April 13, 2024

The Butylated Hydroxytoluene Market Is Stabilizing Due To Increasing Oxidative Damage

It helps increase the shelf life of food products. BHT is used as a food additive and preservative in packaged foods, animal feeds, cosmetics, food packaging, rubber, petroleum products and related materials. BHT acts as a radical scavenger to inhibit the chain reaction of autoxidation. It reacts with the free radicals formed in the initiation step and converts them into more stable products.

The Global Butylated Hydroxytoluene Market is estimated to be valued at US$ 236.8 MN in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.

Growing awareness about harmful effects of oxidation and deteriorated quality of food products has fueled the demand for antioxidants like BHT. Increasing production of packaged and processed foods has also augmented the market growth due to longer shelf life requirement of foods. Moreover, rising consumption of personal care products and cosmetics is propelling the BHT consumption.

Key Takeaways:
Key players operating in the Butylated Hydroxytoluene market are Oxiris Chemicals S.A., Camlin Fine Science, Finoric LLC, Dycon Chemicals, Honshu Chemical Industry Co., Ltd., Sasol Limited, Lanxess, Eastman Chemical Company.

Growing concerns about food safety and quality has increased the demand for effective food preservatives like BHT globally. Asia Pacific region dominates the global demand for BHT due to enormous food processing industry.

Major players are focusing on global expansion plans by acquiring small players and setting up production facilities in high growth regions. The Butylated Hydroxytoluene market has high opportunities in developing nations to meet the rising demand from food and personal care sectors.

Market key trends:
One of the key trends observed in the Butylated Hydroxytoluene Market Size is increasing applications in food packaging materials. Traditionally, BHT was only used in direct food contact application but now it is extensively utilized as an antioxidant for food packaging films and containers. This helps increase the shelf life of packaged foods. Growing focus on freshness and quality of packaged foods is augmenting the demand for BHT from food packaging sector.

Porter’s Analysis
Threat of new entrants: New manufacturers find it difficult to enter this market as it requires high capital investment in research and development activities and also existing manufacturers have strong brand loyalty.

Bargaining power of buyers: Buyers have low bargaining power in this market as it is commodity chemical with limited substitutes and manufacturers differentiate their products on trademark basis.

Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials for BHT production such as cumene and phenol derivatives are widely available from various international suppliers.

Threat of new substitutes: Threat of substitutes is moderate as some alternatives like TBHQ and synthetic antioxidants are used but they are costly and may not provide same level of performance as BHT.

Competitive rivalry: Competition in the market is high as top players aggressively compete on pricing, quality and brand loyalty while expanding capacities to gain higher market share.

Geographical Regions

North America region accounted for largest share in the global BHT market in terms of value owing to wide usage of BHT in food, pharmaceuticals, polymers and fuel additives industries in US and Canada. Asia Pacific region is expected to be the fastest growing market during forecast period supported by rising demands from food packaging, plastics and fuel additive end use industries in China, India and other Southeast Asian countries.

The BHT market in Europe is mainly concentrated in Western European countries like Germany, UK, France and Italy where stringent food safety regulations mandate usage of antioxidants in processed food products. Japan is also a major consumer market in Asia Pacific region due to high living standards and aging population demanding preservation of food quality.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it