Global gamma-butyrolactone
market is anticipated to witness an exponential
growth in the forecast period. Gamma-butyrolactone, also termed as
“Butyrolactone or 4-butyrolactone”, is a hygroscopic liquid with weak odor. It
is used as a synthetic and solvent reagent. The factors that propel the growth
of the market include usage in different productions at a large scale, demand
growing continually along with the fast growth of the petrochemical industry
and the other related industries. It is harmless and convenient to use and
extensively used in verticals such as agriculture, chemical, dye, and polymer
and solvent for extracting and printing agent for petrochemical.
On the other hand, there are factors that may
hamper the growth of the market including hazardous health effect on human
body. Gamma-butyrolactone market is anticipated to expand at a significant CAGR
of 6.2% in the upcoming period as the scope, product types, and its
applications are increasing across the globe.
The market could be explored by product type,
application, end user, and geography. Market could be explored by product type
as Dehydrogenation of 1, 4-Butanediol and Hydrogenation of Maleic Anhydride.
The key applications that could be explored in the market include Electrical,
Agrochemicals, Pharmaceuticals, Resins & Inks and Photography. The market
could be explored based on end user as Raw Material for Synthesis, Solvent, and
Others.
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North America accounted for the major
share of the gamma-butyrolactone market in 2016 and will continue to lead in
the forecast period. Globally, North America may account for the substantial
market share of gamma-butyrolactone and is expected to lead the overall market
in the forecast period. The reason behind the overall market growth could be
the occurrence of key manufacturers in the region and the growing demand from
the end-users. The United States and Canada are the major consumers of
gamma-butyrolactone in this region.
Europe and the Asia Pacific are also
estimated to have a positive influence on future growth. Europe is the second
largest region with significant market share. However, Asia Pacific is
estimated to grow at the highest CAGR in the forecast period. The developing
countries like India and China are the major consumers of gamma-butyrolactone
in this region.
Some of the key players that fuel the
growth of the gamma-butyrolactone market comprise Boai NKY, Ashland, Guangming
Chemicals, Changxin Chemical, BASF, Lutianhua Group, Jinlong Chemical, Realsun
Chemical, Mitsubishi Chemical, Ruida Biology Technology and Raina Chemical. The
leading companies are taking up partnerships, mergers and acquisitions, and
joint ventures in order to boost the inorganic growth of the industry.
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