The global butylated hydroxytoluene (BHT) market is estimated to be USD 218 million in 2019 and is projected to reach USD 282 million by 2024, at a CAGR of 5.3% during the same period. Growing demand in various end-use industries such as plastics, animal care, food & beverages, personal care, agrochemicals, lubricants, fuel additives, and biodiesel is driving the BHT market.
The increasing per capita expenditure on food & beverages, improved wealth along with lifestyles, and a gradual increase in the number of working women have driven the demand for prepared food products. Growing concerns regarding the use in the food & beverages industry are restraining the demand for BHT. Emerging economies such as China and India are experiencing high demand. Increasing per capita expenditure on healthcare and food products, huge consumer base, rising urban population, low labor costs, and easy availability of raw materials are attracting global petrochemicals, personal care, and food & beverage manufacturers to shift their production facilities to APAC, thus creating high demand for BHT.
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In terms of value, the technical grade segment is projected to account for the larger share
In terms of value, the technical grade segment is projected to account for the larger share during the forecast period. The growth of this segment is mainly attributed to the high demand for technical grade BHT as an antioxidant in the plastics, rubbers, elastomers, biodiesel, agrochemicals, lubricants, and fuel additives industries.
The plastics & rubbers end-use industry is projected to be the fastest-growing segment
This growth is mainly attributed to the increasing demand for BHT for plastics stabilization especially polyethylene and polypropylene. Capacity expansions in North America owing to shale gas revolution attracted many plastics producers to set up production facilities in the region. Such attributes are expected to create high demand for BHT.
The BHT market has been studied for APAC, North America, Europe, South America, and the Middle East & Africa. It is projected to register the highest CAGR during the forecast period, in terms of value. The high growth is mainly driven by emerging countries such as China, India, Thailand, and Indonesia. The growth of plastics, agrochemicals, food & beverages, and animal feed industries in these countries is expected to drive the demand for BHT in the region.
Sasol Limited (South Africa), Lanxess AG (Germany), Eastman Chemical Company (US), Oxiris Chemicals S.A. (Spain), HELM AG (Germany), Finoric Llc (US), Honshu Chemical Industry Co. Ltd (Japan), Twinkle Chemi Lab Pvt Ltd (India), Yasho Industries Limited (India), Milestone Preservatives Pvt Ltd (India), and Finar Limited (India) are the leading manufacturers of BHT globally.
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