Press Release
One of the key factors responsible for the rising demand for1,3-Butylene Glycol is the surging need for cosmetic products across the world. The main factor pushing the demand for cosmetic products is the soaring geriatric population across the globe, amongst which the various cosmetic and skin care products are highly-sought after. In cosmetic products, 1,3-Butylene Glycol is mainly used as solvents, in the production of bath and hair products, fragrances, shaving and skin-care products, eye and facial makeup, and personal cleanliness products, due to their ability to decrease viscosity.
The other major factor boosting the demand for 1,3-Butylene Glycol is the surging need for pharmaceuticals throughout the world, primarily on account of the growing healthcare industry. The healthcare industry is currently fragmented and this makes the industry attractive to investors especially in the developing nations such as India and China, due to the rising healthcare infrastructure and expenditure in these countries. Manufacturing pharmaceutical products in these countries will result in cheaper products, on account of the lower cost of manufacturing of pharmaceuticals in emerging economies.
Therefore, as a result of the above factors, the global 1,3-Butylene Glycol market is expected to increase its revenue from $127.8 million in 2017 to $178.5 million by 2024. The market is also predicted to progress at a CAGR of 4.9% during the forecast period (2018—2024). 1,3-Butylene Glycol, also commonly known as butane- 1,3-diol, or 1,3- dihydroxybutane, is widely used as a chemical intermediate, in the manufacturing of polyester plasticizers. This compound can also be converted into β-hydroxybutryate and used as substitute for brain metabolism.
Globally, the highest demand for 1,3-Butylene Glycol is witnessed in Asia-Pacific (APAC). The fastest growth in the demand for 1,3-Butylene Glycol is expected to be observed in APAC during the forecast period, mainly due to the surging disposable income of the people of APAC countries, improving healthcare infrastructure, and the flourishing cosmetics industry in this region. As per the World Bank, the healthcare expenditure in China increased from 4.7% in 2004 to 5.5% in 2014, thereby leading to huge growth in the 1,3-Butylene Glycol market.
