1,4 Butanediol Market Share- Global Industry Analysis, Size, Share, Growth, Trends and Forecast
1, 4-Butanediol Market Overview
The 1, 4-Butanediol Market is expected to reach a value of USD 17.6 Billion during the forecast period, registering a CAGR of 8.18%. The market value was recorded at USD 9.6 Billion during the historic forecast period.
In recent years, growth has been fueled by increasing applications of 1, 4-Butanediol in numerous industrial processes, as well as rising demand for spandex in textiles. Tetrahydrofuran (THF), one of 1, 4-Butanediol’s main applications, is widely used in a variety of applications, including the synthesis of poly-tetramethyl-ether glycols (PTMEG). Due to its wide liquid range, this is further processed to produce spandex and as an intermediary in the production of natural gas odorants. Additionally, increased knowledge of the processing benefits of these and other BDO applications is driving the market growth. Growing environmental concerns and dwindling non-renewable resources like crude oil and natural gas have sparked the creation of some creative, sustainable technologies that make use of bio-based, renewable resources.
COVID-19 harmed the 1,4- Butanediol market like any other market. Several countries were compelled to go into lockdown as a result of the epidemic, which resulted in the closing of practically every industry’s manufacturing facilities for a while. During the COVID outbreak, however, the pharmaceutical industry had a negligible impact. The demand for 1, 4 butanediols, which are commonly utilized in the synthesis of polybutylene terephthalate (PBT), was considerably damaged by the downturn in the automobile sector. The automobile sector was severely damaged by disruptions in Chinese components exports, large-scale production disruptions across Europe, and the shutdown of assembly plants in the United States. Furthermore, China, the world leader in the automotive sector, lost a substantial portion of its clients during and after the epidemic, as most corporations that relied on China for their automotive needs began to relocate their operations to other second-world countries, such as India.
Market Segmentation
Based on the technology, the market is bifurcated into Reppe Process, Davy Process, Propylene Oxide Process, Butadiene Process, and Others.
Based on the application, the market is bifurcated into Gamma-Butyrolactone (GBL), Polybutylene Terephthalate (PBT), Polyurethanes (PU), Tetrahydrofuran (THF), and Others.
Based on the region, the market is bifurcated into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
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Regional Classification
The Asia Pacific has emerged as the world’s largest consumer of 1, 4-Butanediol, with the highest volume share during the historic forecast period. Major developed-country market participants are working on a variety of techniques to take advantage of low-cost labor and resources in emerging economies like India, Vietnam, Malaysia, Thailand, and Indonesia. The region is predicted to expand at the fastest rate during the forecast period. Central and South America are expected to continue to be a fast-growing market. Due to the end-use industry, big economies such as the United States and Canada, growth in North America and Europe will be slow.
Industry News
The major key players in the market include BASF SE, Mitsubishi Chemical Corporation, Ashland Inc, Bioamber Inc, Sipchem, LyondellBasell Industries N.V, ExxonMobil Chemicals, and others.
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