Transparency Market Research has published a new research report titled “Butadiene (Synthetic and Bio-based) Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” to their report store.
Albany, NY -- (SBWIRE) -- 05/05/2017 -- Butadiene is a key petrochemical product, used commonly as a monomer in the manufacture of multiple chemicals. Some of the leading uses of butadiene include the manufacture of polymers such as plastics, resins, and synthetic rubbers. Butadiene is also used as a primary monomer when combined with other monomers such as styrene. The manufacture of synthetic butadiene involves the process of steam cracking paraffinic hydrocarbons, ethanol dehydration, or butane and butene dehydrogenation. 1,3-butadiene, one of the two key isomers of butadiene, holds a massive scope in several industrial applications. At the moment, bio-based butadiene is being used to reduce the global dependency on fossil fuels.
The global synthetic and bio-based butadiene market is projected at a CAGR of 4.9% in terms of revenue, within a forecast period from 2015 to 2023. The market is expected to be expanding at a CAGR of 3.9% for the same forecast period, in terms of volume. The global synthetic and bio-based butadiene market was valued at US$16.66 bn by the end of 2016 and is expected to reach US$23.44 bn at the end of 2023.
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APAC to Retain Leading Share in Global Synthetic and Bio-based Butadiene Market
In terms of geography, the global synthetic and bio-based butadiene market can be segmented into the core regions of North America, Asia Pacific, Europe, the MEA, and Latin America. In 2014, the market was largely dominated by Asia Pacific with a share in value of over 50%. This region is expected to continue showing a massive upswing in demand through the rapid rate of industrialization in China and Southeast Asia. This region is expected to show an equally high demand for both types of butadiene, with a tendency to lean towards synthetic butadiene more.
North America and Europe, on the other hand, are expected to show a fall in the overall demand for butadiene over the coming years, especially for synthetic butadiene. Both regions are beginning to show a strengthening of regulatory governance over the use of petrochemicals. Meanwhile, the Middle East and Africa region is expected to show a leading growth rate in the global synthetic and bio-based butadiene market over the coming years, thanks to a growing demand for automobiles, which is spurring the demand for automotive tires.
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Synthetic Butadiene Demand Continues to Rise
Between synthetic and bio-based butadiene, the global market is expected to show a greater production rate of butadiene through synthetic means. Synthetic butadiene was the leading segment in 2014, and current status of the market suggests that it will remain in the lead for the immediate future. Synthetic butadiene is manufactured using C4 feedstock mixtures and can be used to generate valuable derivatives, including SB latex, SB rubber, and ABS. Most of these derivatives are of high use in the manufacture of tires and other components in the automotive industry.
Over the coming years, bio-based butadiene is expected to witness a huge boost in demand and production, owing to the increasingly stringent regulations being applied to the oil and gas industry around the world. More and more countries are aligning themselves with ecofriendly initiatives, including cutting down on fossil fuel and fossil fuel byproducts consumption. While bio-based butadiene is more expensive than its synthetic variant, increasing competition in this field is expected to cut down prices of products over time.