Synthetic and Bio Based Butadiene Market Key Trends, Challenges and Standardization to 2023
Albany, NY -- (SBWire) -- 02/06/2019 --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.
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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.
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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.
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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.
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