Europe Gamma Butyrolactone Market Growth & Trends
The Europe gamma butyrolactone market size is expected to reach USD 1.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.7% from 2021 to 2028. The market is majorly driven by rising demand for electronic products, organic chemicals, and other major application industries.
The rising demand for semiconductors in television sets, refrigerators, washing machines, Light-emitting Diode (LED) bulbs, and computers and the increasing use of electrical batteries in electric vehicles, mobiles, and flashlights due to surging demand for compact and technologically advanced devices, can provide lucrative opportunities for manufacturers of electric capacitance class gamma butyrolactone during the forecast period.
Gamma butyrolactone demand in France is primarily driven by the growing usage of organic products due to rising awareness about the adverse effects of consuming harmful chemicals. Expanding agricultural sector is likely to boost the demand for agrochemicals, thereby, benefitting the market.
The key raw material suppliers include manufacturers of 1-4 butanediol and catalysts. Globally, butane prices depend on the price trend of crude oil. Therefore, volatile crude oil prices may result in high fluctuation in butane prices over the forecast period. Petroleum derivatives are highly dependent on crude oil pricing and downstream demand. Government regulations have an equal impact on the overall profitability of manufacturers of the chemical compound.
The market in this region is dominated by large multinational corporations such as BASF SE, Ashland, Mitsubishi Chemical Corporation, and LyondellBasell Industries Holdings B.V. Product manufacturers such as Mitsubishi Chemical Corporation, LyondellBasell Industries Holdings B.V., BASF SE are involved in selling their products through third-party distributors in Europe.
Europe Gamma Butyrolactone Market Report Highlights
- In terms of revenue, electrical application accounted for the highest share of more than 36.0% in 2020 on account of increasing demand for semiconductors in the manufacture of a variety of goods electronic goods
- As of 2020, France accounted for the highest revenue share of 28.3% due to the growing agricultural sector in the country
- As of 2020, the electric capacitance product segment accounted for the highest revenue share owing to its growing penetration as a solvent in the manufacturing process of semiconductors
- The rising demand for semiconductors in refrigerators, Light-emitting Diode (LED) bulbs, computers, and other technologically advanced devices can provide lucrative opportunities for manufacturers of electric capacitance class gamma butyrolactone
- Growing construction activities in France, Italy, the U.K., and Spain is poised to reflect steady market growth over the coming years