Global Butylated Hydroxytoluene (BHT) Market Size Expands to Cross USD 391 Million by 2029
The global butylated hydroxytoluene (BHT) market is gaining traction because of the rise in plastics production and expansion of cosmetic industry across the world.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated global butylated hydroxytoluene (BHT) market size at USD 263.1 million in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global butylated hydroxytoluene (BHT) market size is projected to grow at a CAGR of 5.91% reaching a value of USD 391.43 million by 2029. Major growth factors of global BHT market include its expanding application in various industries including food and beverages, plastic and rubber, and animal feed. Also, rapid R&D activities in BHT, especially in the healthcare industry are expected to present lucrative growth opportunities to the overall market in the coming years. However, rising concerns regarding the use of BHT in food & beverages industry is anticipated to hinder the growth of global BHT market during the forecast period.
Global Butylated Hydroxytoluene Market – Overview:
Butylated hydroxytoluene (BHT), also known as butylhydroxytoluene, is a lipophilic organic molecule that is beneficial for its antioxidant qualities. It is chemically a derivative of phenol. It serves as a preservative and antioxidant in foods, animal feed, vegetable and animal-derived oils, petroleum products, rubber, and plastics. It helps in preventing oxidative rancidity of lipids by delaying the impact of oxygen on the dietary material. BHT is also utilized as medication. Acute immune deficiency syndrome (AIDS) and genital herpes are treated with BHT.
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Impact of COVID-19 on Global Butylated Hydroxytoluene Market
The COVID-19 pandemic had a mixed impact on the growth of the global BHT market. The demand for processed and packaged food products registered a significant spike during the lockdown period. The use of BHT also gained significant traction in the animal feed industry with its rising application in the production process of the meat and poultry market. However, the market was hindered as the operations of the plastic and rubber industry, one of the major industries of the BHT market was temporarily halted, which resulted in huge losses to the manufacturers.
Global Butylated Hydroxytoluene Market – By Application:
Based on application, the global butylated hydroxytoluene market is segmented into food additives, fuel additives, polymeric ingredients, pesticide ingredients, and others. BHT is prominently used in the food and beverages industry for a wide range of applications including flavoring agents, emulsifiers, antioxidants, and coloring agents. With this application, BHT preserves freshness or stops food from spoiling; it can also be used to slow down the pace at which food changes in terms of texture, color, or flavor. The use of BHT as the polymeric ingredient application also covers a substantial market share and is projected to grow at a high CAGR during the forecast period.
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Competitive Landscape:
Major players operating in the global BHT market include Anmol Chemicals, Dycon Chemicals, Finar Chemicals, Guangzhou ZIO Chemical Co. Ltd, Honshu Chemical Industry Co. Ltd, LANXESS, Merck KGaA, Milestone Preservatives Pvt. Ltd., OXIRIS, Ratnagiri Chemicals Pvt. Ltd, VDH ChemTech Pvt. Ltd, and Wuxi Yufeng International Trade Co. Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the global Butylated Hydroxytoluene Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Butylated Hydroxytoluene Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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