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Global Butadiene Market Trends, Drivers, and Forecast 2024
Global Butadiene Market Trends
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According to The Business Research Company's, The butadiene market size has grown exponentially in recent years. It will grow from $12.41 billion in 2023 to $14.95 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to automotive industry demand, petrochemical industry expansion, economic cycles, consumer electronics boom, oil and gas prices..
The butadiene market size is expected to see rapid growth in the next few years. It will grow to $29.48 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to renewable feedstocks, electric vehicle expansion, circular economy initiatives, focus on lightweight materials, healthcare sector expansion.. Major trends in the forecast period include supply chain localization, market consolidation and partnerships, rise of smart materials, adoption of advanced manufacturing techniques, resilience planning, customization and tailored solutions..
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Market Drivers and Trends:
The expansion of the automotive industry is expected to boost the butadiene market. The automotive industry is the sector involved in designing, developing, manufacturing, selling, and maintaining automotive vehicles. Butadiene-based materials provide excellent durability, flexibility, and resistance to heat, chemicals, and mechanical stress, making them ideal for automotive applications such as seals, gaskets, hoses, belts, and under-the-hood components. For instance, according to Statistics Canada, a Canada-based Government agency, the total number of registered road motor vehicles in Canada climbed to 26.2 million in 2021. Further, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales set a new high in 2021, climbing by 4%. Sales nearly doubled to 6.6 million, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the automotive industry's expansion is driving the butadiene market's growth.
Product innovations are a key trend gaining popularity in the butadiene market. Major companies operating in the butadiene market are focused on innovating new products to meet demand and sustain their position in the market. For instance, in June 2022, Evonik Industries AG, a Germany-based specialty chemicals company, launched POLYVEST eCO, an innovative range of sustainable liquid polybutadienes that reduces the use of fossil raw materials by up to 99.9%. It meets the needs of an increasingly sustainable market and has identical physiochemical properties to fossil-based products. POLYVEST eCO is a raw material used in the automotive, electronics, and construction industries for adhesives and sealants. It can also be used as a rubber additive in tire manufacturing.
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Major Key Players of the Market:
Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Shell plc., Eni S.p.A., Reliance Industries Limited, BASF SE, Repsol S.A., The Dow Chemical Company, Saudi Arabia's Basic Industries Corporation, Lyondellbasell Industries Holdings B.V., LG Chem Ltd., Ineos Group AG, INEOS Group Ltd., China National Petroleum Corporation, Evonik Industries AG, Borealis AG, Lanxess AG, Formosa Plastics Corporation, Zeon Corporation, Nova Chemicals Corporation, JSR Corporation, Lotte Chemical Titan Holding Berhad, Nizhnekamskneftekhim, TPC Group, Mallard Creek Polymers Inc., AirBoss Rubber Solutions
Butadiene Market 2024 Key Insights:
• The butadiene market size is expected to see rapid growth in the next few years. It will grow to $29.48 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.
• Butadiene Market Growth In Tandem With Automotive Industry Expansion
• Evonik's Sustainable Polybutadiene Revolutionizes The Butadiene Market
• Asia-Pacific was the largest region in the butadiene market in 2023
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