Cosmetics & personal care accounts for the majority of the demand for 1,3 butanediol. The industry has shown fast paced growth in the recent years owing to a rise in population and increase in per capita spending, thereby driving expansion in the 1,3 butanediol market. With regard to revenue, the global 1,3 butanediol market is projected to expand at a CAGR of around 5% during the forecast period.
This notable growth in the 1,3 butanediol market is mainly influenced by its widespread usage in the cosmetics & personal care industry. Moreover, 1,3 butanediol is gaining traction in niche applications such as polymers and food applications, which further fuels the market growth throughout the forecast period. Bio-based versions have hit the market. The prevalence of sustainable raw materials pushes for continuous development of raw materials that are not only effective in existing formulations but are also cost economic.
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Fact.MR also concludes that manufacturers involved in the 1,3 butanediol market are directing their revenues towards research & development activities for product innovations to strengthen their product portfolios. Key stakeholders have been expanding their business via organic growth strategies by collaborating with giant industry players and raw material suppliers.
Prominent players in the market are mainly focused on the expansion of their production facilities and achieving their presence in emerging markets. New product launches and technological advancements have also increased in the market, owing to the growing demand for natural products. Moreover, with the advent of bio-based, natural 1,3 butanediol, the demand for 1,3 butanediol is likely to witness a spurring growth in the coming future. For instance, Genomatica, a bioengineering company has announced the commercialization of Brontide, a bio-based 1,3 butanediol.
According to the study, humectants and emollients together account for approximately 70% of the global 1,3 butanediol market. 1,3 butanediol possesses multifunctional properties of emollient and humectant propelling the global demand for 1,3 butanediol. It is widely used in cosmetics & personal care products such as skin care formulations, hair care formulations, and cosmetics face masks. The global humectant market is around 20 Billion owing to a rise in demand from end-use industries.
The demand is mainly driven by growing cosmetics & personal care industry, rising per capita spending of consumers, urbanization and consumer awareness about personal grooming. Moreover, Intermediate segment is expected to witness a spurring growth in the coming future, with the CAGR of around 7% due to the rising prevalence of 1,3 butanediol in polymers and food industry. 1,3 butanediol is used as an intermediate in the production of polyester plasticizer, unsaturated polyester resins, and polyurethane paints.
North America holds a majority share of around 35% in the overall market owing to the presence of advanced technologies and a strong demand for cosmetics & personal care. Also, the demand for natural products and stringent regulations on cosmetic ingredients is spurring the demand for 1,3 butanediol in the region. However, Asia Pacific remains the most attractive region for the growth of 1,3 butanediol over the forecast period. Japan and India are the key exporters of 1,3 butanediol across the globe.
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China has the second largest consumption of overall 1,3 butanediol and is expected to witness a lucrative growth in the coming future. This is due to increasing focus of manufacturers to introduce production facility in the region as the demand in China is import driven, and various macro-economic factors such as a rising economy, urbanization and a huge population are fueling the growth of the market. India has become a major hotspot for manufacturers and has witnessed significant growth in the forecast period.