world’s P-tert-butylphenol market. The paints industry is one of the key end-user industries of this compound as this sector accounts for the largest share in terms of consumption. It is very important to maintain the quality of Paints and varnishes products during the manufacturing process.
It is also used to make phenolic resins. This phenolic resin is an oil-soluble phenolic resin that dissolves in organic solvents, drying oils, and rubber, and by heating and co-condensation with these materials, it yields an oil-based varnish with superior water resistance and weather resistance that can be used as a useful coating such as an outdoor enamel, floor varnish, ship-bottom paint, or insulating varnish.
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Asia Pacific P-Tert-Butylphenol Market Outlook
Asia Pacific region is anticipated to remain the fastest growing region all over the globe. With the substantially growing industrial sector in this region especially in China, South Korea, Japan, India etc., the growth rate of this region is projected to remain high during the forecast period.
APAC is expected to account for the largest value share of the global market usage in 2021. Increasing population, industrialization, and urbanization are augmenting the Compounds market growth.
China is expected to boost the demand of this compound during the forecast period. Various manufacturers from developed regions are shifting their manufacturing units to APAC because of the availability of raw materials, low labor cost, and favorable government policies in emerging markets such as India, Indonesia, and Thailand.
Furthermore, economic growth, rising population, and growing urbanization are the important drivers of the P-Tert-Butylphenol market in APAC region.
North America Demand Outlook for P-Tert-Butylphenol Market Outlook.
North America is also expected to witness significant market growth of this compound on account of rising usage in paints and coatings industry over the forecast period. As there are many big company in North America of oil and paints which uses this product.
Demand in this region is anticipated to come majorly from the growing use of phenolic resins as well as polycarbonate based auto components. The capacity additions in the region of US and Canada are predicted to increase over the outlook period.
Who are the Key Manufacturers and Suppliers of P-Tert-Butylphenol?
Some of the leading manufacturers and suppliers include
- SI group (UK)
- Sasol (South Africa)
- Sanors (Russia)
- Tasco Group(Malaysia)
- Nainkaware chemicals(India)
- Songwon industrial(South Korea)
- Anshan Wuhuan Chemical(China)
- Sigma-Aldrich(USA)
- Merck Millipore(USA)
- DIC chemical(Japan)
- Cambridge chemical company (UK)
- AbovChem LLC (USA)
- Aurora Fine Chemicals LLC (USA)
Several key market participants are focusing on new & innovative product development to cater the growing demand from the end use sector. Key players are investing an enormous amount in research and development to introduce new products and they are also investing to manufacture products in a sustainable way, to decrease the carbon emission.
Key players are also focusing on acquisitions of small and medium size players and collaborations with other market participants either for the R&D or to manufacture the product at a large scale.
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