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Bio-Butadiene Market Analysis
- Report ID: GMI10508
- Published Date: Jul 2024
- Report Format: PDF
Bio-Butadiene Market Analysis
Based on grade, the market is segmented into industrial grade and laboratory grade. Industrial grade held the dominant market share of USD 41.2 million in 2023 and is expected to grow significantly and cross over USD 99.2 million by 2032. Industrial-grade commands a larger market share due to its extensive use in manufacturing processes across various industries. These industries demand high-purity and consistent quality for producing synthetic rubbers, plastics, and polymers on a large scale. Notably, the automotive sector is a significant consumer of industrial grade for tire manufacturing.
On the other hand, laboratory grade, though representing a smaller market segment, is indispensable for research and development activities. Its ultra-high purity is essential for scientific experimentation, quality control, and the innovation of new bio-butadiene-based products. Academic institutions, research laboratories, and companies at the forefront of material development drive demand for this grade.
Based on source, the bio-butadiene market is segmented into biomass-based, bio-based feedstocks, and waste-based feedstocks. Biomass-based accounted for major market share in 2023 and is projected to grow through 2032 at a CAGR of 10.3%. Biomass-based sources, which primarily come from agricultural crops such as corn and sugarcane, currently lead the market owing to their established supply chains and relatively stable availability. Bio-based feedstocks, encompassing a wider array of renewable materials like cellulosic biomass and algae, are gaining momentum due to their sustainability benefits and reduced competition with food crops. Waste-based feedstocks are an emerging segment in the market, drawing growing interest because they offer the dual advantage of addressing waste management challenges while producing valuable chemicals.
Based on end use industry, the bio-butadiene market is categorized into automotive & transportation, consumer goods, chemical processing, building & construction and healthcare. Automotive and transportation sectors hold the forefront with 47.1% market share in 2023 due to their significant use in tire production and other rubber-based components. The consumer goods industry closely follows, incorporating into products such as footwear and household items. In the chemical processing sector, bio-butadiene serves as a crucial ingredient for manufacturing various polymers and resins. The building and construction industry uses it in sealants, adhesives, and insulation materials. Additionally, the healthcare sector utilizes it in medical devices and equipment.
North America dominated the bio-butadiene market in 2023 with revenue of over USD 17 million in 2023. North America leads the global market due to advanced technology, strong sustainability focus, and a robust industrial base. The region boasts significant research and development, supported by favorable policies and investments in renewable technologies. A thriving automotive sector, coupled with a well-established agricultural base providing ample feedstock, further solidifies North America's dominance.
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Bio-Butadiene Market Scope
