Global Butadiene Market Growth Drivers 2024, Forecast To 2033
8 Mar, 2024
The butadiene market (5) has witnessed exponential growth, increasing from $12.41 billion in 2023 to $14.95 billion in 2024, with a remarkable CAGR of 20.4%. This growth is propelled by the demand from the automotive and petrochemical industries, economic cycles, and the consumer electronics boom. Future forecasts suggest rapid expansion, with the market expected to reach $29.48 billion by 2028, growing at a CAGR of 18.5%. Factors such as renewable feedstocks, the expansion of electric vehicles, circular economy initiatives, and focus on lightweight materials contribute to this growth. Key trends include supply chain localization, market consolidation, the rise of smart materials, adoption of advanced manufacturing techniques, resilience planning, and customization of solutions.
Global Butadiene Market Key Driver
The expansion of the automotive industry is expected to boost the growth of the butadiene market. Butadiene-based materials are essential for automotive applications, providing durability and flexibility. For example, Statistics Canada reported a total of 26.2 million registered road motor vehicles in Canada in 2021, while the International Energy Agency reported a doubling of electric vehicle sales to 6.6 million in 2021. Therefore, the expansion of the automotive industry, including electric vehicles, is driving the growth of the butadiene market.
Get A Free Sample Of The Global Butadiene Market ReportGlobal Butadiene Market Segments
The butadiene market covered in this report is segmented –
1) Product:Polybutadiene (PBR), Styrene-Butadiene (SBR), Chloroprene, Nitrile Rubber, Acronitrile Butadiene Styrene (ABS), Adiponitrile, Sulfonale, Ethylidene Norbornene, Styrene Butadiene Latex, Other Products
2) Production Process:C4 Hydrocarbon Extraction, N-Butane Dehydrogenation, From Ethanol, From Butenes
3) Sales Channel:Direct Sale, Indirect Sale
4) End-User Industry:Plastic And Polymer, Tire And Rubber, Chemical, Other End-User Industries
By Geography: The countries covered in the butadiene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the butadiene market in 2023. The Middle East and Africa are expected to be the fastest-growing regions in the forecast period. The regions covered in the butadiene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Butadiene Industry Players
Exxon Mobil Corporation; China Petroleum & Chemical Corporation; Shell plc.; Eni S.p.A.; Reliance Industries Limited; BASF SE; Repsol S.A.; The Dow Chemical Company; Saudi Arabia's Basic Industries Corporation; Lyondellbasell Industries Holdings B.V.; LG Chem Ltd.; Ineos Group AG; INEOS Group Ltd.; China National Petroleum Corporation; Evonik Industries AG; Borealis AG; Lanxess AG; Formosa Plastics Corporation; Zeon Corporation; Nova Chemicals Corporation; JSR Corporation; Lotte Chemical Titan Holding Berhad; Nizhnekamskneftekhim; TPC Group; Mallard Creek Polymers Inc.; AirBoss Rubber Solutions
Get The Full Global Butadiene Market Report
Butadiene Market Overview
Butadiene, obtained from petroleum, refers to the colorless and highly flammable gaseous open-chain hydrocarbon C4H6 that is used in making synthetic rubbers. It belongs to a class of organic compounds called dienes, which are hydrocarbons that contain two carbon-carbon double bonds. Butadiene is a highly reactive and versatile compound used primarily as a monomer, a molecule that can join together to form a polymer to produce synthetic rubbers.