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Synthetic & Bio-based Butadiene Market Size
Synthetic & Bio-based Butadiene Market size accounted for USD 22 billion in 2022 and is poised to depict more than 5% CAGR between 2023 and 2032 owing to the high product demand from the automotive sector.
The automotive sector is the top end-user of butadiene rubber. Though the sector has witnessed ups and downs over the past decade, in recent years it has gained momentum, resulting in an exponential output in countries such as China, Brazil, and Germany. This growth in the automobile sector is anticipated to generate demand for synthetic butadiene-based automotive-related products, including raw materials for body components, such as tires, or other accessories, thereby encouraging the overall industry growth through 2032. In addition, a surge in EV tire sales across Europe, particularly from the replacement segment, is expected to stimulate market expansion.
What is the projected size of the Asia Pacific synthetic and bio-based butadiene market?
Asia Pacific market size for synthetic and bio-based butadiene is set to generate USD 23.5 billion by 2032 due to the rising product demand from the expanding automotive, footwear, and construction sectors
Why is the synthetic and bio-based butadiene industry growing from the SB latex segment?
The SB latex segment is expected to reach USD 3.5 billion by 2032 owing to the rising product application in the paper coating sector.
How big is the global synthetic & bio-based butadiene market?
The market size of synthetic & bio-based butadiene valued at USD 22 billion in 2022 and is slated to grow at over 5% CAGR between 2023 and 2032 driven by the growing product demand from the automotive sector.
Who are the major players operating in the synthetic & bio-based butadiene industry?
BASF SE, Eni S.p.A, Evonik Industries, ExxonMobil Corporation, INEOS Styrolution Group GmbH, Lyondellbasell Industries, Inc, Royal Dutch Shell, SABIC, and TPC Group are some of the top firms engaged in the synthetic & bio-based butadiene business.