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Synthetic & Bio-based Butadiene Market to witness huge gains from construction industry by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-19 

Synthetic & bio-based butadiene market will be driven by robust growth in the global construction industry during the forecast years. Product is chiefly employed as a sealant and binding agent in the construction industry. Rapid urbanization in the developing parts of the world is driving the global construction industry growth. Asia Pacific is a major region for the construction industry with the infrastructure sector in the region projected to exceed USD 5 trillion by 2024. The region will open tremendous growth opportunity for the global synthetic & bio-based butadiene market in the forecast timeframe.

Adverse effects of synthetic butadiene products on human health and environment is a cause of concern for synthetic & bio-based butadiene market participants. Butadiene is also considered to be a carcinogenic compound and can be toxic to animal life. These factors may hamper the industry growth in the forecast years. However, substitution of synthetic butadiene with their bio-based counterparts is anticipated to mitigate these negative effects.

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Strong growth indicators in the automotive and tire business globally will be the major growth prospect for the synthetic & bio-based butadiene market in the coming years. The industry will follow similar growth dynamics with automotive sector, as the product is essentially used in vehicle body parts. For instance, SB rubber owing to its value-added features of reduced rolling resistance and better grip is widely preferred in the tire manufacturing, as it helps in reducing carbon emissions along with increasing the vehicle efficiency.

Furthermore, the global automobile sales, including both passenger cars and commercial vehicles, was approximately 75 million units in 2010 and reached close to 94 million units in 2016. This elevation in the automotive sales will consequently propel the synthetic & bio-based butadiene market share.

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Synthetic accounted for the largest share of the business in 2016. The product is majorly used in tire manufacturing and other automotive parts, particularly due to its characteristics such as superior grip and reduced rolling resistance. However, the segment will exhibit moderate CAGR during the projected timespan mainly due to volatility in raw material prices along with its potential threat for health as well as the environment.

Bio-based will exhibit gains close to 13% CAGR from 2017 to 2024. The growth will be mainly attributed to favoring government norms towards bio-based material use on account of its ecofriendly characteristics.

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SB latex will experience growth close to 3% CAGR by 2024. It is widely used across building & construction industry for sealing & binding applications mainly due to its high flexibility, reduced shrinkage and extended durability. Furthermore, high bond strength of SB latex makes it preferred in waterproofing applications. In 2016, butadiene rubber generated revenue close to USD 5 billion. This segment led the application base in the same year due to its prevalent application in the tire manufacturing business.

Major industry players in the global synthetic & bio-based butadiene market are BASF SE, Evonik Industries AG, Eni S.p.A , Exxon Mobil, LyondellBasell Industries, Royal Dutch Shell, INEOS Group, The Dow Chemical Company, Repsol, PCS, SABIC, Yeochun NCC and TPC Group. Some synthetic & bio-based butadiene market players are involved in various stages of the value chain to gain an advantage over others. Companies are also investing in R&D activities for developing bio-based butadiene products.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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