There is an increasing interest in using butyric acid as a precursor in producing biofuels. This is expected to offer lucrative opportunities for the growth of the butyric acid market during the forecast period. The growing population and the consequently increasing demand for fossil fuels have led to an overwhelming surge in demand for liquid fuel, which has triggered the emission levels of greenhouse gases. However, research has been directed toward alternative fuel sources in recent years due to increasing petroleum prices and a growing need for clean energy sources.
Biofuels have emerged as a sustainable alternative to conventional fuels that reduce greenhouse gas emissions with a secured supply. Further, butyric acid has been studied as a renewable green platform chemical that can provide an alternative solution to fossil fuels to reduce environmental concerns.
In 2021, scientists at the National Renewable Energy Laboratory (NREL) developed a fully integrated process to produce butyric acid as a promising precursor for producing diesel and jet fuel from lignocellulosic biomass. The production of fuels from biomass is important to diminish petroleum dependency and build a sustainable bioeconomy. Researchers plan to expand this pathway to establish an economically viable route from biomass to renewable diesel and jet fuel. Such developments will offer significant opportunities for the butyric acid market growth in the coming years.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe butyric acid market at a healthy CAGR during the forecast period.
The Europe butyric acid market is analyzed on three fronts: Source, application, and country. Based on source, the market has been segmented into renewable butyric acid and synthetic butyric acid. The renewable butyric acid segment held the largest market share in 2020.
Based on application, the market is segmented into printing inks, animal feed, food flavors and fragrances, chemical intermediates, pharmaceuticals, and others. The animal feed segment held the largest market share in 2020.
Based on country, the Europe butyric acid market is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe.
Alfa Aesar; Eastman Chemical Company; Hefei TNJ Chemical Industry Co., Ltd.; Kunshan Odwell Co., Ltd.; MERCK KGaA; OQ Chemicals GmbH; Perstorp Holding AB; Tokyo Chemical Industry Co., Ltd.; and Yufeng International Co., Ltd. are the leading companies in the Europe butyric acid market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 48.74 Million |
| Market Size by 2028 | US$ 124.14 Million |
| CAGR (2021 - 2028) | 14.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Source
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Butyric Acid Market is valued at US$ 48.74 Million in 2021, it is projected to reach US$ 124.14 Million by 2028.
As per our report Europe Butyric Acid Market, the market size is valued at US$ 48.74 Million in 2021, projecting it to reach US$ 124.14 Million by 2028. This translates to a CAGR of approximately 14.3% during the forecast period.
The Europe Butyric Acid Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Butyric Acid Market report:
The Europe Butyric Acid Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Butyric Acid Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Butyric Acid Market value chain can benefit from the information contained in a comprehensive market report.
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