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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The objective of this research includes;
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.
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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.
Geographically, APAC is expected to demonstrate the fastest growth during the forecast period. Countries such as India and China are creating huge opportunities for the growth of the 1,3-butylene glycol market, on account of the increasing investments in the healthcare sector, along with the rising disposable income. Additionally, the regional market holds immense potential for growth, on account of the increasing demand for cosmetics and personal care products.
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.
The research includes detailed analysis of;
Based on Product
Based on Function
Based on Application
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