Press release
Butadiene Market: Prospects for Long-Term Value & Growth 2024 - 2031 | BASF SE, Braskem, China Petroleum & Chemical Corporation
Butadiene Market
Global butadiene market is estimated to be valued at USD 35.38 Bn in 2024 and is expected to reach USD 53.55 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Market Dynamics:
Growing rubber industry owing to increased automobile production is a key driver augmenting the butadiene market growth. Rubber, especially synthetic rubber is majorly used in production of tires, hoses and belts. Thus, rising automobile industry is directly proportional to demand for tires and other rubber products thereby spurring the need for butadiene in rubber production. Additionally, growing applications of butadiene in manufacturing of plastic & resin is another factor estimated to propel the market growth during the forecast period. However, stringent regulations around VOC emissions during the production of butadiene may hamper the market growth.
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Major Driver: Increasing Demand from Synthetic Rubber Manufacturing:
Butadiene is a critical raw material that is used in the production of synthetic rubbers like styrene-butadiene rubber (SBR) and polybutadiene rubbers. Over 60% of the global butadiene production is consumed by the synthetic rubber sector. The demand for synthetic rubbers has been increasing at a strong pace over the past few years due to their widespread applications in tires, hoses, belts, footwear and various other industrial goods. As synthetic rubbers are lightweight, durable and provide better performance than natural rubber, their demand is expected to surge further with growing automotive and tire manufacturing industries across major developing economies. With synthetic rubber consumption projected to experience consistent growth over the coming years, the butadiene market is forecast to experience a proportional rise in demand from this end-use segment.
Major Opportunity: Capacity Additions in Developing Countries:
A positive opportunity for the global butadiene industry lies in capacity additions occurring across developing economies to cater to their rising domestic demand. Countries like China, India and Southeast Asian nations have been witnessing strong economic growth which is spiking polymer and rubber consumption. Local manufacturers are actively making investments to set up or expand butadiene production facilities in these high growth markets. This provides an impetus to technology transfer and localization of butadiene supply chains. With developing countries accounting for a major share of the projected rise in global demand, their focus on self-sufficiency through domestic capacity additions offers lucrative business opportunities. Regional players can capitalize on this by supplying critical technology and machinery to these greenfield projects.
Major Trend: Shift Towards More Sustainable Production Technologies:
One of the key trends gaining prominence in the butadiene industry is the shift towards more sustainable production processes that reduce environmental footprint. Currently, over 95% of global butadiene is obtained as a by-product from oil refineries through steam cracking. However, with decarbonization gaining policy priority, alternative bio-based and recycling technologies are emerging. These include production from renewable feedstock like ethanol, acetic acid or glycerol through fermentation routes. Researchers are also evaluating recycling technologies to recover butadiene from post-consumer plastic waste. While such sustainable options are still at a nascent stage, ongoing research and piloting of new technologies reflect the industry's efforts to transition towards a greener future in view of tightening environmental regulations.
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Top Companies Featured in This Report:
β BASF SE
β Braskem
β China Petroleum & Chemical Corporation
β Dow
β Evonik Industries AG
β Exxon Mobil Corporation
β Formosa Plastics Corporation
β INEOS
β JSR Corporation
β LG Chem
β LOTTE CHEMICAL TITAN HOLDING BERHAD
β LyondellBasell Industries Holdings BV
β Reliance Industries Limited.
β Repsol
β Royal Dutch Shell Plc
β SABIC
β TPC Group
β China National Petroleum Corporation
Market Segmentation:
By Product Type:
β By End-use Industry: Plastic and Polymer, Tire and Rubber, Chemical, Others
By Applications:
β By Application: Polybutadiene, Chloroprene, Styrene-Butadiene, Nitrile Rubber, SB Latex, Acrylonitrile Butadiene Styrene, Others
Key Regions/Countries are Classified as Follows:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Reasons to Obtain Our Comprehensive Market Report:
β’ Conduct an extensive analysis of various aspects of the Butadiene Market utilizing Porter's Five Forces framework.
β’ Gain insights into the growth rate and market shares of different product types and applications/end-users within the Butadiene Market.
β’ Explore the Butadiene Market dynamics across different regions through comprehensive regional analysis.
β’ Assess the impact of Covid-19 on the Butadiene Market with a meticulous research approach.
β’ Stay updated on the latest developments, market shares, and strategies of key market players within the Butadiene Market.
β’ Delve into a thorough evaluation of the market strategies, geographical presence, and business segments of the top players in the Butadiene Market.
β’ Anticipate key challenges, product advancements, and solutions that may influence the market's progression and threats.
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Key Questions Answered:
β’ What was the size of the Butadiene Market in 2021, and what will it be worth by 2030?
β’ What is the current global scenario for the Butadiene Market?
β’ What are the optimal business strategies for maximizing growth potential?
β’ What are the recent trends in the Butadiene Market?
β’ What is the market share in terms of revenue, sales, and size in specific geographical regions?
β’ Who are the key industry players in the Butadiene Market?
β’ Which segments of the Butadiene Market are in high demand?
Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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