Global 2,3-Butanediol Market to Rise at CAGR of 3.5% During Forecast Period, Observes TMR Study

ALBANY, N.Y., Feb. 1, 2022 /PRNewswire/ -- The global 2,3-butanediol market is anticipated to rise at a CAGR of 3.5% during the forecast period, from 2020 to 2030. The global market is predicted to be driven by increase in demand for rubbers such as chloroprene rubber, nitrile rubber, styrene–butadiene latex, and styrene–butadiene rubber in the tire industry, as 2,3-butanediol is converted into 1,3-butadiene, which is widely used in the manufacturing of different types of rubbers.

The precursor of methyl ethyl ketone is 2,3-butanediol (also known as MEK or 2-butanone). The demand for 2,3-Butanediol is expected to expand considerably in this field during the forecast period. Natural-source items are becoming increasingly popular across the world. Synthetic and petrochemical goods are being phased out in favor of items made by fermentation and biorefinery. 2,3-Butanediol (2,3-BD) is a high potential bulk chemical with a broad variety of possible uses.

For usage in the manufacturing of emollients and solvents, there is an increasing need for sustainable and bio-based 2,3-butanediol featuring odorless and colorless properties. Personal care and cosmetic products incorporate these solvents and emollients, which is expected to drive sales opportunities in the global 2,3-butanediol market.

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Key Findings of Market Report

• Producers of derivatives, softening agents, plasticizers, and pharmaceuticals, among other things, are diversifying their revenue streams in the global 2,3-butanediol market. By the end of 2030, the global market is estimated to be worth US$ 300 Mn.
• Fertilizer makers are recognizing the economic efficiency of 2,3-butanediol, since this organic molecule is easily available in food, animals, and soil. As a result, producers in the global 2,3-butanediol market are bolstering their credibility claims by using environment-friendly isomer fermentation, which helps to preserve the natural ecosystem. Natural sources of 2,3-butanediol include natural and fermented natural foods such as raspberry, honey, and wine.
• Ever-increasing agriculture sector has sparked a surge in fertilizer and biostimulant demand. Firms in the global 2,3-butanediol market are concentrating their efforts on creating drought-resistant fertilizers. Chemical fertilizers are commonly used to provide nutrients to crops. Fertilizers containing 2,3-butanediol, on the other hand, are more resistant to a variety of environmental stresses, including high temperature, drought, frost injury, and salt injury. Another important factor for the growth of the global 2,3-butanediol market is the increasing desire for organic foods.
• Producers of 2,3-butanediol are stepping up their R&D efforts to develop polyols with greater preservative-boosting and moisturizing properties. 2,3-butanediol is gaining popularity globally in cosmetics and personal care products due to its good dispersion properties.

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Global 2,3-Butanediol Market: Growth Drivers

• Companies in the global 2,3-butanediol market are stepping up their efforts to satisfy ISO (International Organization for Standardization) requirement for the production of COVID-19 pathogen-killing plastic films. In order to develop plastic films, they are conducting numerous quality control tests. Such films are in response to beneficial developments in the field of plastics, which have the capability to provide an additional layer of safety in end-use products.
• Fermentation of 2,3-butanediol utilizing sugars such as xylose and glucose substrates can be costly. As a result, firms in the global 2,3-butanediol market can ferment 2,3-butanediol using less expensive feedstock such as molasses, starch, and lignocellulosic substances.

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Global 2,3-Butanediol Market: Key Players

Some of the key market players are

• Tokyo Chemical Industry Co., Ltd
• Global Bio-Chem Technology Group
• Haihang Industry Co., Ltd.
• Merck KGaA
• Henan Coreychem Co., Ltd.
• Orochem Technologies Inc.

Global 2,3-Butanediol Market: Segmentation

Application

• Intermediate Chemicals
• Plastics
• Food Additives
• Cosmetics
• Others

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