|09-24-2018 12:02 PM CET - Business, Economy, Finances, Banking & Insurance||
Synthetic & Bio-based Butadiene Market Key Players are BASF, Evonik, Exxon Mobil, LyondellBasell Industries, PCS, Repsol, Shell, Dow Chemical, TPC Group
Press release from: Global Market Insights, Inc.
Synthetic & Bio-based Butadiene Market will likely surpass USD 24 billion by 2024 according to this new research report.
Robust growth in the global construction industry will drive the overall synthetic & bio-based butadiene market during the forecast years. Product is chiefly employed as a sealant and binding agent in the construction industry. Rapid urbanization in the developing parts of the world is driving the global construction industry growth. Asia Pacific is a major region for the construction industry with the infrastructure sector in the region projected to exceed USD 5 trillion by 2024. The region will open tremendous growth opportunity for the global synthetic & bio-based butadiene market in the forecast timeframe.
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Adverse effects of synthetic butadiene products on human health and environment is a cause of concern for synthetic & bio-based butadiene market participants. Butadiene is also considered to be a carcinogenic compound and can be toxic to animal life. These factors may hamper the industry growth in the forecast years. However, substitution of synthetic butadiene with their bio-based counterparts is anticipated to mitigate these negative effects.
Global synthetic & bio-based butadiene market has two product segmentations including synthetic and bio-based butadiene. Synthetic segment has the major share of total industry and will experience moderate growth rates as product is widely used in automotive parts and tire manufacturing. Bio-based segment is anticipated to grow by CAGR of 13% in the forecast timeframe. The segments growth will likely be augmented by environment friendly properties of the product compared to its synthetic counterpart.
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Synthetic & bio-based butadiene market is segmented into five major categories namely SB rubber, butadiene rubber, SB latex, ABS, and adiponitrile. SB latex application segment will be the major contributor to the synthetic & bio-based butadiene market growth owing to its usage in building & construction activities and tire manufacturing. It is used as a sealant and a water proofing material and the segments anticipated growth will be around 3% CAGR in the forecast timeframe.
Asia Pacific is anticipated to account for about half of the total synthetic & bio-based butadiene market. The region will witness healthy growth rate due to the presence of many end-users such as automotive and construction. China will likely be the major contributor to the Asia Pacific synthetic & bio-based butadiene market growth owing to high demand for automobiles and rising infrastructure industry. North America region will also experience favorable growth rates owing to increased tire demand from a matured automotive sector.
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Major industry players in the global synthetic & bio-based butadiene market are BASF SE, Evonik Industries AG, Eni S.p.A , Exxon Mobil, LyondellBasell Industries, Royal Dutch Shell, INEOS Group, The Dow Chemical Company, Repsol, PCS, SABIC, Yeochun NCC and TPC Group. Some synthetic & bio-based butadiene market players are involved in various stages of the value chain to gain an advantage over others. Companies are also investing in R&D activities for developing bio-based butadiene products.
Synthetic & bio-based butadiene market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Synthetic & bio-based butadiene market Market by product
Synthetic & bio-based butadiene market Market by Application
The above information is provided on a regional and country basis for the following:
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About Global Market Insights:
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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