The global Butadiene Market is estimated to be valued at US$ 13612.12 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Butadiene is an important chemical used to produce synthetic rubbers such as styrene-butadiene rubber and acrylonitrile butadiene styrene. Butadiene is primarily used to make tires and plastic components for automobiles. The growing automotive industry and economic recovery post pandemic have increased the demand for butadiene. It can also be polymerized to make polybutadiene. Polybutadiene has applications as chewing gum bases and additive in tires. The rising economic activities have bolstered the sales of tires and plastic components which in turn is fueling the butadiene market.
Market key trends:
One of the key trends in the butadiene market is the transition towards green butadiene production. Conventionally butadiene is produced from naphtha or natural gas as a co-product in steam cracking. However, this process emits greenhouse gases. Many key players are investing in bio-based and renewable routes for butadiene production such as producing it from ethanol or agricultural feedstock using fermentation process. This is expected to reduce carbon footprint of butadiene production significantly over the forecast period. Another trend is the growing research towards increasing butadiene yields from various feedstocks. Advanced steam cracking technologies and catalyst development are also being explored to boost availability of butadiene through sustainable means.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in the butadiene market and abundant raw material supply keeps the threat of new entrants moderate.
Bargaining power of buyers: Large buyers such as tire manufacturers have moderate bargaining power owing to the availability of substitutes and commodity nature of butadiene.
Bargaining power of suppliers: Major raw material suppliers such as naphtha producers have significant influence over butadiene prices given their consolidated market presence.
Threat of new substitutes: Emerging bio-based butadiene production can pose a threat in long run, though technological and commercial viability challenges remain.
Competitive rivalry: Intense competition exists among the top players to gain major market share through capacity additions and mergers.
Key Takeaways
The Global Butadiene Market Demand is expected to witness high growth, exhibiting CAGR of 3.6% over the forecast period, due to increasing automobile production. The market size for 2023 is US$ 13612.12 Mn.
Regional analysis: Asia Pacific dominates the global butadiene market and is expected to witness fastest growth owing to rising rubber demand in China and India. China accounts for over 50% of global butadiene capacity.
Key players operating in the butadiene market are BASF SE, Braskem, China Petroleum & Chemical Corporation, Dow, Evonik Industries AG, Exxon Mobil Corporation, Formosa Plastics Corporation, INEOS, JSR, Corporation, LG Chem, LOTTE CHEMICAL TITAN HOLDING BERHAD, LyondellBasell Industries Holdings BV, Reliance Industries Limited., Repsol, Royal Dutch Shell Plc, SABIC, TPC Group, and China National Petroleum Corporation. Key players are expanding their production capacities to leverage growth opportunities.
Read More:
https://www.marketwebjournal.com/butadiene-market-market-size-share-analysis-growth/
The new research report titled "Synthetic Butadiene And Biobased Butadiene Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the synthetic butadiene and biobased butadiene market includes 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, and others.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Synthetic Butadiene And Biobased Butadiene Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/synthetic-butadiene-and-biobased-butadiene-market/download-sampleMarket DynamicsThe rising demand for Synthetic butadiene and biobased butadiene from automotive and rubber industry is primarily fueling the market growth.
