Press release
Synthetic and Biobased Butadiene Market is Anticipated to Grow at A Sluggish CAGR of 5.4% by 2031- TMR Study
Understanding Synthetic and Biobased Butadiene
Butadiene, a colorless gas, is a crucial raw material primarily used in the automobile and rubber industries. This compound is utilized to create rubber compound materials that are integral in manufacturing diverse products like PBR, SBR, ABS, SB latex, and adiponitrile. The applications span across the production of SBR, PBR, polymers, plastics, and latex, primarily due to its reinforcing properties, which enhance tear strength, resilience, and conductivity.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ (๐๐ฌ๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ ๐๐๐ข๐ฅ ๐๐ ๐๐จ๐ซ ๐๐ฎ๐ข๐๐ค ๐๐๐ฌ๐ฉ๐จ๐ง๐ฌ๐) -
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Key Players and Innovations
BASF SE, Eni S.p.A., Evonik Industries, ExxonMobil Corporation, Petrochemical Corporation of Singapore Pte Ltd., Repsol Group, Shell Plc, Saudi Basic Industries Corporation, Dow, TPC Group, Yeochun NCC Co., Ltd., INEOS Group AG, LyondellBasell Industries N.V., and Nizhnekamskneftekhim
The market is consolidated, with key players like BASF SE, ExxonMobil Corporation, Shell Plc, and Dow investing in on-site butadiene manufacturing using renewable feedstock. Noteworthy developments include Evonik Industries' collaboration for generating biobased butadiene and INEOS Group Ltd.'s construction of a new butadiene factory in Belgium.
Market Dynamics and Drivers
The market's growth is propelled by the escalating adoption of natural gas-based ethane cracking, resulting in increased ethylene production-a major precursor for butadiene. This shift from oil-based naphtha cracking to ethane cracking is notably observed in the U.S., driven by cost dynamics. Additionally, the surge in demand for rubber products, particularly in the automotive sector, has driven the need for enhanced sustainability in butadiene production.
Sustainability and Bio-based Innovations
The rise of sustainability has prompted the development of bio-derived butadiene, positioning itself as an internal substitute for synthetic butadiene. As a response to the volatile prices of raw materials and concerns about toxic emissions during manufacturing, stakeholders are investing in R&D efforts to introduce sustainable alternatives. Notably, the production of "green tires" is gaining traction among automakers, emphasizing the increasing demand for eco-friendly butadiene solutions.
Regional Dynamics
Asia Pacific dominates the market, notably driven by tire manufacturing and the paints & coatings sector, with China emerging as a major producer of synthetic and biobased butadiene. The Middle East & Africa region shows potential due to the availability of crude oil and raw materials for manufacturing butadiene. Steady growth is expected in North America, Europe, and Latin America during the forecast period.
The synthetic and biobased butadiene market is witnessing significant growth, primarily driven by technological advancements, a shift towards sustainability, and increased demand from the automotive and rubber industries. As the industry continues to innovate and invest in eco-friendly solutions, the market is poised for substantial expansion, catering to the evolving needs of end-users while prioritizing environmental stewardship.
๐๐ฎ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ | ๐๐ฆ๐ฆ๐๐๐ข๐๐ญ๐ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐ญ -
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, providesย 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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