The global synthetic and bio-based butadiene market is deriving significant growth opportunities from the rapid expansion of the automotive industry across the globe. In 2014, the global market stood at US$15.2 bn and analysts anticipate it to expand at a CAGR of 4.9% from 2015 to 2023 and reach a value of US$23.4 bn by the end of 2023.
Synthetic Butadiene Market to Maintain Dominance in Future
Synthetic butadiene and bio-based butadiene are the two major components of this global market. Among the two, the synthetic butadiene market emerged as the biggest product segment in 2014. Synthetic butadiene is processed to obtain several derivatives such as SB rubber, ABS, and SB latex, which are used in making tyre and various other products in the automotive industries.
The rapid development of the global automotive industry is expected to increase the demand for synthetic butadiene in the near future owing to which the synthetic butadiene market is likely to maintain its leading position in the coming years. On the other hand, analyst project the bio-based butadiene market to report the fastest growth in the overall synthetic and bio-based butadiene market in future owing to government initiatives, encouraging the usage of bio-based butadiene market. Growing inclination of manufacturers towards eco-friendly as well as cost-efficient production of butadiene is projected to drive the bio-based butadiene market in the years to come.
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Butadiene Rubber Emerged as Biggest End User for Butadiene
Among end users, butadiene rubber has been leading the global synthetic and bio-based butadiene market since the past few years. Butadiene rubber is mainly applied in the production of tyre, however, it is also utilized in plastics as an additive such as ABS and polystyrene.
The SB rubber market occupied the second position in the global market for synthetic and bio-based butadiene in 2014. Apart from this, adiponitrile and ABS are expected to register the fastest growth among all the end users of synthetic and bio-based butadiene in the next few years.
Asia Pacific Led Global Synthetic and Bio-based Butadiene Market in 2014
In 2014, the synthetic and bio-based butadiene market in Asia Pacific led the global market, accounting for more than 50% of the overall market. Asia Pacific, along with the Middle East and Africa, is expected to exhibit robust growth in the coming years. The rapid rise in population, suitable climatic conditions, ample availability of resources, presence of skilled workforce, and government support are the key factors driving the growth of the market for synthetic and bio-based butadiene in these regions.
Even in the coming years, these factors are likely to support the synthetic and bio-based butadiene market in the Middle East and Africa and Asia Pacific. Additionally, analysts predict the market for synthetic and bio-based butadiene in Latin America to report sustainable growth in demand, whereas the markets in North America and Europe are anticipated to witness steady development during the period from 2015 to 2023.
The major companies operating in the global synthetic and bio-based butadiene market are Royal Dutch Shell plc, Exxon Mobil Corp., Evonik Industries, BASF SE, Nizhnekamskneftekhim, LyondellBasell Industries N.V., Eni S.p.A., TPC Group, INEOS Group AG, Yeochun NCC Co. Ltd., Repsol Group, Petrochemical Corporation of Singapore Pte. Ltd., Saudi Basic Industries Corp., and The Dow Chemical Co.
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