Butadiene Market is Expected to be Flourished by Rising Demand for Automotive Tyres

 

Butadiene Market

Butadiene, also known as 1, 3-butadiene, is an important organic compound that is utilized as a key ingredient in the manufacturing of synthetic rubber and plastics. Butadiene is produced from petroleum feedstocks via processes such as steam cracking of naphtha and extracting from off-gases of certain chemical manufacturing processes. It is a colorless gas with a mild aromatic odor. The global butadiene market is estimated to be valued at US$ 15681.17 Bn in 2023 and is expected to exhibit a CAGR of 28% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

 

The global butadiene market is estimated to witness high growth owing to rising use in synthetic rubber production. Butadiene finds major application in the manufacture of synthetic rubbers such as styrene-butadiene rubber (SBR), polybutadiene rubber (PBR) and other types of synthetic rubbers. Synthetic rubbers formed using butadiene lend properties such as abrasion resistance, strength and flexibility to the final products. Around 65% of total butadiene produced globally is consumed in synthetic rubber manufacturing annually. The demand for synthetic rubbers has been rising significantly across industries such as automotive, construction and footwear. Expanding application base of synthetic rubbers worldwide is forecast to drive the butadiene market during the projected period.

 

Market Dynamics:

The global butadiene market is estimated to witness high growth owing to rising use in synthetic rubber production as mentioned earlier. Synthetic rubbers are extensively utilized in the automotive industry for manufacturing tires, hoses, gaskets, belts and other automotive components. Growing automotive production globally to cater to the rising vehicle demand is projected to boost the consumption of synthetic rubbers made using butadiene. According to the International Organization of Motor Vehicle Manufacturers, worldwide automobile production reached a new record of over 95 million units in 2018 and is estimated to grow further in the coming years. This is expected to create robust demand for butadiene, propelling the market growth.

 

SWOT Analysis

Strength: Butadiene is an important chemical building block used to produce synthetic rubber and plastics. It has wide applications in tires, footwear, adhesives and sealants, plastics, and latex. The high demand from end-use industries ensures strong consumption levels. Production facilities for butadiene are well-established across major regions.

Weakness: Butadiene is a flammable and colorless gas at room temperature, requiring specialized storage and transportation facilities. Fluctuations in crude oil and natural gas prices lead to supply uncertainties and pricing volatility for butadiene. Environmental regulations around butadiene emissions are becoming more stringent over time.

Opportunity: Growing automotive, construction, and packaging industries in developing economies are driving the need for synthetic rubber and plastics. This increases opportunities for butadiene producers to expand into high growth regional markets. New applications utilizing butadiene-derived materials continue to emerge with advances in material sciences and product development.

Threats: stringent environmental regulations around butadiene emissions could increase compliance costs. Development of alternative materials may pose a long-term threat to butadiene demand.

 

Key Takeaways

The Global Butadiene Market Share is expected to witness high growth.

Regional analysis: Asia Pacific region currently dominates butadiene consumption, driven by China, India, Japan, and other Southeast Asian countries. Major growth is expected in these developing economies as automotive, infrastructure and industrial activities expand rapidly. North America and Europe are established regional markets for butadiene, however demand in these regions is likely to see more moderate growth.

 

Key players operating in the butadiene market are Thermo Fisher Scientific, Synbio Technologies, Merck KGaA, Agilent Technologies, Inc., GenScript, Amyris, Eurofins Genomics GmbH, Integrated DNA Technologies, Inc., Codexis, Inc., EnBiotix, Inc., Synthego, New England Biolabs (UK) Ltd., Scarab Genomics, LLC and Genomatica, Inc


Get More Insights Here

https://www.newsstatix.com/butadiene-market-size-share-growth-outlook-2023/

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