Transparency Market Research has published a new report titled “Butadiene (Synthetic and Bio-based) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the global synthetic & bio-based butadiene market for was valued at US$ 15.24 Bn in 2014 and is anticipated to reach US$ 23.45 Bn by 2023, expanding at a CAGR of 4.9% between 2015 and 2023.
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Butadiene is one of the major petrochemical and holds significant importance in end-user industries such as automotive and tire. High demand from tire and automotive industries is driving demand for synthetic & bio-based butadiene during the last few years. Butadiene derivatives such as SB rubber, ABS, and butadiene rubber are used in the processing of tires and automotive parts. SB rubber products such as S-SBR and E-SBR are primarily consumed raw materials in the production of tires. These materials provide low rolling resistance and better grip, thus resulting in reduced CO2 emissions and improved fuel economy. Rise in demand for ABS in Asia Pacific, especially in China and Southeast Asia, is another key factor propelling growth of the market for synthetic & bio-based butadiene. Furthermore, development of innovative technological processes for the production of bio-based butadiene is likely to fuel the butadiene market in the near future. However, volatility in raw material prices coupled with stringent environmental regulations are expected to hinder the market growth during the forecast period.
Synthetic butadiene was the largest product segment, accounting for a significant share of the global synthetic & bio-based butadiene market in 2014. Synthetic butadiene is produced from a mixture of C4 feedstock and is further processed to obtain derivatives such as ABS, SB rubber, and SB latex. These derivatives are employed in tire and automotive industries. Bio-based butadiene is likely to be the fastest-growing product segment of the synthetic & bio-based butadiene market in the next few years. Stringent regulations are primarily boosting growth of the bio-based butadiene market. Alignment towards eco-friendly and cost-competitive production is estimated to drive the market growth during the forecast period.
In terms of demand, butadiene rubber has been dominating the synthetic & bio-based butadiene market in the past years. Butadiene rubber is primarily used in tire production; however, it is also used as an additive in plastics such as polystyrene and ABS. SB rubber accounted for the second-largest share of the synthetic & bio-based butadiene market in 2014. SB rubber is a synthetic rubber obtained through copolymerization of butadiene and styrene and is used in the production of tire and its products. ABS and adiponitrile are considered to be among the fastest-growing application segments of the synthetic & bio-based butadiene market. A similar trend is anticipated to continue during the forecast period.
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Asia Pacific accounted for over 50% share of the global synthetic & bio-based butadiene in 2014. Increasing demand from China and Southeast Asia is expected to drive growth of the synthetic & bio-based butadiene market in this region. Europe and North America are likely to exhibit decline in the market growth due to lower demand and stringent regulations related to butadiene. The Middle East & Africa is expected to be one of the fastest-growing regions for synthetic & bio-based butadiene during the next decade. Growth in tire and automotive industries in this region is likely to provide potential opportunities for the butadiene market in the next few years.
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