The global Butadiene Market is estimated to be valued at US$ 12682.54 Kilo MT in 2022 and is expected to exhibit a CAGR of 3.6% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Butadiene is a colorless gas extracted from petroleum and is used as a raw material in the production of various polymers and rubber. Due to its versatile properties like flexibility, durability and water resistance, it acts as an important building block in manufacturing industries.
Market key trends:
One of the key trends witnessed in the butadiene market is the growing use of styrene butadiene rubber (SBR). SBR finds wide ranging applications in tire manufacturing industry where it is used in production of treads and sidewalls in automobile tires owing to its high strength, abrasion resistance and good aging properties. With rising vehicle fleet worldwide, the demand for tires has increased significantly thus driving the consumption of SBR and subsequently butadiene over the forecast period.
Segment Analysis
The global butadiene market is segmented into extractive process and catalytic process. The extractive process segment currently dominates the market due to the large production volume from extractive process in China and other Asian countries. However, the catalytic process segment is expected to witness higher growth during the forecast period due to increasing demand for fuel-efficient vehicles and rising need for more sustainable production methods.
Key Takeaways
The global Butadiene Market is expected to witness high growth, exhibiting CAGR of 3.6% over the forecast period, due to increasing demand for synthetic rubber from the tire and automotive industry.
Regional analysis:
Asia Pacific currently dominates the global butadiene market and is expected to remain the fastest growing region during the forecast period. This is attributed to rising vehicle production and tire manufacturing in China and India. North America and Europe are other major markets for butadiene.
Key players:
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.