Bio-Butadiene Market share research by applications and regions for 2017-2024
For instance, SB rubber owing to its value-added features of reduced rolling resistance and better grip is widely preferred in the tire manufacturing, as it helps in reducing carbon emissions along with increasing the vehicle efficiency. Furthermore, the global automobile sales, including both passenger cars and commercial vehicles, was approximately 75 million units in 2010 and reached close to 94 million units in 2016. This elevation in the automotive sales will consequently propel the synthetic & bio-based butadiene market share.
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In 2016, the overall tire industry size was close to 2.5 billion units and is projected to reach 4 billion units by 2024. This trend will in turn stimulate the synthetic & bio-based butadiene market share, as the product is essentially used in tire manufacturing. Petrochemical derivatives are the major raw materials used in the product manufacturing. Thus, synthetic & bio-based butadiene market price trends follow similar dynamics with the crude oil. As a result, wavering crude oil prices shall obstruct synthetic butadiene market share in the coming years. However, escalating bio-based material demand in tire manufacturing along with increasing commercialization of sustainable products will boost bio-based butadiene market size by 2024.
Synthetic accounted for the largest share of the business in 2016. The product is majorly used in tire manufacturing and other automotive parts, particularly due to its characteristics such as superior grip and reduced rolling resistance. However, the segment will exhibit moderate CAGR during the projected timespan mainly due to volatility in raw material prices along with its potential threat for health as well as the environment.
Bio-based will exhibit gains close to 13% CAGR from 2017 to 2024. The growth will be mainly attributed to favoring government norms towards bio-based material use on account of its ecofriendly characteristics.
SB latex will experience growth close to 3% CAGR by 2024. It is widely used across building & construction industry for sealing & binding applications mainly due to its high flexibility, reduced shrinkage and extended durability.
Furthermore, high bond strength of SB latex makes it preferred in waterproofing applications. In 2016, butadiene rubber generated revenue close to USD 5 billion. This segment led the application base in the same year due to its prevalent application in the tire manufacturing business.
In 2016, Asia Pacific synthetic & bio-based butadiene market share accounted more than half of the industry share. Substantial industry size along with decent growth rate by 2024 will be primarily due to prevalence of enormous end-user industries (construction, automotive) in China and India.
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In 2016, synthetic & bio-based butadiene share was fragmented with key companies holding close to 30% industry share. Key industry players are BASF, Exxon Mobil, Shell, Evonik, INEOS, LyondellBasell, Dow, SABIC, PCS, Repsol, and TPC Group.
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