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.
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.
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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The report provides a comprehensive view of the synthetic & bio-based butadiene market in terms of volume and revenue. It includes current demand analysis and forecast for product segments and applications in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Furthermore, the report provides detailed country-wise analysis of the synthetic & bio-based butadiene market in the regions mentioned above.