Synthetic & Bio-based Butadiene Market size to exceed $37 Bn by 2032

Synthetic & Bio-based Butadiene Market size is set to cross USD 37 billion by 2032, according to a recent research report announced by Global Market Insights Inc.
 

The increasing use of acrylonitrile butadiene styrene (ABS) as an engineering thermoplastic in the automotive, electrical, electronics, and luggage sectors is contributing to the industry expansion. ABS is a highly preferred thermoplastic due to its beneficial qualities, such as strong impact and chemical resistance, durability, thermal stability, stiffness, and ease of processing. Additionally, market leaders are working to provide novel solutions to meet the rising product demand.
 

Volatile supply of crude oil to foster bio-based butadiene segment revenue

Based on product, the synthetic & bio-based butadiene market from the bio-based segment is foreseen to witness 10% CAGR through 2032 owing to the high volatility of crude oil pricing and supplies. Furthermore, the development of biorefinery technologies that allow highly efficient and cost-effective processing of biological feedstocks into a variety of bio-based products, as well as their successful integration into existing infrastructure, encourages the deployment of a viable bio-based economy, thereby supplementing the segment growth. The continuous restriction of naphtha-based butadiene supply and the rising demand for polymers and tires in developing nations are projected to drive segment growth.
 

Browse key industry insights spread across 160 pages with 155 market data tables & 30 figures & charts from the report, “Synthetic & Bio-based Butadiene Market - by Product (Synthetic, Bio-based), By Application (SB Rubber, Butadiene Rubber, SB Latex, ABS, Adiponitrile), By Region & Global Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/synthetic-and-bio-based-butadiene-market
 

Rising demand for rubber tires from automakers to accelerate butadiene rubber segment growth

By form, the butadiene rubber segment generated approximately USD 11 billion in 2022. Butadiene rubber finds extensive usage in the manufacturing of tires. The segment is anticipated to exhibit a robust growth rate through 2032 owing to the rapidly growing automotive sector in the APAC region. Moreover, prominent businesses are taking initiatives to boost their butadiene rubber production due to strong market demand, particularly from long-standing clients for the manufacturing of a variety of products such as high-performance golf balls, tires, and conveyor belts, which is likely to augment segment expansion.
 

Expanding automotive sector to impel Europe market

The Europe synthetic & bio-based butadiene market held a sizable share in 2022 and is estimated to reach USD 6 billion by 2032. The regional growth is attributed to the recent upsurge in the use of bio-based butadiene and the increasing number of strict rules that seek to promote the adoption of sustainable goods. Additionally, the proliferation of EVs, as well as the steadily expanding automobile industry and the existence of eminent automakers across the region, has increased demand for rubber tires, which is expected to bolster regional development.
 

Production capacity expansion strategies to define the business outlook

Some of the key firms operating in the synthetic & bio-based butadiene market include Evonik Industries, Lyondellbasell Industries, Inc, ExxonMobil Corporation, Eni S.p.A, Royal Dutch Shell, INEOS Styrolution Group GmbH, BASF SE, TPC Group and SABIC. These firms are adopting strategic initiatives, such as partnerships, acquisitions, and capacity growth, as well as product launches and diversification.