Butylated Triphenyl Phosphate Market size is forecast to reach $29 million by 2025, after growing at a CAGR of 4.6% during 2020-2025. The growing demand for butylated triphenyl phosphate from the automotive industry is a key driver of the market for butylated triphenyl phosphate. According to a survey by the Organization Internationale des Constructeurs d’Automobiles (OICA), 91.78 million vehicles were made in 2019. The growing number of vehicles worldwide has led to an increase in the demand for lubricants which is expected to drive the global market for butylated triphenyl phosphate during the forecast period.
Butylated Triphenyl Phosphate Market Segment Analysis – By Application
Lubricants application held the largest share in the butylated triphenyl phosphate market and is growing at a CAGR of 4.8%. In lubricants, butylated triphenyl phosphate is used as an additive to improve the lubricant’s thermal resistance. As a result, the rise in vehicle production, along with repair and maintenance activities, is likely to increase global demand for lubricants, driving demand for butylated triphenyl phosphate. Butylated triphenyl phosphate is also used as a flame-retardant additive in the manufacture of polymers, where there is a growing demand for high-performance and engineering plastics, which is also expected to drive the butylated triphenyl phosphate market. A significant proportion is due to the rising use of butylated triphenyl phosphate in the automotive industry as a flame-retardant additive in lubricants and hydraulic fluids. Butylated triphenyl phosphates are used as lubricant and hydraulic fluids in light vehicles as well as in heavy-duty vehicles. According to the International Organization of Motor Vehicle Manufacturers (OICA), the automotive industry is increasing globally, with about 91.78 million vehicles manufactured worldwide in 2019. Rising demand for lubricants from numerous sectors is expected to drive the market for butylated triphenyl phosphate during the forecast period.
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Butylated Triphenyl Phosphate Market Segment Analysis – By Geography
Asia Pacific is estimated to constitute major share of the market, owing to the presence of a number of automotive companies in the region. The demand for butylated triphenyl phosphate in China is expected to have a large market share due to the presence of robust automotive, steel and mining industries in the country. According to International Trade Administration (ITA), China is the world’s largest vehicle market. The Chinese government is expecting that automobile output will reach 35 million by 2025. According to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. In 2017, according to International Trade Administration (ITA), 1.2 million new passenger cars, SUVs and commercial vehicles were sold in the Australian market, an increase of 0.9% from 2016. According to according to OICA, in 2018 the production of light commercial vehicles and heavy trucks increased by 5.9% and 3.5% up to 20,635,799 and 4,227,815 from 2017.
Butylated Triphenyl Phosphate Market Drivers
Growing plastic industry and growing use of lubricants
Butylated triphenyl phosphate is used as a plasticizer in the manufacture of polyvinyl chloride and other adapted polymers and alloys. In 2019 alone, China manufactured about 75 million tons of plastic, which represents about 20% of the world’s total production of plastics. Plastic is primarily used for its lightweight and toughness in the packaging industry. The growing e-commerce sector is expected to boost demand for plastics, which accounts for about 30 per cent of total plastics consumption. The rising plastics industry is expected to drive the butylated triphenyl phosphate market. In addition, the Indian e-commerce industry is projected to hit USD 120 billion by 2020. The increase in the penetration of the Internet and the shift in government policies enabling 100% foreign direct investment in the e-commerce sector are expected to boost the plastics industry. The increasing use of lubricants in construction machinery, engines and other high-performance equipment used in the construction industry in countries such as India and China is expected to drive the market. According to the National Development and Reform Commission, 26 infrastructure projects have been approved by the Chinese government with an estimated investment of approximately USD 142 billion in 2019 and are expected to be completed by 2023. In addition, the Indian Government allocated USD 63 billion to the infrastructure sector in 2019-2020 and plans to spend USD 1.4 trillion over the next five years.
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Butylated Triphenyl Phosphate Market Challenges
Fluctuating raw materials prices
Butylated triphenyl phosphate is caused by a reaction between phenol and phosphoric acid. At present, however the prices of these materials vary due to the global crisis. This hinders the global demand for butylated triphenyl phosphate. The prices of butylated triphenyl phosphate have risen over the last few years. They are estimated to grow further during the forecast period. Thus, the price volatility of raw materials is likely to limit the demand for butylated triphenyl phosphate. However, fluctuations in crude oil prices and strict government standards are likely to impede the demand for butylated triphenyl phosphate over the next few years. According to BP statistics, in 2018, average crude oil price increased to $71/ bbl from $54/bbl in 2017.
Butylated Triphenyl Phosphate Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Butylated Triphenyl Phosphate Market. In 2019, the market of Butylated Triphenyl Phosphate Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Butylated Triphenyl Phosphate market includes Chemtura Corporation, Israel Chemicals Ltd., Lanxess AG, PCC Rokita S.A, ROCOL (Division of ITW Inc.), Mattei Compressors Ltd and Chemwill Asia co., Ltd, among others.
Many companies use butylated triphenyl phosphate in fire retardant fluids to avoid accidental injury. This is expected to improve the market for butylated triphenyl phosphate in the near future.
Butylated triphenyl phosphate is commonly used in the polyethylene foam industry. High demand for polyethylene foam for end-use applications such as construction, automotive, protective packaging and material handling is expected to increase the market for butylated triphenyl phosphate.
Butylated triphenyl phosphate is also a significant component of engine oil, brake oil, and machine oil. Increased demand for these oils in the aftermarket is therefore expected to fuel the butylated triphenyl phosphate market during the forecast period, due to the higher use of automotive vehicles.
In the next few years, however, fluctuations in crude oil prices and strict government requirements are expected to hinder the butylated triphenyl phosphate sector.
However, operations in various industries such as construction, automotive, and so on is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. This is limiting Butylated Triphenyl Phosphate market growth.
Related Reports :
A. Plastic Additives Market
B. Lubricants Market
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