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Synthetic & Bio-based Butadiene Market Analysis 2024 by Leading Players - BASF, The Dow Chemical Company, Evonik, INEOS, LyondellBasell, Royal Dutch Shell, SABIC
Synthetic & Bio-based Butadiene Industry
Furthermore, the global automobile sales, including both passenger cars and commercial vehicles, was approximately 75 million units in 2010 and reached close to 94 million units in 2016. This elevation in the automotive sales will consequently propel the synthetic & bio-based butadiene market share.
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Bio-based will exhibit gains close to 13% CAGR from 2017 to 2024. The growth will be mainly attributed to favoring government norms towards bio-based material use on account of its ecofriendly characteristics.
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.
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.
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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.
Top Key Players:
• BASF SE
• Eni S.p.A
• Evonik Industries AG
• Exxon Mobil
• INEOS Group
• LyondellBasell Industries N.V.
• PCS
• Repsol
• Royal Dutch Shell Plc
• SABIC
• The Dow Chemical Company
• TPC Group
• Yeochun NCC
• Nizhnekamskneftekhim
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.
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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.
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.
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