Synthetic & Bio-Based Butadiene Market Size Was More Than USD 16.5 Billion In 2016
The Biomass industry report "Synthetic & Bio-based Butadiene Market Size By Product (Synthetic, Bio-based), By Application (SB Rubber, Butadiene Rubber, SB Latex, ABS, Adiponitrile), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024", by Global Market Insights, Inc. says Synthetic & Bio-based Butadiene Market size was more than USD 16.5 billion in 2016 and will witness 5% growth over the projected timespan.
Escalating tire and automotive industry across the globe is the major factor which is likely to stimulate the synthetic & bio-based butadiene market size by 2024. The rise in automotive industry is expected to drive product demand in automotive related industries including raw material for body parts, tires and other accessories which will subsequently boost synthetic & bio-based butadiene market size by 2024. SB rubber (E-SBR and S-SBR) and butadiene rubber are the major raw materials used in the production of tires across automotive industry as they possess various advantages including better grip and low rolling resistance which provides improved fuel economy and reduced carbon dioxide emissions.
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In terms of volume, global tire market is accounted for over 2.5 billion units in 2016 and is expected to reach approximately 3.90 billion units by 2024 attaining a CAGR of over 4% during the forecast period. In addition, the overall vehicle production in 2016 was approximately 90 million units. These factors will subsequently boost the synthetic & bio-based butadiene market as automotive and tire industry accounts for approximately more than half of the overall share in the industry.
Rising demand for ABS (Acrylonitrile Butadiene Styrene) which has wide range of applications in automotive sector to produce automotive parts including sliding roof supports, air conditioning grates, etc. due to various advantages such as high impact & chemical resistance, heat stability, rigidity, and processing ease, makes it desirable in manufacturing automotive parts. Volatile raw material prices are likely to hamper the synthetic & bio-based butadiene market size, as these raw materials are petrochemical derivative. In addition, stringent government regulations for using toxic synthetic butadiene is expected to hinder the synthetic & bio-based butadiene market size by 2024.
Synthetic & bio-based butadiene market size was fragmented in 2016 with major industry share contributors accounting for less than 30% of the overall share. Key companies in the business are BASF SE, Eni S.p.A, Evonik Industries AG, Exxon Mobil, INEOS Group, LyondellBasell Industries N.V., Royal Dutch Shell Plc, The Dow Chemical Company, PCS, Repsol, SABIC, TPC Group and Yeochun NCC.
Browse key industry insights spread across 132 pages with 143 market data tables & 13 figures & charts from this 2017 report Synthetic & Bio-based Butadiene Market in detail along with the table of contents at:
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Asia Pacific led the overall synthetic & bio-based butadiene market size and accounted for a major chunk of the total market size in 2016, as key automobile manufacturers are based in China which drives the product demand in the region. Domestic product demand has increased due to increasing disposable income of consumers. The automotive production in China was over 23 million units in 2016. Additionally, Asia Pacific accounted for over 45% share of the global production in 2016, which signifies ample industry growth opportunities in the region.
China is inclined towards plastic use for manufacturing automotive parts to reduce the overall weight of the car and improve fuel efficiency. For example, ABS are extensively utilized in manufacturing automobile parts. In terms of revenue, China ABS synthetic and bio-based butadiene market size was over USD 740 million in 2016. Rise in automobile production in China is expected to boost the ABS demand in Asia Pacific which will subsequently have a positive impact on the synthetic & bio-based butadiene market size by 2024.
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Synthetic & bio-based butadiene market has applications across various end-user industries including automotive, construction, etc., as it possesses various advantages including high impact and chemical resistance, toughness, heat stability, rigidity, and ease of processing. Thus, increasing automotive industry across the globe will positively influence the synthetic & bio-based butadiene market size during the forecast period.
In addition, rapid industrialization and urbanization primarily in Asia Pacific will result in increasing construction industry and will subsequently help the synthetic & bio-based butadiene market size by 2024. Synthetic butadiene led the overall industry in 2016 because its widespread applications. Stringent government regulations have shifted the market focus to bio-based butadiene use which is expected to drive the segment by 2024.
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