Butylated Hydroxytoluene Market To Reach $346.9 Million By 2030

Butylated Hydroxytoluene Market Growth & Trends

The global butylated hydroxytoluene market size is expected to reach USD 346.9 million by 2030, expanding at a CAGR of 5.6% from 2024 to 2030, according to a new study by Grand View Research, Inc. Butylated hydroxytoluene is an antioxidant food additive that protects unsaturated organic compounds in foods and oils from atmospheric oxidation. It is widely used in the plastics and rubber industry owing to its antioxidant characteristics, and its usage is expected to grow rapidly during the forecast period.

Furthermore, the growing demand for plastics and rubber from various industries, such as automotive and packaging, is expected to drive the overall market. For instance, according to OICA, in 2022, almost 85 million motor vehicles were produced worldwide, which shows an increase of 6% compared with 2021. As a result, an increase in automobile production is expected to increase demand for rubber tires, and thus positively influencing the industry growth over the forecast period.

Plastic antioxidants are additives that are added during plastic production to eliminate thermal and oxidation degradation, and they help in increasing the shelf-life of products. The usage of plastic antioxidants in polypropylene polymer resin is projected to be the highest during the forecast period as polypropylene usage has increased in packaging applications, which is likely to drive the plastic antioxidant market, stimulating the product demand at a global level.

The Asia Pacific region is expected to dominate the market for butylated hydroxytoluene during the forecast period, owing to the increase in consumption from countries like India and China. Moreover, the growth in automobile production in China is likely to promote the demand for rubber tires. Further, in 2022, around 2,70,20,615 units of automobiles were produced in the country, which shows an increase of 3% compared with 2021. Such growing demand is anticipated to boost the market growth in the coming years.

The competitive environment is moderately fragmented with prominent players such as Lanxess, Sasol Limited, Eastman Chemical Company, and Dycon Chemicals among others. These companies are focusing on R&D of new product developments to widen their portfolio and maintain a strong foothold in the global place. In July 2022, ChemPoint, a subsidiary of Univar Solutions, was chosen by shelf-life extension solutions provider CFS North America, under Camlin Fine Sciences, for the sales and distribution of its Xtendra BHT (butylated hydroxytoluene) product throughout the US and Canada.

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Butylated Hydroxytoluene Market Report Highlights

• North America witnesses the fastest growth rate owing to the growing consumption of natural gas, petroleum products, and petrochemicals. Significant growth in the automotive sector has fueled the demand for rubber products for the production of tires, automotive parts, and mechanical rubber goods, thereby positively influencing demand for the product

• Collaborations between different stakeholders, including companies, research institutions, and government agencies, are common in the marketspace. These collaborations accelerate research and development efforts and facilitate the translation of new discoveries into practical applications

• The food grade segment witnessed the fastest growth rate as it meets the safety standards for use in food products. It serves as an antioxidant, helping to preserve the freshness and quality of food by preventing the oxidation of fats and oilsFood & beverage witnessed the fastest market growth in 2023 on account of growing working population and increased consumer purchasing power, thus driving the demand for processed foods

Butylated Hydroxytoluene Market Segmentation

Grand View Research has segmented the global butylated hydroxytoluene market based on grade, end-use, and region:

Butylated Hydroxytoluene (BHT) Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Food Grade

• Technical Grade

Butylated Hydroxytoluene (BHT) End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Plastic & Rubber

• Food & Beverage

• Animal Feed

• Personal Care

• Other End-Uses

Butylated Hydroxytoluene (BHT) Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in the Butylated Hydroxytoluene Market

• Sasol Limited

• Lanxess

• Eastman Chemical Company

• Oxiris Chemicals S.A.

• Camlin Fine Science

• Finoric LLC

• Dycon Chemicals

• Honshu Chemical Industry Co., Ltd.