New York, NY -- (SBWire) -- 09/03/2020 --With the rapid growth of the pharmaceutical industry, the global 1,3-butylene glycol market is predicted to reach $227,057.5 thousand by 2030, from $139,994.9 thousand in 2019, at a 5.0% CAGR between 2020 and 2030. In Latin America and Asia-Pacific (APAC), though the pharma sector is quite small, compared to that in Europe and North America, it is rapidly advancing.
Owing to their large population, countries such as India and China are becoming important healthcare markets, which are, in turn, being targeted by pharmaceutical companies. This is aiding in the growth of the 1,3-butylene glycol market, as the compound is widely used in the manufacturing of drugs, owing to its ability to kill bacteria and fungi and increase the shelf life of medicines.
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Due to the ongoing COVID-19 pandemic, the 1,3-butylene glycol market is witnessing subdued growth, as the manufacturing of the compound, as well as the supply of raw materials for it, has stopped. In addition, people are purchasing only essential stuff, including food products and medicines, which has led to a sharp drop in the sale of cosmetic and personal care products, thereby further lowering the consumption of the chemical.
In the past, the cosmetics & personal care products division, under segmentation by application, held the largest share in the 1,3-butylene glycol market, due to the high requirement for skincare and haircare products. Photoaging, one of the most common skin diseases, leads to reduced skin elasticity, sunburns, and hair loss. Apart from photoaging, the incidence of hyperpigmentation, acne, psoriasis, dyspigmentation, deep wrinkles, freckles, melasma, and atopic dermatitis has also been high. This has created a high demand for skincare and haircare products, thereby driving the usage of the compound.
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Asia-Pacific (APAC) is the largest 1,3-butylene glycol market, and it is predicted to keep dominating the global industry in the years to come. This is ascribed to the increasing demand for the chemical from the developing countries in the region, primarily Thailand, China, Indonesia, and India. With the rise in the disposable income in these countries, the spending on personal care and cosmetic products is increasing.
The most prominent players in the global 1,3-butylene glycol market are KH Neochem Co. Ltd., Daicel Corporation, Godavari Biorefineries Ltd., Genomatica Inc., Haihang Industry Co. Ltd., and OQ Chemicals GmbH
Market Segmentation:
Based on Product
Pharmaceutical grade
Industrial grade
Based on Function
Humectant
Emollient
Stabilizer
Intermediate
Based on Application
Cosmetic & personal care products
Food products
Geographical Analysis
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Russia
Asia-Pacific (APAC)
China
Japan
India
Indonesia
Australia
South Korea
Latin America (LATAM)
Brazil
Mexico
Argentina
Colombia
Middle East and Africa (MEA)
South Africa
Saudi Arabia
UAE
Nigeria
Egypt
Major Markets
U.S.
By Product
By Function
By Application
China
By Product
By Function
By Application
Japan
By Product
By Function
By Application
South Korea
By Product
By Function
By Application
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1,3-Butylene Glycol Market to Generate Revenue Worth $227,057.5 Thousand by 2030