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The Isobutyl Benzene Market size is estimated to grow at a CAGR of 5.25% between 2022 and 2027. The market size is forecast to increase by USD 18.7 million. The growth of the market depends on several factors such as the high demand for ibuprofen, the high production of isobutyl benzene in APAC, and the increase in demand for isobutyl benzene in the fragrances and perfumes industry.
This isobutyl benzene market report extensively covers market segmentation by application (coating, surfactant, medicine, and others), end-user (pharmaceutical, chemical, textile industry, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increase in demand for isobutyl benzene in the fragrances and perfumes industry is driving growth in the isobutyl benzene market. In perfume and personal care products, isobutyl benzene is an efficient solvent used to manufacture a wide range of perfumes and cosmetic products. Isobutyl benzene exhibits excellent solvency, strong aroma, and emulsification.
However, the demand for women's fragrances and perfumes is expected to witness high demand in European countries. Unisex scents and perfumes are growing in demand. Large, multinational beauty combinations are the major licensed producers of scents. Thus, increasing demand for fragrances and perfumes will increase the demand for isobutyl benzene in such industries and, in turn, will propel the growth of the market in focus during the forecast period.
The capacity expansion of isobutyl benzene facilities is a key trend in the isobutyl benzene market. Globally, in the last few years, there has been an increase in isobutyl benzene production capacity. The isobutyl benzene market in India has registered rapid growth because of the increasing number of production capacities. Major producers have been forced to expand their production capacities due to high demand for the isobutyl benzene which is used in making Ibuprofen.
However, the production of isobutyl benzene is primarily concentrated in developed economies. The growing demand and limited production capacity are leading to reliance on imports by producers. The emergence of new production facilities and capacity expansion of the existing production facilities can be expected during the forecast period.
The fluctuating crude oil prices are a major challenge in the isobutyl benzene market. The global isobutyl benzene market faces serious challenges due to the fluctuation of crude oil prices. Toluene and propylene are the major raw materials used for producing 2-methylpropylbenzene. As they are crude oil derivatives, fluctuations in crude oil prices hamper the production capacity and affect the cost of production of toluene and propylene. The petrochemical industry is greatly affected by the volatility in crude oil prices.
In recent years, the decline in oil prices has compelled players working in the oil and gas industry to implement cost-cutting measures such as workforce layoffs. Both natural gas and crude oil prices have a direct impact on the price of isobutyl benzene. Volatility in raw material prices can have a major negative collision on the growth of the global isobutyl benzene market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Isobutyl Benzene Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alfa Chemistry - The company offers iso butylbenzene such as 1 1 chloroethyl 4 isobutylbenzene with a purity of 96 percent.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The coating segment is estimated to witness significant growth during the forecast period. Isobutyl benzene is commonly used as a solvent in coatings due to its excellent solubility properties. This allows the formulation and application more easily by dissolving a number of different resins, pigments, or other coating components. One of the key advantages of 2-methylpropylbenzene in the coating is its ability to improve the flow and leveling properties of the coating.
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The coating segment was the largest segment and was valued at USD 22.67 million in 2017. Isobutyl benzene also contributes to the drying and curing process of coatings, allowing them to harden and form a durable protective layer. The demand for isobutylene benzene on the world market has been driven by a growing need for coatings in construction, automobiles, and industry. The increasing construction activities, infrastructure development, and rising automotive production will contribute to the growth of the coating segment in the global isobutyl benzene market during the forecast period.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing pharmaceutical and cosmetics industries in the region accelerate the demand for isobutyl benzene. Factors such as low labor cost, easy availability of raw materials, and availability of highly skilled labor significantly increase the production rate of isobutyl benzene in the region. APAC exports most of its produce to North America and Europe.
Moreover, APAC is an active market in terms of strategic initiatives undertaken by key manufacturers. These strategies include expanding production capacities and setting up new production plants. Due to the rapid increase of competition, as well as ongoing demand growth in some end uses for 2-methylpropylbenzene, this market is becoming more and more developed. Several leading companies make huge investments in the region's chemical industry and set up production sites because of a favorable competitive environment and few regulations.
Market growth in the region witnessed certain challenges due to the outbreak of COVID-19 in 2020. India, China, Pakistan, and Bangladesh were some of the most affected countries by the pandemic in the region. However, mass vaccination drives and the resumption of supply chain operations revived the growth of the regional market in 2021. In this region, isobutylene benzene demand has grown due to the recommencement of business activities, in the end, user sectors like cosmetics and food and beverages. Furthermore, rapid urbanization, industrialization, and economic growth in countries such as China and India, the rising purchasing power, and the growing demand for personal care products are expected to fuel the growth of the regional isobutyl benzene market during the forecast period.
The isobutyl benzene market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Isobutyl Benzene Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.25% |
Market growth 2023-2027 |
USD 18.7 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.59 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alfa Chemistry, ALPHA CHEMIKA, Bizinbiz Technologies Pvt Ltd, IOL Chemicals and Pharmaceuticals Ltd., LGC Science Group Holdings Ltd., Loba Chemie Pvt. Ltd., Otto Chemie Pvt. Ltd., Ralington Pharma LLP, Sagechem Ltd., Santa Cruz Biotechnology Inc., Shandong Xinhua Pharmaceutical Co. Ltd., SI Group Inc., Sisco Research Laboratories Pvt. Ltd., Synthonix Inc., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd., Vinati Organics Ltd., and Vizag Chemical International |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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