The global 1,4-BDO, PTMEG and Spandex Market is expected to reach USD 5.44 billion by 2025, according to a new report by Grand View Research, Inc. Extensive usage of these compounds across expanding key end-use industries such as automotive & transportation, construction, and packaging has driven industry growth in recent years.
Increasing awareness regarding the benefits of these high-performance engineering materials that bridge the gap between flexible elastomers and rigid plastics is another driving factor for the market. Various industry players have also developed high performance PTMEG products for distinct applications, such as construction coatings, synthetic polyurethane fibers, security glazing and lamination films.
Growth of electrical & electronics industry in emerging economies of Asia Pacific in countries including India, Thailand, Malaysia and Indonesia is expected to positively influence GBL production from BDO. GBL is widely deployed as an intermediate for manufacturing pyrrolidones, which are further used as industry chemicals. It is also used for circuit board cleaning in electronics and high technology industries and paint stripping due to its strong solvency properties.
THF was the largest application category in 2016 .and is expected to maintain highest growth rate over the forecast period. Polyurethane is also likely to grow at a modest pace owing to increasing awareness regarding lightweight and fuel efficient passenger vehicles.
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Further key findings from the report suggest:
- The global BDO demand exceeded 2,500 kilo tons in 2016 and is expected to grow at a CAGR of 6.2% from 2016 to 2025
- PBT application segment is projected to witness modest growth rate owing to the rapid replacement of conventional metals in automotive and electronics industry, introduction of new generation grades, and development of bio-based PBT
- BDO is also utilized as a solvent and drug formulation. Other applications segment is thus likely to witness below average growth owing to numerous regulations and stringent restrictions to curb hazardous exposure to the chemical in these applications
- Global PTMEG market is driven by increasing demand from end-use industries owing to its superior attributes of fungus resistance, minimum heat build-up, low viscosity, and temperature flexibility
- The industry in Asia Pacific is projected to witness substantial growth over the next decade owing to various developments across major economies, especially in the industrial, automotive and textile industries.
- Key players include BASF SE, Mitsui Chemicals, Inc., Ashland Inc., DuPont, Invista, LyondellBasell, Dairen Chemicals, Sipchem, Toray Industries Inc. and The Dow Chemical Company among others
