Global
Gamma-Butyrolactone
Market is anticipated to witness
an exponential growth in the forecast period. Gamma-butyrolactone, also termed
as “Butyrolactone or 4-butyrolactone”, is a hygroscopic liquid with weak odor.
It is used as a synthetic and solvent reagent. The factors that propel the
growth of the market include usage in different productions at a large scale,
demand growing continually along with the fast growth of the petrochemical
industry and the other related industries. It is harmless and convenient to use
and extensively used in verticals such as agriculture, chemical, dye, and
polymer and solvent for extracting and printing agent for petrochemical.
On
the other hand, there are factors that may hamper the growth of the market
including hazardous health effect on human body. Gamma-butyrolactone market is
anticipated to expand at a significant CAGR of 6.2% in the upcoming period as
the scope, product types, and its applications are increasing across the globe.
The
market could be explored by product type, application, end user, and geography.
Market could be explored by product type as Dehydrogenation of 1, 4-Butanediol
and Hydrogenation of Maleic Anhydride. The key applications that could be
explored in the market include Electrical, Agrochemicals, Pharmaceuticals,
Resins & Inks and Photography. The market could be explored based on end
user as Raw Material for Synthesis, Solvent, and Others.
North
America accounted for the major share of the gamma-butyrolactone market in 2016
and will continue to lead in the forecast period. Globally, North America may
account for the substantial market share of gamma-butyrolactone and is expected
to lead the overall market in the forecast period. The reason behind the
overall market growth could be the occurrence of key manufacturers in the
region and the growing demand from the end-users. The United States and Canada
are the major consumers of gamma-butyrolactone in this region.
Europe
and the Asia Pacific are also estimated to have a positive influence on future
growth. Europe is the second largest region with significant market share.
However, Asia Pacific is estimated to grow at the highest CAGR in the forecast
period. The developing countries like India and China are the major consumers
of gamma-butyrolactone in this region.
Some
of the key players that fuel the growth of the gamma-butyrolactone market
comprise Boai NKY, Ashland, Guangming Chemicals, Changxin Chemical, BASF,
Lutianhua Group, Jinlong Chemical, Realsun Chemical, Mitsubishi Chemical, Ruida
Biology Technology and Raina Chemical. The leading companies are taking up
partnerships, mergers and acquisitions, and joint ventures in order to boost
the inorganic growth of the industry.
Market Segment:
Key Applications
•
Agrochemicals
•
Electrical
•
Pharmaceuticals
•
Photography
•
Resins & Inks
Key Regions
•
North America
•
Europe
•
Asia Pacific
•
Middle East and Africa
•
South America
Key Vendors
•
Ashland
•
BASF
•
Boai NKY
•
Changxin Chemical
•
Guangming Chemicals
•
Jinlong Chemical
•
Lutianhua Group
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