Global Butadiene Extraction Market Highlights over 2022 – 2031
The global butadiene extraction market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing use of butadiene for making synthetic rubber, and thermoplastics. Butadiene is a highly flammable gas, which is extracted from heavier hydrocarbons. The growing demand for butadiene amongst various sectors, especially automotive sector, is estimated to primarily boost the market growth. Butadiene is used to make tires for vehicles, along with its extensive use as adhesive in automobiles. Such factors are estimated to raise the demand for butadiene extraction. Moreover, growing production and sales of automobiles, across the globe, is further anticipated to promote the market growth. According to the data by the International Energy Agency (IEA), in 2019, the total car sales reached 25 million cars in China, 17 million in United States, 4 million in India, 17 million in European Union, 4 million in Japan, and 21 million in the rest of the world.
The market is segmented by process into catalytic dehydrogenation, aqueous NMP, Houdry catadiene, and others, out of which, the Houdry catadiene segment is anticipated to hold the notable share in the global butadiene extraction market over the forecast period. Houdry catadiene is one of the most common extraction process, owing to its high commercial viability. This process includes catalytic oxy-dehydrogenation of n-butene to butadiene using aluminum silicate catalysts. The low cost and high production scale of Houdry catadiene is estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Butadiene Extraction Market Regional Synopsis
On the basis of geographical analysis, the global butadiene extraction market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of increasing demand of butadiene in the automotive industry. Presence of major automobile manufacturers in the region, is also anticipated to boost the market growth.
The market in the Asia Pacific region is anticipated to gain the largest market share throughout the forecast period on the back of presence of major chemical manufacturing companies, backed by availability of cheap labor and raw materials in the developing countries. Meanwhile, increasing domestic consumption of chemicals in the region, is also estimated to boost the market growth. For instance, China is the largest manufacturer and consumer of chemicals, with more than 25,000 large scale chemical companies in the country.
The global butadiene extraction market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global butadiene extraction market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Growing demand for butadiene amongst the automotive and construction sector is estimated to boost the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2031.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the presence of major chemical manufacturers in the region.
The major players in the market are Reliance Industries Limited, Qatar Petroleum, ZEON Corporation, TPC Group Inc., Indian Oil Corporation Limited, Evonik Industries AG, Royal Dutch Shell plc, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by process, application, end-user, and by region.
The automotive segment is anticipated to hold largest market size over the forecast period owing to the use of butadiene for making tires.
High risk of accident due to the inflammable nature of butadiene is estimated to hamper the market growth.
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