Butylated Triphenyl Phosphate Market: Ester Compound
- Butylated triphenyl phosphate is a colorless ester compound extensively used in several industries due to its superior flame resistance properties. Demand for butylated triphenyl phosphate is high due to its effective plasticizer characteristics.
- Plasticizers are plastic additives significantly utilized in the plastic production process, owing to their higher compatibility with polyvinyl chloride (PVC). They enhance the performance and durability of plastic products.
- Butylated triphenyl phosphate is significantly employed in the polymer industry, owing to its low cost and high durability
- Butylated triphenyl phosphate is used in various industrial applications. It is majorly used as a fire retardant material in end-use applications. Rise in global demand for fire retardant materials and industrial lubricants is expected to drive the butylated triphenyl phosphate market during the forecast period.
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Key Drivers of Butylated Triphenyl Phosphate Market
- Several industries use butylated triphenyl phosphate in fire retardant fluids, as it helps prevent accidental damage. This is expected to boost the butylated triphenyl phosphate market in the near future.
- Butylated triphenyl phosphate is significantly employed in the polyethylene foam industry. High demand for polyethylene foam in end-use applications such as construction, automotive, protective packaging, and material handling is projected to augment the butylated triphenyl phosphate market.
- Butylated triphenyl phosphate is also a prominent component of engine oil, brake oil, and machine oil. Therefore, increase in demand for these oils in the aftermarket, owing to the higher usage of automotive vehicles, is anticipated to propel the butylated triphenyl phosphate market during the forecast period. However, volatility in prices of crude oil and stringent government norms are anticipated to hamper the butylated triphenyl phosphate market in the next few years.
Lubricant Segment to Offer Attractive Opportunities
- The lubricant segment is estimated to hold significant revenue share of the market, owing to the high demand for lubricant fluids in various industries. Lubricants are primarily used to reduce wear and tear of machines in order to propagate the smooth functioning of their parts.
- These liquids are extensively employed in various types of machinery, equipment, vehicles, engines, motors, and metal workings. Heavy lifting vehicles, hydraulics components, and motor parts require liquid changes on a regular basis.
- Most of the industrial machinery is highly utilized for regular production, transportation, and manufacturing process. This is strongly supporting the butylated triphenyl phosphate market growth. These are employed to carry out different functions and accompanied by the higher risk of fire and fatal accidents due to sparks on hot surfaces projected to boost fire retardant market share during the forecast period.
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Volatility in Raw Material Prices Likely to Hamper Market:
- Butylated triphenyl phosphate is made by the reaction between phenol and phosphoric acid. However, currently, the prices of these materials vary, due to the global crisis. This is hampering the global butylated triphenyl phosphate market.
- Prices of butylated triphenyl phosphate have been increasing since the last few years. They are estimated to rise further during the forecast period. Thus, volatility in raw material prices is likely to restrain the butylated triphenyl phosphate market.
- Estimating the demand for butylated triphenyl phosphate is a major challenge due to the economic slowdown in various regions across the globe. North America and Europe have still not recovered completely from the economic crisis. This has affected the demand for butylated triphenyl phosphate in major end-use industries in these regions.
Asia Pacific Expected to Hold Major Share in the Global Butylated Triphenyl Phosphate Market
- Asia Pacific is estimated to constitute major share of the market, owing to the presence of a number of automotive companies in the region. The butylated triphenyl phosphate market in China is expected to account for prominent market share, due to the presence of robust automotive, steel, and mining industries in the region.
- Demand for lubricants is anticipated to be high from the oil & gas industry in Middle East & Africa, where the use of mining, drilling, and boring equipment is high
- The market in North America is projected to expand at a rapid pace during the forecast period, due to an increase in the production of electronic products across the region
- The market in Europe is likely to be driven by focus of governments of countries in Europe on low carbon emission and energy consumption initiatives. Furthermore, rise in R&D investments in energy efficient passenger cars and lubricants used in them is anticipated to boost the market in Europe.