NEW YORK, Oct. 21, 2020 /PRNewswire/ -- The global 1,3-butylene glycol market is set to attain a revenue of $227,057.5 thousand in 2030, rising from $139,994.9 thousand in 2019, progressing at a CAGR of 5.0% during 2020–2030, according to P&S Intelligence's report. A major reason for the growth of the market is the swift expansion of the pharmaceutical industry. While the industry is advancing in North America and Europe, it is still quite small in Asia-Pacific (APAC) and Latin America.
However, due to the large population of countries such as India and China, these regions are predicted to emerge as major healthcare markets in the years to come. Ascribed to this, companies in the pharmaceutical industry are also investing heavily in these regions, which is predicted to result in the growth of the 1,3-butylene glycol market in the years to come.
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1,3-butylene glycol is utilized extensively in the manufacturing process of drugs because of its ability to kill fungi and bacteria and to enhance the shelf life of medicines. On the basis of product, the pharmaceutical-grade division is predicted to account for the major share of the market in the coming years. pharmaceutical-grade 1,3-butylene glycol is consumed widely in cosmetics, food & beverages, and personal care industries. As the adoption of skincare products is growing due to the rising prevalence of acne, eczema, and psoriasis, the demand for this product is predicted to grow as well.
It is because of ultraviolet exposure, stress, alcohol and tobacco consumption, pollution, anxiety, and unfit environmental conditions that the prevalence of such demagogical diseases is rising, thereby leading to the growth of the market. When function is taken into consideration, the humectant classification is projected to grow at the fastest pace (5.1% CAGR) in the 1,3-butylene glycol market. 1,3-butylene glycol is increasingly being utilized as a humectant in cosmetics and personal care products, majorly those that are applied on hair and skin.
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The cosmetics and personal care products category has been contributing the largest revenue share to the 1,3-butylene glycol market up till now, owing to the increasing demand for hair care and skincare products. One of the most common skin diseases is photoaging, which leads to hair loss, sunburns, and decreased skin elasticity. In addition to this, the prevalence of several other skin diseases is growing at a rapid pace, which, in turn, are driving the growth of the market.
Geographically, the 1,3-butylene glycol market was dominated by the APAC region in the past and the situation is projected to remain the same in the years to come as well. The requirement for the chemical is increasing from several developing countries in the region, namely India, Thailand, Indonesia, and China. This can be ascribed to the growing disposable income of people in these countries, which is leading to increased spending on personal care and cosmetics products.
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SOURCE P&S Intelligence