This report provides the estimate and forecast for the synthetic & bio-based butadiene market on the global, regional, and country level. The study provides forecast from 2015 to 2023 based on volume (Kilo Tons) and revenue (US$ Mn).
Albany, NY -- (SBWIRE) -- 01/20/2016 -- Butadiene is one of the primary petrochemicals used as a monomer in the production of various industrial chemicals such as synthetic rubbers, resins, plastics, and other polymers. Butadiene is either employed as a principal monomer or in combination with other monomers such as styrene. Synthetic butadiene is produced through various conventional methods such as steam cracking of paraffinic hydrocarbons, dehydrogenation of butane and butene, and dehydration of ethanol. Synthetic butadiene has two isomers: 1,3-butadiene and 1,2-butadiene. Out of these, 1,3-butadiene has extensive industrial applications. Currently, butadiene is being derived by using bio-based raw material sources such as non-food biomass in order to reduce dependency on petroleum feedstock.
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The global butadiene market is segmented into synthetic & bio-based butadiene based on raw material source. Uses of butadiene vary depending on the manufacture of daily use and high-range products. It is extensively used as a chief monomer in the production of styrene-butadiene rubber, butadiene rubber, and styrene-butadiene latex. Furthermore, these butadiene derivatives are consumed by various end-user industries such as tire, adhesives & sealants, automotive, paints & coatings, building & construction, electrical appliances, packaging, and textile.
The global demand for synthetic & bio-based butadiene market is likely to be driven by global tire and automotive end-user industries. Following the economic slowdown in 2008, the automotive industry was chiefly responsible for boosting growth in the developed and developing regions, thus helping them regain their economies. The automotive industry increased production from 2010 in various countries across the globe such as China, Brazil, and Germany. Majority of butadiene is consumed in producing synthetic rubbers and coatings that are required in the manufacture of tire and other automotive accessories. Thus, growth in production of automobiles is expected to spur growth of the synthetic & bio-based butadiene market by the end of 2023. Butadiene and its derivatives are preferably used as chemical intermediates in this end-user industry as they provide better grip and high wear and tear resistance to finished automotive components. Rise in demand for acrylonitrile butadiene styrene (ABS) in Asia Pacific, especially in China and India, is anticipated to be another major factor driving the global synthetic & bio-based butadiene market. Government regulations related to the manufacture of petrochemicals and its allied products is lenient in Asia Pacific. As a result, the number of foreign investments are expected to increase by the end of 2023. Furthermore, the production base is shifting towards Asia Pacific due to stringent regulations imposed in developed regions such as Europe and North America. These factors, in turn, are anticipated to fuel growth of the synthetic & bio-based butadiene market by the end of 2023.
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Adiponitrile is likely to create lucrative opportunities for the global synthetic & bio-based butadiene market in the next couple of years. Furthermore, it is estimated to be one of the fastest-growing application segments of the butadiene market, expanding at a CAGR of over 6% between 2015 and 2023. Butadiene is used in the manufacture of adiponitrile, which is required to produce nylon resins and fibers, as it provides added mechanical strength to these end-user products. Resins and fibers that are generated from butadiene are used in automotive components, building materials, fabrics, clothing, and non-woven textiles.
In terms of global demand, Asia Pacific accounted over 50% share of the global synthetic & bio-based butadiene market in 2014. Middle East & Africa and Asia Pacific are anticipated to depict favorable growth in the synthetic & bio-based market, by the end of 2023. These regions have several industrial advantages such as growing population, easy availability of resources and manual labor, suitable climatic conditions, and support of the regional government. These advantages are likely to provide further growth opportunities during the forecast period in the Middle East & Africa and Asia Pacific. Latin America is anticipated to be an emerging region for synthetic & bio-based butadiene, while the markets in Europe and North America are likely to depict stabilized growth by the end of 2023.
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LyondellBasell Industries N.V., TPC Group, and Royal Dutch Shell plc are few prominent manufacturers of synthetic butadiene, while Genomatica, Inc. and Global Bioenergies S.A. are some of the key global players engaged in the manufacture of bio-based butadiene.
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