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Butene Market Market to Register a Healthy CAGR of 3.7% for the Forecast Period, 2021-2031
Transparency Market Research delivers key insights on the global butene market. In terms of revenue, the global butene market is estimated to expand at a CAGR of 3.7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global butene market.
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The global butene market is broadly affected by several factors, including increase in usage of butene in the automotive industry. Rise in demand for butene in the packaging industry is also propelling the global butene market.
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Butene Market: Dynamics
The demand for butane has been increasing in various industries such as automotive, industrial, pharmaceuticals, and packaging. Butene is significantly used for the packaging of automotive, electrical spare parts, food & beverages, etc.
Butene is used as an intermediate in the manufacture of plasticizers, antioxidants, corrosion inhibitors, and herbicides. It is also used as an additive in hydraulic and lubricating oils. It is also used in oilfield drilling applications, as it has low volatility, low odor, and aids in anaerobic biodegradation in marine environment. These factors are expected to drive the demand for butane in the near future.
The growth in usage of HDPE in ballistic plates, bottles caps, boats, chemical resistant piping, and containers due to the low manufacturing cost is creating lucrative opportunities for the butene market.
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Butene is primarily used as comonomer for HDPE, wherein it improves the tear strength of the polymer. The demand for HDPE is rising in packaging and construction industries due to its characteristics such as low manufacturing cost, high strength-to-density ratio, and high temperature ratio. The physical properties of HDPE vary depending on the molding process that is used to manufacture it. It is highly resistant to various types of solvents and is used in many applications such as pipes, ropes, disposable suits, chairs, and toys.
The increase in demand for lightweight packaging in industries such as automotive, aerospace, and pharmaceutical is fuelling the demand for HDPE. This, in turn, is augmenting the demand for butene.
Butene Market: Prominent Regions
Based on region, the global butene market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global butene market in 2020. The region is expected to maintain its dominance during the forecast period. The dominance of Asia Pacific can be ascribed to an increase in usage of butene in the industrial and packaging sectors of emerging economies, including China and India, in the region.
The butene market in Europe is anticipated to expand at a significant pace during the forecast period. Larger size of end-use industries in Germany and France is likely to augment the market in the region during the forecast period. The expansion of the automotive industry in Europe is also projected to drive the butene market in the region over the next few years.
Butene Market: Key Players
The global butene market is fragmented with the presence of a large number of players. Key players operating in the global butene market are BASF SE, Shell Chemical Company, Sumitomo Chemical Co., Ltd., Global Bioenergies SA, TPC Group, LyondellBasell Industries Holdings B.V., Exxon Mobil Corporation, Linde plc., Mitsui & Co., Ltd, and Vinati Organics Limited.
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About Us
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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