Global Synthetic and Bio-based Butadiene Market: Snapshot
The global synthetic and bio-based butadiene market is prophesied to gain momentum from the common usage of butadiene as a monomer in the manufacture of several chemicals. One of the prominent usages of the key petrochemical product could be the manufacture of polymers such as synthetic rubbers, resins, and plastics. In multiple industrial applications, a vital butadiene isomer, 1, 3-butadiene could showcase an enormous scope. In the current scenario, bio-based butadiene is engaged as a means to curb the worldwide reliance on fossil fuels. Consequently, there could be a whole lot of room for success in the market for the coming years.
Between 2015 and 2023, the global synthetic and bio-based butadiene market could rise a 4.9% CAGR on the revenue front. By the end of 2023, the market is prognosticated to achieve a valuation of nearly US$23.44 bn. In 2016, the market had attained a valuation of around US$16.66 bn.
Synthetic Butadiene Grabs Larger Share with Application in Derivatives Production, Automobile Industry
The synthetic domain of the world synthetic and bio-based butadiene market is envisaged to bode well with a higher production rate in the foreseeable future. In the latest past, the synthetic market by product had drawn a significant share due to some reliable factors. As per the present status of the world market, synthetic butadiene could continue to secure a leading position until the final forecast year. Produced with the involvement of C4 feedstock mixtures, synthetic butadiene could be employed to generate acrylonitrile butadiene styrene (ABS), styrene-butadiene (SB) rubber, SB latex, and other valuable derivatives. The automotive sector could engage a majority of these derivatives at a telling rate for manufacturing tires and other components.
Nevertheless, bio-based butadiene could exhibit a strong boost in both production and demand in the near future. This is expected to be on account of tight standards set around the globe for the oil and gas sector. An increasing count of nations could align their operations with eco-friendly initiatives, which include reducing the consumption of fossil fuels and also their by-products. While bio-based butadiene could be pricier than the synthetic form, rising competition in the market is predicted to shrink the prices of products over the course of the forecast period.
Asia Pacific Continues to Repeat Past Success with Rapid Industrialization Increasing Synthetic Butadiene Demand
In view of regional analysis, the international synthetic and bio-based butadiene market could expect business prospects from regions such as Latin America, the Middle East and Africa, Europe, Asia Pacific, and North America. Nearly half of the market share was secured by Asia Pacific in the recent past. Continuing with this lead, the emerging region is envisioned to demonstrate a gigantic growth in the demand for synthetic and bio-based butadiene. This could be owing to the aggressive industrialization rate witnessed in prime locations such as Southeast Asia and China. Although Asia Pacific could invite a high demand for both types of butadiene, the trend is anticipated to lean more toward the synthetic variant.
On the other hand, Europe and North America could experience a fall in the demand for synthetic butadiene because of the reinforcement of regulatory governance over the application of petrochemicals. Meanwhile, there could be a host of opportunities prevailing in the Middle East and Africa market for synthetic and bio-based butadiene. The growth here is expected to take shape on the back of the surging demand in the automobile sector, subsequently improving the demand for automotive tires.
The competitive landscape of the worldwide synthetic and bio-based butadiene market could mark the presence of fighting fit players such as Evonik Industries, BASF SE, and Eni S.p.A.
The rapidly growing automobile industry has enabled the growth of the global butadiene market in recent years. The report provides a comprehensive overview of the global butadiene market and assesses the growth and valuation of the market during the period between 2014 and 2023. The report points out the drivers and restraints affecting the growth of the market during the forecast horizon. The report also points out the various opportunities for the butadiene market to grow in near future. The report further analyzes the effect of Porter’s five forces on the growth of the market.
The report studies the global butadiene market on the basis of product type and application. The report also analyzes the manufacturing processes of synthetic and biobased butadiene and studies the price trends of the raw materials as well as that of synthetic and biobased butadiene. The report studies the global butadiene market across key geographical regions and assesses the growth of the market in each region. The report further profiles some of the key players in the global butadiene market and provides detailed information about them.
Overview of Global Butadiene Market
The report points out that the high demand from the tire and automotive industry will push the growth of the global butadiene market. The rapidly flourishing automotive market in countries such as China has increased the demand for synthetic butadiene, which is used in tires. The report studies the increasing volume of tires expected to be manufactured during the period between 2014 and 2023 and estimates the demand for butadiene accordingly. However, the report mentions that the volatility in prices of raw materials will hamper the growth of the global butadiene market. Stringent environmental regulations will also restrain the overall market. The global butadiene market has a huge opportunity to grow with the increasing demand for biobased butadiene.
On the basis of product type, the report segments the global butadiene market has been segmented into synthetic butadiene and biobased butadiene. In 2014, synthetic butadiene was the largest product segment. Synthetic butadiene is processed to obtain derivatives such as SB rubber, SB latex, and ABS, which are used in automotive industry. During the forecast horizon, biobased butadiene is likely to emerge as the fastest growing product segment in the market.
According to applications, the report categorizes the global butadiene market into butadiene rubber, SB rubber, ABS, SB Latex, adiponitrile, and others including chloroprene rubber and nitrile rubber. Butadiene rubber has been leading the overall market due to its extensive usage in tire manufacturing. During the forecast horizon, adiponitrile and ABS are expected to emerge as the fastest growing application segments in the market.
The report studies the global butadiene market across five regions: North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific. Asia Pacific dominated the overall market in 2014 owing to increasing demand from China and Southeast Asia. The Middle East and Africa is projected to be the fastest growing regional segment of the market during the forecast period.
Companies mentioned in the research report:
Describing the competitive landscape, the report profiles some of the key players in the global butadiene market such as Eni S.p.A., BASF SE, Evonik Industries, TPC Group, INEOS Group AG, Exxon Mobil Corporation, LyondellBasell Industries N.V., Repsol Group, Petrochemical Corporation of Singapore Pte. Ltd., SABIC, Royal Dutch Shell plc, The Dow Chemical Company, and Yeochun NCC Co. Ltd. The report provides insightful information about the players including company overview, number of employees, business strategies, brand overview, business overview, recent developments, and others.
Major geographies analyzed under this research report are:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments