Albany, NY -- (SBWIRE) -- 05/17/2018 -- The Asia Pacific butene-1 market features a largely consolidated competitive landscape, wherein few key players dominate and hold a significant share in the market, observes Transparency Market Research in a recent report. Rise in demand for Butene-1 in the Asia Pacific region has forced key players to increase their production capacities. Availability of raw materials and growth in end-user industries have encouraged several key players to focus on joint ventures in China and ASEAN. Some of the market's most influential players are Petrochemical Corporation of Singapore (Private) Limited, China Petrochemical Corporation, China National Petroleum Corporation, PetroChina Company Limited, and ONGC Petro additions Limited.
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The market is estimated to exhibit a 4.1% CAGR from 2016 through 2026, rising from a valuation of US$508.6 mn in 2015 to US$787.8 mn by 2026. Of the key applications of butene-1, the segment of polyethylene co-monomers account for over 65% of the overall market. In terms of geography, China held a nearly 64% share in the market and is expected to continue dominance over the forecast period as well. Presence of a large supplier base and vast production facilities have made the China butene-1 market oversupplied.
High Demand across Packaging Industry to Bolster Growth Prospects
The Asia Pacific butene-1 market is chiefly driven by the rising consumption of high-density polyethylene (HDPE) and low-density polyethylene (LDPE) products in the region. These two thermoplastics collectively account for more than 50% of the overall demand for butene-1 in the region and are expected to witness high demand across the consumer goods and automotive industries in the near future as well. The positive growth prospects of these sectors in the region, especially in emerging economies such as India and China, are expected to create lucrative growth opportunities for the butene-1 market as well.
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In addition to these factors, the Asia Pacific market for butene-1 is also driven by the expansion of the packaging industry in the region in the past few years. Plastic packaging materials form one of the core segments of the packaging industry. As a large number of plastic packaging materials are prepared from polybutylene-1, the flourishing packaging market is also expected to have a significant positive impact on the overall development of the Asia Pacific butene-1 market. Over the period between 2014 and 2026, the demand for plastic packaging materials in Asia Pacific is expected to exhibit a 4.6% CAGR.