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1,3-Butylene Glycol Market To Generate Revenue Worth $227,057.5 Thousand by 2030

Published Date:   July 2020

The growth in the demand for cosmetic products, along with the increase in the consumption of 1,3-butylene glycol in the pharmaceutical sector, is the major factor promoting the advance of the global 1,3-butylene glycol market, which is expected to generate $227,057.5 thousand revenue by 2030, demonstrating a CAGR of 5.0% during the forecast period (2020–2030).

The ongoing coronavirus pandemic has impacted several markets across the globe, including the 1,3-butylene glycol market. The countrywide lockdown imposed by several governments in Western Europe and Asia during the first quarter of 2020 led to the shutdown of numerous personal care product manufacturing facilities. This, in turn, created a demand–supply gap in the initial phases of the pandemic; however, the industry is expected to recover, with a projected increase in the demand for the compound from end-use industries, with the gradual opening of production facilities across the globe.

Cosmetic & Personal Care Products To Showcase Highest Demand

On the basis of application, the 1,3-butylene glycol market is categorized into cosmetics and personal care products, food products, and others, among which the cosmetics and personal care products category witnessed the highest demand for 1,3-butylene glycol in 2019. Lately, with the increase in the investments in research, for the development of new applications of the compound, studies have shown a high suitability of the compound as an emollient, intermediate, and humectant, for personal care products.

Additionally, the prevalence of skin diseases, particularly photoaging, is increasing due to the excessive exposure to pollution and ultraviolet (UV) radiation, thereby resulting in sunburns, reduced skin elasticity, and hair loss. Considering such factors, the consumption of the compound is projected to witness a fast-paced increase in the manufacturing of personal care and cosmetic products, in turn, promoting the growth of the industry during the forecast period.

Further, on the basis of product, the market is segmented into pharmaceutical grade and industrial grade. Among these, the pharmaceutical-grade category held the larger share in 2019, which is majorly ascribed to the high-volume demand for this variant arising from end-use industries such as food and personal care & cosmetics. In addition, personal care product manufacturers are projected to make hefty investments in order to develop new products, which, in turn, is likely to augment the consumption of pharmaceutical-grade 1,3-butylene glycol.

Geographically, the Asia-Pacific (APAC) 1,3-butylene glycol market is expected to demonstrate the fastest growth during the forecast period. The increase in the disposable income in developing countries, including China and India, has boosted the consumption of beauty care products to a great extent, owing to which manufacturers in the region are expanding their production capacities, in order to meet the market demands. With a further increase in investments, in order to attain a larger market coverage, manufacturers are likely to develop new products, in turn, driving the demand for the compound as a vital raw material.

Partnerships & Agreements Being Adopted as Key Strategy

Lately, players involved in the 1,3-butylene glycol market have been engaging in strategic partnerships and agreements, in order to enhance their geographical coverage. For instance, in November 2018, Genomatica Inc. announced a distribution partnership with Viachem Ltd., a U.S.-based specialty chemical and ingredient distributor. The partnership enabled Viachem Ltd. to market, sell, and distribute Genomatica’s natural Brontide butylene glycol in the personal care market of North America.

Browse report overview with detailed TOC on "1,3-Butylene Glycol Market Research Report: By Product (Pharmaceutical Grade, Industrial Grade), Application (Cosmetic & Personal Care Products, Food Products)- Global Industry Analysis and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/1-3-bg-market

Additionally, in April 2018, Bio-Botanica Inc. announced a partnership with Genomatica Inc., for a new product line of botanical extracts manufactured from Genomatica Inc.’s proprietary ingredient, Brontide. Brontide is a natural, high-purity ethylene glycol, derived from the fermentation of plant-based sugar.

Genomatica Inc., KH Neochem Co. Ltd., Godavari Biorefineries Ltd., Daicel Corporation, Haihang Industry Co. Ltd., and OQ Chemicals GmbH are some of the key players in the 1,3-butylene glycol market.