Butylated Triphenyl Phosphate Market

Butylated Triphenyl Phosphate Market Size (2023-2028)

The butylated triphenyl phosphate market is expected to grow at a CAGR of 6.8% during the forecast period of 2023-2028

Drivers and Restraints of the Butylated Triphenyl Phosphate Market:

The high compatibility of butylated triphenyl phosphate with polyvinyl chloride has made it an ideal choice in the plastics industry. The worldwide surge in the usage of plastics had a direct impact on the developments in the butylated triphenyl phosphate market. Because of its affordability and flexibility, there is an increasing demand from the polymers industry for this product. The growing applications like usage in fire extinguishers and industrial lubricants are also supporting the expansion of the global butylated triphenyl phosphate market.

Different grades of Butylated Triphenyl Phosphate solvents have different properties, which vary according to the requirements of applications. Growing demand for polyurethane-based products from the automotive industry is fuelling the growth of the Butylated Triphenyl Phosphate market across the world. Further, increasing the use of Butylated Triphenyl Phosphate in applications such as use in hydraulic fluids and lubricants in the power sector is also driving the growth of the Butylated Triphenyl Phosphate business across the globe.

BUTYLATED TRIPHENYL PHOSPHATE MARKET REPORT COVERAGE:

Butylated Triphenyl Phosphate Market Segmentation:

Butylated Triphenyl Phosphate Market - By Application:

• Lubricants

• Hydraulic fluids

• Flame retardants

• Agrochemical

The increase in demand for the Butylated Triphenyl Phosphate market across the globe can be attributed to the extensive utilization of this chemical in various end-use industries such as petrochemical, automotive, and industrial lubricants. The growing need for hydraulic fluids from the industries manufacturing consumer goods and heavy products is fuelling the growth of the Butylated Triphenyl Phosphate market across the planet.

Butylated Triphenyl Phosphate is widely used in the power generation sector in several countries. The hydraulic fluid acts as a medium of energy transfer and thus has wide-scale implications. Power plants have wide use of these fluids and with power generation eyeing offshore wind power plants, the demand for hydraulic fluids has increased with a growth rate of 3.7%. The introduction of fluidized bed boilers has also presented a plethora of opportunities for non-conventional fuels to be used for power generation. Hydraulic fluids prove to be an excellent alternative and thus promote the growth of the global Butylated Triphenyl Phosphate market.

The market demand in the chemical industry is projected to grow at a considerable CAGR during the forecast period of 2021 to 2026, in terms of value. This high growth is attributed to the perennial improvements in the infrastructure and other components in the chemical industry. Butylated Triphenyl Phosphate are heavily used in the making of fire retardants and this is helping the market grow. The increasing use of chemicals is supposed to drive the call for the Butylated Triphenyl Phosphate market in the near future.

Butylated Triphenyl Phosphate Market - By Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

The Asia Pacific region (APAC) is expected to dominate the Butylated Triphenyl Phosphate market in terms of value during the outlook period of 2020 to 2025. The ever-growing population of Asian countries has sparked a demand for Butylated Triphenyl Phosphate in several industries. The market in these end-use segments is majorly led by China, followed by a few more Asian countries.  

In North America, the lubricant manufacturing industry in Canada stands at USD 2 billion with a total of 120 companies. The demand for automotive lubricants has been decreasing since 2016 and with the current scenario, it is not expected to improve.

The butylated triphenyl phosphate market in the South American region is supposed to grow at a notable CAGR during the projection period of 2020 to 2025. This region has witnessed considerable infrastructural development in the past few years, which has led to the development of several housing construction projects. Consequently, it has led to an increase in the demand for butylated triphenyl phosphate in the construction sector as a flame retardant, as well as for lubricants in construction machinery.

Butylated Triphenyl Phosphate Market Key Market Players:

1. ROCOL

2. PCC Rokita

3. LANXESS AG

4. Imperial Chemical Corporation

5. Israel Chemicals Ltd.

Impact of COVID-19 on the  Butylated Triphenyl Phosphate Market

The coronavirus has exposed severe challenges for the chemical market by impacting various sectors. The Butylated Triphenyl Phosphate market is no different; it saw negative growth in this period owing to the decrease in demand from the manufacturing and chemical production industries which during this period faced severe hardships. The demand was low, and the availability of labor was another factor that made the situation worse. The Butylated Triphenyl Phosphate industry is expected to experience a negative impact due to the lockdown, as demands from end-user sectors are at an all-time low. Before the pandemic, the growth rate was expected to be flat thanks to the technological shift, and post that it has suffered dearly. North America has become the most affected region by the pandemic, and it has affected businesses severely. The Butylated Triphenyl Phosphate companies suffered huge losses and often were required to prove strong liquidity to avoid bankruptcy. The pandemic is touted to bring new changes in the industry that will eventually affect the demand as the need is no longer considered as a top priority. All in all, the Butylated Triphenyl Phosphate market is stagnant, and the global pandemic has added much to its woes.