Synthetic and Biobased Butadiene Market to Reach US$ 27,966.0 Mn by 2026
Posted: Jan 19, 2019
In terms of revenue, the global synthetic and biobased butadiene market is projected to expand at a CAGR of 5.4% from 2018 to 2026, according to a new research report titled ‘Synthetic and Biobased Butadiene Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research (TMR). In terms of volume, the global synthetic and biobased butadiene market is expected to reach 18,628.2 kilo tons by 2026. The market is driven by the rise in demand for synthetic and biobased butadiene in automotive and rubber industries. The synthetic and biobased butadiene market in Asia Pacific is estimated to expand at a CAGR of 5.1% during the forecast period, owing to the growth of the automotive industry in the region. Based on product type, the synthetic segment held major share of the global synthetic and biobased butadiene market in 2017.
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Rise in Demand for Synthetic Product Type in Synthetic and Biobased Butadiene Market
Based on product type, the synthetic and biobased butadiene market has been bifurcated into synthetic and biobased. Synthetic and biobased butadiene are used as key raw materials in the manufacture of styrene butadiene rubber (SBR), poly butadiene rubber (PBR), styrene butadiene (SB) latex, etc. The synthetic segment held significant share of the market in 2017. The segment is estimated to maintain its leading position during the forecast period. Synthetic butadiene is produced with C4 feedstock mixtures. Synthetic butadiene can be employed to generate acrylonitrile butadiene styrene (ABS) and other derivatives.
High Use of PBR and SBR in Automotive & Rubber Industries to Propel Synthetic and Biobased Butadiene Market
Butadiene is largely consumed in rubber applications. It is primarily used as chemical intermediate and monomer to produce polymers such as elastomers including SBR, PBR, and NBR (nitrile butadiene rubber). Synthetic and biobased butadiene are key components used in the manufacture of SBR, PBR, SB latex, ABS, and adiponitrile. The others segment includes NBR and synthetic styrene butadiene rubber (SSBR). SBR and PBR are widely employed in automotive and rubber industries. ABS is majorly used in automation system as well as in lightweight vehicles. On the other hand, PBR and SBR are the key components used in tire manufacturing. Additionally, rise in demand for gloves, foams, plastic materials, automotive tires, paper coatings, and carpets is anticipated to propel the market in the near future.
Rise in Trend of Adopting Biobased Butadiene in Various Industries
Production and demand for biobased butadiene are expected to increase significantly during the forecast period. Production of biobased butadiene is not only anticipated to lower the dependency on crude oil, but also make the butadiene market more cost competitive. Various countries are aligning their operations with eco-friendly initiatives, which include minimizing the consumption of crude oils and their by-products. Rise in demand for green tires and eco-friendly products due to environmental concerns plays a major role in driving the demand for biobased butadiene.
Asia Pacific Estimated to Dominate Global Synthetic and Biobased Butadiene Market
Based on region, the global synthetic and biobased butadiene market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of volume and value, Asia Pacific accounted for major share of the global synthetic and biobased butadiene market in 2017. Synthetic and biobased butadiene are primarily employed in the production of tires in China and India. These are primarily consumed in the manufacture of tires in the automotive industry in ASEAN. Synthetic and biobased butadiene are also used as resins in the paints & coatings industry in the sub-region. Growth in the automotive industry has propelled the demand for PBR and SBR products. Additionally, high demand for SB latex and adiponitrile in paints & coatings and nylon manufacturing industries is projected to fuel the demand for synthetic and biobased butadiene during the forecast period. Middle East & Africa is a rapidly growing region of the synthetic and biobased butadiene market due to the easy availability of crude oil and raw materials.
High Degree of Competition among Market Players
High degree of competition exists among market players operating in the synthetic and biobased butadiene market. The market is moderately consolidated. It is dominated by large players. Key players account for major share of the market. Prominent players profiled in the report are BASF SE, Eni S.p.A., Evonik Industries, Exxon Mobil Corporation, Petrochemical Corporation of Singapore Pte. Ltd., Repsol Group, Royal Dutch Shell Plc, Saudi Basic Industries Corporation, The Dow Chemical Company, TPC Group, Yeochun NCC Co., Ltd., INEOS Group AG, LyondellBasell Industries N.V., and Nizhnekamskneftekhim.
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