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Synthetic & Bio-based Butadiene Market Anticipated To Offer High Growth Opportunities Over 2018-2024
Synthetic & Bio-based Butadiene Market
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With a diversified application portfolio in the automotive sector, global synthetic and bio-based butadiene market is generating a commendable momentum in the chemical industry. The huge valuation of the butadiene market can be majorly credited to its use in the manufacturing of tires. On account of this fact, the expanding tire industry which had a market size of 2.5 billion units in 2016 and is projected to surpass a volume of 3.9 billion units by 2024, validates the strong growth prospect of the synthetic and bio-based butadiene industry over the coming timeframe. In addition to this, the growing vehicle production which was recorded at 90 million units in 2016 is also a strong driving force behind the synthetic and bio-based butadiene market trends.
Asia Pacific is one of the major growth avenues for the global synthetic and bio-based butadiene industry. Reportedly, APAC led the global industry landscape in 2016 with a contribution of more than 45% of the overall share. China is forecast to predominantly drive the regional revenue having had similar trends over the past few years. As per the estimates, overall automobile production in China was 23 million units in 2016. Moreover, the notion of reducing the weight of the vehicles which further enhances the fuel efficiency and parallelly reduces the carbon emissions in the atmosphere is also significantly impacting the regional dynamics. China reportedly uses a substantial amount of plastic content in the manufacturing of automobile parts, particularly ABS. Estimates claim China ABS synthetic & bio-based butadiene market to record substantial growth over the years ahead having had a valuation of USD 740 million in 2016.
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The industry participants are making constant efforts to modify their product portfolios in sync with the environmental norms. In this regard, the firms are investing heavily in R&D to develop bio-based products. Key participants in the synthetic and bio-based butadiene market include BASF SE, Evonik Industries, Eni S.p.A, INEOS, ExxonMobil, Royal Dutch Shell Plc, LyondellBasell Industries N.V., The Dow Chemical Company, and SABIC. Reportedly, the industry has been quite fragmented over the years with the major players sharing just 30% of the overall business space. Another trait of the synthetic and bio-based butadiene industry is the tie-up of these product manufacturers with the end-use industries such as automotive, construction, etc. where these players get a major exposure to the entire industry ecosystem.
The expanding automotive base is certain to provide a substantial impetus to the global synthetic and bio-based butadiene industry over the years ahead. As per Global Market Insights, Inc., this industry is estimated to exceed a market share of USD 24 billion by 2024. The two major trends to watch for in the synthetic and bio-based butadiene market are the escalating growth of the bio-based butadiene products and the challenges they might offer to the synthetic counterparts coupled with the lucrative opportunities APAC will offer to the global industry base.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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