NEW YORK, Oct. 02, 2017 (GLOBE NEWSWIRE) -- According to new market research report titled “1,3-Butylene Glycol (1,3-BG) Market by Product (Pharmaceutical Grade, Industrial Grade), by Application (Cosmetic & Personal Care Products, Food Products), by Geography (U.S., Canada, Germany, U.K., France, Russia, Italy, Japan, China, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Columbia, Saudi Arabia, South Africa, U.A.E., Egypt, Nigeria) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” published by P&S Market Research, the global 1,3-butylene glycol market is likely to grow from 29,300.0 MT in 2016 to 38,939.5 MT by 2023.
Growing cosmetic products market and the growing demand of 1,3 butylene glycol in the pharmaceutical industry are the key factors driving the growth of the global market. 1,3-BG is used as raw material for polyester plasticizers and unsaturated polyester resins humectant in cosmetics.
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As per the findings of research, pharmaceutical grade occupied the larger share of the market, its usage in major industries, such as cosmetic, personal care, and food industries. Growing demand for skin care and hair care products and entry of large number of players in the food and beverages industry worldwide, is driving the demand for pharmaceutical grade 1,3-butylene glycol.
On the basis of application, cosmetics & personal care products were the largest application area of 1,3-butylene glycol, owing to increasing consciousness and awareness towards haircare and skincare among consumers. The increasing awareness supported with increased disposable income is leading to more demand of such cosmetic products, which finds application of 1,3-BG.
Globally, Asia-Pacific dominates the market and is expected to remain the largest market in future as well. This is due to high demand for 1,3-BG in emerging economies of the region. During the forecast period, the market is expected to witness the fastest growth in Asia-Pacific, attributed to factors such as improving healthcare infrastructure, increasing disposable income, and significant growth in the cosmetics industry. Countries such as India and China have growth potential for 1,3-butylene glycol market in the region. The healthcare expenditure in these countries is still proportionally very low when compared to the developed economies of Europe and North America. However, the large population base and increasing disposable income exhibit strong demand for personal care products, thus increasing the demand for 1,3-butylene glycol.
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Compared with glycerol, sorbitol, and propylene glycol, 1,3 butylene glycol is the most efficient polyol as antimicrobial agent. The market for beauty products is driven by increasing aging population, and increasing disposable income. The leading cosmetic companies, such as L’Oreal Group (France), Avon Products Inc. (the U.S.), The Estée Lauder Companies Inc. (the U.S.), and Oriflame Cosmetics (Luxembourg) are continuously introducing new variants, which is leading to increased growth of cosmetics industry. This is expected to drive the growth in demand of 1,3-butylene glycol worldwide.
The research states that this industry is consolidated, where OXEA GmbH, Daicel Corporation, and KH Neochem Co., Ltd. are the market leaders. Some of the other key players in the 1,3-butylene glycol market are Godavari Biorefineries Ltd., Hangzhou Dayangchem Co. Ltd., Haihang Industry Co., Ltd., and Genomatica, Inc.
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