Global Tert-Butyl Hydroperoxide Market: Snapshot
Tert-butyl Hydroperoxide (TBHP) is a clear, colorless, stable and aqueous solution which belongs to the alkyl hydroperoxide chemical family. It is highly reactive, inflammable, and decomposes due to contamination.
Tert-butyl hydroperoxide (TBHP) is an easily available and convenient source of active oxygen suitable for diverse oxidation technologies. Epoxidation of propylene to propylene oxide is the largest commercial application of TBHP. TBHP is also used in production of specialty chemicals needed in fine chemical and performance chemical industries such as pharmaceuticals and agrochemicals. It can selectively oxidize hydrocarbons, olefins, and alcohols. Asymmetric epoxidation and kinetic resolution with TBHP can provide access to complex chiral intermediates.
The main drawback of the market is that usage of tert-butyl hydroperoxide-based process is limited, while that of other processes is growing. Many companies have come up with proprietary technologies for the production of PO that do not involve the use of TBHP. Companies are also collaborating with each other by examining their PO production processes and developing joint-innovative processes. These factors are likely to act as restraints of the global TBHP market.
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According to a Transparency Market Research report, the global tert-butyl hydroperoxide market was valued at US$ 121.06 Mn in 2016 and is estimated to reach US$ 136.41 Mn by 2025, expanding at a CAGR of 1.3% between 2017 and 2025.
Polymerization Initiator Application Driving Market
Depending upon application, the key segments of the global tert-butyl hydroperoxide market are polymerization initiator, chemical synthesis, curing agent, etc. Of them, polymerization initiator and chemical synthesis application segments are said to be driving the market. The usage of TBHP in various applications in different region is diversified, with polymerization initiator generally dominating the demand. By clocking a maximum CAGR of 1.4% from 2017 to 2025, the global tert-butyl hydroperoxide market is expected to grow its revenue share to 46.61% by 2025. Curing agents follow in the second position in terms of revenue share. Vis-à-vis growth rate, chemical synthesis is also expected to register the same CAGR as polymerization initiator.
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However, the application segments are expected to exhibit differentiated growth potential across different regions and countries.
Powered by Demand from Germany, Europe Market Leads
From a geographical standpoint, Europe leads the global tert-butyl hydroperoxide market with a dominant share in revenue. In 2016, its share was a substantial 40%. In terms of volume, the region is expected to grow its share further in the upcoming years. Germany, Netherlands, and Belgium are at the forefront of driving demand in Europe.
North America comes in second vis-à-vis production as well as consumption of tert-butyl hydroperoxide. The U.S. accounts for very significant share of the tert-butyl hydroperoxide market in North America. Asia Pacific is another key market that is predicted to grow its revenue at a healthy clip. China, Japan, and Australia are main contributors to revenue in the region. The consumption of tert-butyl hydroperoxide is low in Latin America and MEA. Manufacturers have established networks in Latin America, especially in Brazil and Mexico; however, the overall demand for TBHP in the region is lower as compared to the other regions. A majority of the demand in the region is fulfilled through imports from North America.
Some of the prominent participants in the tert-butyl hydroperoxide market are LyondellBasell, PERGAN GmbH, Arkema Group, Akzo Nobel, and United Initiators GmbH.
