Wilmington, Delaware, United States, Transparency Market Research, Inc., July 17, 2024 (GLOBE NEWSWIRE) -- The 1,3-butadiene market in 2023 was valued at US$ 38.9 billion. The industry is expected to expand at 6.0% CAGR from 2024 to 2034 and reach US$ 73.6 billion by 2034. Due to mounting regulatory pressure and environmental concerns, 1,3-butadiene production techniques may become more sustainable. Implementing biobased transportation or creating eco-friendlier manufacturing processes could help achieve this goal.
Advances in materials science could result in the creation of novel materials that necessitate 1,3-butadiene as a crucial ingredient. The need for 1,3-butadiene could be fueled, for instance, by developments in tire technology or the creation of strong, lightweight materials for use in aerospace and automotive applications.
The market for 1,3-butadiene and its derivatives may be impacted by a shift in customer preferences toward environmentally friendly goods and materials. Producers might have to adjust by providing more ecologically friendly and sustainable substitutes, which could change the dynamics of the market.
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As a significant advancement in this field of study, the biological synthesis of 1,3-butadiene using glucose as a carbon source has been accomplished in Escherichia coli. To produce 1,3-Butadiene in E. coli, researchers have linked the cis,cis-muconic acid-production pathway with specific ferulic acid decarboxylase mutations. A major step forward has been made in the possibility of making 1,3-Butadiene biologically, a crucial component in plastic and synthetic rubber production.
Key Findings of the Market Report
- The extractive distillation segment is anticipated to drive demand for the 1,3-butadiene market.
- By product, the butadiene rubber segment is expected to lead the 1,3-butadiene market.
- In terms of demand for 1,3-butadiene, the manufacturing of automobiles is likely to drive the market.
- Over the next few years, Asia Pacific is expected to be a significant driving force behind demand for 1,3-butadiene.
Global 1,3-Butadiene Market: Growth Drivers
- Regulations aimed at reducing emissions and encouraging environmentally friendly behavior may have an impact on the use and production of 1,3-butadiene. Market dynamics may be impacted by expenditures required to comply with environmental regulations in cleaner production technology or alternative raw materials.
- Technology advancements in 1,3-butadiene synthesis, including catalytic methods and bio-based approaches, can impact the economic competitiveness and sustainability of the industry. Market expansion can be fueled by technological developments that improve environmental performance, product quality, or process efficiency.
- A growing automobile industry directly impacts the demand for 1,3-butadiene since this chemical is used to make synthetic rubber, which is widely used in tire production. The need for tires rises along with the automobile industry, which fuels the need for 1,3-butadiene.
- 1,3-butadiene is also used for the production of glues, sealants, and coatings, among other building materials. Thus, the demand for 1,3-butadiene may increase due to the expansion of the construction sector, especially in emerging economies where infrastructure development and urbanization are on the rise.
Global 1,3-Butadiene Market: Regional Landscape
- Asia Pacific is expected to lead the 1,3-butadiene market. Among the top producing and consuming regions for automobiles is Asia-Pacific. The need for tires, hoses, belts, and other rubber goods made of 1,3-butadiene will rise in tandem with the expansion of the automotive sector.
- In an effort to reduce pollution and advance sustainable development, governments in the area are enforcing environmental restrictions more frequently. Investing in greener production processes and using recycled or biobased materials could have an impact on the 1,3-butadiene industry.
- Asia-Pacific nations are making significant investments in research and development, especially in the fields of chemical engineering and innovative materials. Technological developments may result in the development of fresh uses for its derivatives as well as more effective and environmentally friendly processes for producing 1,3-butadiene.
- Asia-Pacific is a significant producer and consumer of chemicals and finished commodities, contributing significantly to world trade. The movement of 1,3-butadiene and its derivatives both locally and internationally may be impacted by changes in trade laws, tariffs, and international relations.
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Global 1,3-Butadiene Market: Competitive Landscape
Key players operating in the 1,3-butadiene market landscape are likely to increase the prices of butadiene due to a surge in feedstock naphtha prices. Strong crude oil prices are also impacting the overall production cost of butadiene.
Key Players Profiled
- BASF SE
- LyondellBasell Industries Holdings B.V.
- ExxonMobil Corporation
- Lanxess
- China Petrochemical Corporation
- Shell plc
- JSR Corporation
- LG Chem Ltd.
- Idemitsu Kosan Co. Ltd.
- Evonik Industries AG
Key Developments
- BASF SE, A leading chemical company and a leading producer of 1,3-butadiene. With strong research and development resources, BASF consistently innovates 1,3-butadiene production processes with an eye toward sustainability and efficiency.
- LyondellBasell Industries Holdings B.V., is a petrochemical company operating across the entire 1,3-butadiene value chain. The company's integrated operations and global presence enable it to fulfill the different needs of clients worldwide and streamline supply chains. Within the 1,3-butadiene market, LyondellBasell's efforts to develop environmentally friendly processes and products are motivated by its commitment to sustainability.
Global 1,3-Butadiene Market: Segmentation
By Technique
- Extractive Distillation
- Oxidative Dehydrogenation
By Product
- Butadiene Rubber
- Styrene Butadiene Rubber
- Acrylonitrile Butadiene Rubber
- Nitrile Butadiene Rubber
- SB Latex
- Hexamethylenediamine
- Others
By End Use
- Automotive
- Building and Construction
- Consumer Products
- Healthcare
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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