Coherent Market Insights

Butadiene Market is Expected to Be Worth 17002.6 Kilo MT by 2030

Butadiene Market is Expected to Be Worth 17002.6 Kilo MT by 2030 - Coherent Market Insights

Publish In: Dec 27, 2022

Butadiene is a major building block for manufacturing different chemicals. It is used in a variety of industries such as plastics, polymers and neoprene. It is highly resistant to solvents and oils. It is produced through anionic polymerization. Butadiene has an advantage over other rubbers in that it can be used at higher temperatures. This allows it to be used as an insulator in cable. Butadiene is also used to manufacture biofuels. These fuels contain high energy content. This is one of the reasons why they are considered to be a more environmentally friendly alternative to fossil fuels. The biofuels made from butadiene are a source of fuel for a wide variety of applications.

Market Statistics:

The global Butadiene Market is estimated to account for 12682.5 Kilo MT in terms of value by the end of 2021.

Global Butadiene Market: Drivers

Increasing demand from the polymer industry is expected to drive growth of the butadiene market over the forecast period. According to the India Brand Equity Foundation, overall, the total plastics exports between April-September 2022 stood at US$ 6.38 billion in India. During this time period, the exports of plastic raw materials, medical items, and pipes and fittings increased by 32.3%, 24.8% and 17.9% over the same time last year, respectively.

Global Butadiene Market: Opportunities

Increasing use of butadiene to manufacture biofuels is expected to hold significant growth opportunities. These fuels contain high energy content. This is one of the reasons why they are considered to be a more environmentally friendly alternative to fossil fuels. The biofuels made from butadiene are a source of fuel for a wide variety of applications.

Global Butadiene Market: Restraints

Closure of various tire manufacturing plants is expected to hinder the market growth. For instance, in March 2020, Michelin announced plans to suspend its production sites in the European countries most impacted by the COVID-19 pandemic for at least one week.

Global Butadiene Market - Impact of Coronavirus (Covid-19) Pandemic:

The COVID-19 pandemic has adversely affected wide range of end-user industries of the market studied. The outbreak of pandemic has spread to nearly every country on the planet. As governments struggle with new lockdown measures to combat the virus's spread, national economies and businesses are counting the costs. The automobile industry has been declining since 2018, due to the decline in demand and sales of automobiles, and pandemic has been added as an extra impact on the automobile sector. According to the Organization Internationale des Constructeurs d'Automobiles (OICA), the global production of automobiles in the year 2020 was 77.62 million, a 15.8% decrease in the production from the 2019 year which was 91.78 million.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/butadiene-market-5448

Key Takeaways:

The global Butadiene market is estimated to account for 12682.5 Kilo MT in 2021 and is forecast to reach a value of 17002.6 Kilo MT by 2030 at a CAGR of 3.60% between 2022 and 2030.

Tire and Rubber segment held dominant position in the global Butadiene market in 2021, accounting for 59.23% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Butadiene Market Trends:

Growing focus on developing eco-friendly technology due to increasing trend of go-green is expected to augment the market growth. For instance, in February 2022, Lummus Technology announced that its Green Circle business and Synthos S.A. have reached a major milestone in the development of advanced bio-butadiene technology.

Rapid industrialization across developing countries is another major trend for the global market. According to the data from Ministry of Statistics & Programme Implementation (MoSPI), the industrial growth in India in the fiscal year 2020-21 (April-July) has contracted 29.2 per cent, compared to a 3.5 per cent rise in the corresponding period year ago.

Global Butadiene Market: Competitive Landscape   

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

Global Butadiene Market: Recent Developments

In September 2019, LyondellBasell and Liaoning Bora Enterprise Group (Bora) have signed definitive agreements to form a 50-50 joint venture to build a 1.1 million tons per year ethylene cracker and associated polyolefin derivatives complex in Panjin, China. The Bora LyondellBasell Petrochemical complex will include a butadiene unit of capacity 120,000 tons alongside cracking, HDPE, and PP units.

In July 2021, Repsol is expanding production of specialty chemicals at subsidiary Repsol Polímeros SA’s petrochemical complex at the Sines Industrial and Logistics Zone by adding new units. Repsol will build a 300,000-tons per year linear polyethylene plant and a 300,000 tons per year polypropylene plant to expand the manufacturing site’s production of 100%-recyclable polymeric materials. The project would cost EUR 657 million. The Sines industrial site includes a 52,000 tons per year butadiene unit.

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