The n-Butanol market size was estimated to be USD 4.18 Billion in 2017 and is projected to reach USD 5.58 Billion by 2022, at a CAGR of 5.9% during the forecast period. Leading market players, such as Dow Chemical (US), OXEA (US), and Mitsubishi Chemical Corporation (Japan), have adopted several strategies, such as agreements, joint ventures, and expansions, to efficiently serve customers and increase their market shares.
Agreements was the key growth strategy adopted by the major players in the n-Butanol market. It accounted for a share of 50.0% of the total growth strategies adopted by the major market players between 2013 and 2017. These players have also adopted joint ventures and expansions as the second level growth strategies to expand their regional presence. Each strategy accounted for 25% share of the total growth strategies adopted by the players between 2013 and 2017.
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Mitsubishi Chemical Corporation (Japan), one of the largest manufacturers of n-Butanol, adopted agreements as its primary growth strategy. For instance, in December 2017, Mitsubishi Chemical Corporation entered into a collaboration agreement with MET Gas Processing Technologies (Italy) over the licensing of a process for manufacturing oxo alcohols, acrylic acid, and acrylic acid ester from natural gas. Mitsubishi will proactively expand licensing business through the collaboration to meet the growing demand for propylene and its derivatives.
OXEA (US), ranked as the third largest player of n-Butanol, has adopted expansions as its key growth strategy to strengthen its foothold in the global market. For instance, in February 2015, Oxea completed the expansion of its oxo alcohol production capacity in the Texas, US. The company announced 25% production expansion in May 2013. The full realization of this expansion work is completed, and the capacity is gradually being brought online. With the 25% capacity increase, the plant capacity has now reached 287.5 KT/year and 100 KT/year for n-Butanol and butac, respectively. This capacity expansion helped the company increase its business reach in the oxo alcohol market of North America.