Market Is Estimated To Witness High Growth Owing To Growing End-Use Industries & Surging Demand From Synthetic Rubber Manufacturing
The Butadiene Market is estimated to be valued at US$ 12682.54 Mn Or Kil 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 an important petrochemical used mainly in the production of synthetic rubber such as styrene-butadiene rubber and polybutadiene rubber. These synthetic rubbers find widespread applications in tire manufacturing, auto components, footwear, hoses and belts. Butadiene is also used in the manufacture of plastics like ABS and styrene butadiene latex.
Market Dynamics:
Growing end-use industries such as automotive, building & construction and footwear are expected to drive the demand for synthetic rubbers manufactured from butadiene. According to a United Nations report, the global population is projected to grow 10% by 2030, which will boost infrastructural spending and construction activities across regions. Additionally, increasing automobile production and sales especially in emerging economies of Asia Pacific and Central & South America are further expected to propel the need for butadiene in tire manufacturing over the forecast period. Surging demand for butadiene from synthetic rubber production is another major factor estimated to fuel the market growth between 2022 and 2030.
SWOT Analysis
Strength: The butadiene market has strong growth potential owing to rising demand from rubber industries. Butadiene is used to produce various rubber products like tires, hoses and belts. The market leaders have established production facilities across major economies ensuring reliable supply.
Weakness: Stringent environmental regulations regarding VOC emissions from butadiene plants act as a challenges for market players. Continuous fluctuation in crude oil prices affects the raw material supply and production cost of butadiene.
Opportunity: Rising demand for synthetic rubbers from the automotive industry due to increasing vehicle production worldwide presents lucrative opportunities. Growing infrastructure development activities in emerging nations will augment the market size.
Threats: Availability of substitute products may limit the demand for butadiene. Fluctuations in raw material prices can reduce profit margins of market participants.
Key Takeaways:
The global Butadiene Market is expected to witness high growth, exhibiting CAGR of 3.6% over the forecast period, due to increasing use in synthetic rubber production.
Regional analysis
The Asia Pacific dominates the global butadiene market owing to rapid industrialization and economic development in major countries like China and India. Countries in the Asia Pacific accounts for over 50% of global butadiene consumption due to strong automotive and construction industry. Rapid urbanization and growing infrastructure projects will propel the market growth in the region over the coming years.
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. The global leaders are focusing on capacity expansion plans and backward integration strategies to gain major revenue share in the lucrative butadiene market.
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