Butylated Hydroxytoluene (BHT) Market revenue to reach USD 20 Billion by 2035, says Research Nester
Leading Butylated Hydroxytoluene (BHT) Market players include Lanxess AG, Eastman Chemical Company, Merck KGaA, SI Group, Inc., OXIRIS Chemicals S.A., Perstorp Group, Cargill, Incorporated, Impextraco NV, VDH Chemtech Pvt. Ltd.and KH Chemicals.
New York, Oct. 10, 2023 (GLOBE NEWSWIRE) — The global butylated hydroxytoluene (BHT) market size is projected to expand at ~8% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 20 Billion by the end of 2035, up from a revenue of ~USD 10 Billion in the year 2022. The global demand for packaged food has been on a steady rise over the years, owing to factors such as changing lifestyles and increasing disposable incomes. Americans have been found to consume 32% packaged food as compared to fresh food. In the week ending June 20, there was an increase of 22% in the consumption of packaged food in the United States in comparison, to the previous year. This trend has had a significant impact on the growth of the butylated hydroxytoluene (BHT) market. According to industry reports, the use of BHT as a preservative in packaged food has been steadily increasing due to its ability to prevent oxidation and extend shelf life.
Request Free Sample Copy of this Report @
Butylated Hydroxytoluene (BHT) Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Food grade segment to garner the highest growth
- Market in North America to grow at a significant rate
Rising Awareness of Health Benefits to Boost Market Growth
As consumers become more health-conscious, they are looking for products that not only taste good but also offer health benefits. This is where BHT comes in. Studies have shown that BHT has antioxidant properties that can help protect against certain diseases such as cancer and heart disease. The recent[R1] research demonstrated that by including the phenolic antioxidant BHT, in both human and animal food it is possible to reduce the occurrence of cancer caused by chemical compounds. This is evidenced by its ability to counteract the effects of DEN as well as protect the liver from injury and carcinogenesis. In addition to its health benefits, BHT is also being used in a variety of products such as cosmetics and pharmaceuticals. For example, BHT is used in lipsticks to prevent them from going rancid and in medications to extend their shelf life. With the growing demand for these products, the demand for BHT is also on the rise.
Butylated Hydroxytoluene (BHT) Market: Regional Overview
The global butylated hydroxytoluene (BHT) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Industrial and Automotive Sectors to Drive the Growth in the Asia Pacific Region
The butylated hydroxytoluene (BHT) market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is due to its growing industrial and automotive sectors, which require large amounts of plastic and rubber for their products. The Asia Pacific region is a major center for the manufacturing of plastics and rubber products. In 2021 China dominated the production[R2] of plastic materials contributing to a staggering 33% share and solidifying its position as the largest plastic producer in the world. According to industry estimates in India, the total primary plastic production, in the country amounts to 21 million metric tonnes. Additionally, the Asia Pacific region is home to many countries with a growing middle class, which is driving the demand for consumer goods, resulting in an increased demand for BHT.
Growing Cosmetics Industry to Drive the Growth in the North America Region
The North America butylated hydroxytoluene (BHT) market is estimated to garner the largest revenue by the end of 2035 owing to the growing cosmetics industry in region. Every year the cosmetics industry in the United States generates around USD 48 billion in sales. Ulta Beauty, which is the health and beauty retailer in the country managed to generate approximately USD 7[R3] .6 billion, in retail sales in 2019. Butylated Hydroxytoluene (BHT) has become increasingly popular in the cosmetics industry due to its antioxidant properties, which help prevent the oxidation of oils and fats commonly found in cosmetic products. This ingredient has been shown to extend the shelf life of various cosmetics, making it a valuable addition to many formulations. As the cosmetics industry continues to grow, so does the demand for BHT, making it an important factor in the overall growth of the BHT market.
Make an Inquiry Before Buying this Report @
Butylated Hydroxytoluene (BHT) Segmentation by Grade
The food grade segment is anticipated to hold the largest revenue by the end of 2035. BHT is an effective preservative because it helps to slow down the oxidation of fat and rancidity of food, extending the shelf life and reducing food waste. It is especially applicable to foods that have a high fat content, such as meat and dairy products, where oxidation and rancidity are major problems. BHT has[R4] received approval as a food from regulatory bodies, across the globe including the U.S. Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA). Furthermore, BHT is relatively inexpensive and widely used in the food industry, making it an attractive option for companies looking to reduce their food waste and reduce their environmental impact.
Request for Customization of this Report @
Butylated Hydroxytoluene (BHT) Segmentation by End User
The Pharmaceutical segment is anticipated to hold the largest revenue by the end of 2035. BHT is a synthetic antioxidant that helps to reduce the oxidation and degradation of drugs, prolonging their shelf life and efficacy. The pharmaceutical segment is expected to grow at the highest rate due to increasing demand for drugs with a longer shelf life and efficacy. On average, approximately 37 medications receive approval from the FDA. American households typically allocate around USD 440 towards purchasing over-the-counter medicines every year. As of 2023 the pharmaceutical industry in the United States accounts for 45% of[R5] the global pharmaceutical market. BHT acts as a preservative by inhibiting oxidation and microbial growth, which can cause chemical reactions that can reduce the efficacy of the drug. By preventing oxidation, BHT helps to maintain the stability of sensitive active ingredients, prolonging the shelf life of the formulation.
A few of the well-known market leaders in the global butylated hydroxytoluene (BHT) market that are profiled by Research Nester are Lanxess AG, Eastman Chemical Company, Merck KGaA, SI Group, Inc., OXIRIS Chemicals S.A., Perstorp Group, Cargill, Incorporated, Impextraco NV, VDH Chemtech Pvt. Ltd., KH Chemicals, and other key market players.
Recent Development in the Market
- Lanxess and Eastman Chemical Company have recently joined forces in an effort to develop polyurethanes that are sustainable and environmentally friendly. Their primary focus is on creating polyurethane materials that are derived from renewable resources while still meeting the high performance standards expected by customers.
- Eastman Chemical Company reported impressive financial performance surpassing market expectations in the first quarter of 2023. The company’s earnings per share stood at USD 2.22 which exceeded analysts predicted figure of USD 2.05. Additionally, Eastman’s sales reached USD 2.9 billion during this period driven mainly by demand for their products, in the agricultural and specialty plastics sectors.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach to helping global industrial players, conglomerates, and executives for their future investments while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided the right guidance at the right time is available through strategic minds.
CONTACT: AJ Daniel Corporate Sales, USA Research Nester Email: [email protected] USA Phone: +1 646 586 9123 Europe Phone: +44 203 608 5919
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Agrigate Global takes no editorial responsibility for the same.