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Global 2,3-Butanediol Market Projected to Reach USD 247.19 Million by 2030, Growing at a 3.19% CAGR - 2,3-Butanediol Forecast
2,3-Butanediol Market
According to a new report by Maximize Market Research, the global 2,3-Butanediol market was valued at USD 198.41 million in 2023 and is projected to reach USD 247.19 million by 2030, registering a CAGR of 3.19% over the forecast period.
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4. Key Highlights
Market size & CAGR: USD 198.41 million in 2023; projected USD 247.19 million by 2030; CAGR of 3.19%.
Leading application/segment: Converted into methyl ethyl and widely used in synthetic rubber production-key applications include polymers, plastics, synthetic rubber, textiles, cosmetics, and intermediates.
Largest regional market: Asia-Pacific dominates, with strong growth expected in India, China, and Japan.
Key drivers: Rising demand for renewable and bio-based chemicals; ability to convert into synthetic rubber precursors like 1,3-butadiene; industrial fermentation innovations lowering production costs.
Key companies: Major players include Mitsubishi Chemical Corporation; Nanya Plastics; Global Bio-Chem Technology Group; Tokyo Chemical Industry (TCI); Henan Kaixiang Fine Chemical; Orochem Technologies; Changcheng Energy; Shanxi Sanwei Group; MarkorChem; Xinjiang Tianye; Shanxi BidiOu; Sichuan Tianhua; Biosyncaucho S.L.; Dairen Chemical; Intrexon; LanzaTech; Merck KGaA; BASF.
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►Body Content
Market Outlook
The 2,3-Butanediol market is forecast to grow from USD 198.41 million in 2023 to USD 247.19 million by 2030, at a CAGR of 3.19%. Growth is underpinned by mounting demand for renewable chemicals and technological advances in industrial fermentation processes that reduce costs and enhance scalability.
Regional Insights
Asia-Pacific leads the market, with countries such as India, China, and Japan driving expansion through extensive usage in manufacturing, textiles, and synthetic rubber sectors . The region's growing industrial base and focus on bio-based chemicals further position it as the fastest-growing market.
Key Applications and Trends
2,3-Butanediol is appreciated both as an intermediate chemical and for its versatility-especially its conversion into methyl ethyl and further into 1,3-butadiene, which is integral to synthetic rubber and plastic production. Increased government initiatives favoring sustainable materials support its adoption. Advances in bio-fermentation (e.g. using corn starch) offer increasingly cost-effective, high-purity production routes.
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Competitive Landscape
The market is characterized by a mix of multinational chemical companies (e.g., Mitsubishi Chemical Corporation, Merck KGaA, BASF) and specialized firms such as Tokyo Chemical Industry and Orochem Technologies. Competition hinges on innovation in bio-based production methods, regional presence, and portfolio diversification.
For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-23-butanediol-market/65350/
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► About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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