Global 1, 4 Butanediol Market Size Forecast 2024 - 2033
24 May, 2024
The 1,4 butanediol market has witnessed robust growth, expanding from $8.84 billion in 2023 to $9.61 billion in 2024, achieving a CAGR of 8.8%. This growth is attributed to demand in polybutylene terephthalate (PBT) production, textile industry usage, automotive sector expansion, and increasing demand for tetrahydrofuran (THF), pharmaceutical, and cosmetic applications. The market is projected to continue its strong growth, reaching $13.06 billion in 2028, with a CAGR of 8.0%. Contributing factors include bio-based production, diverse end-use applications, rising demand for polyurethane, and a focus on sustainable chemical production, accompanied by trends such as market expansion in Asia-Pacific and technological advancements.
Major Driver In The 1, 4 Butanediol Market
The 1,4-butanediol market is positioned for significant growth, primarily driven by the expanding automotive sector, which relies extensively on urethane elastomers derived from 1,4-butanediol for manufacturing crucial components such as bumpers and fenders. With the European Automobile Manufacturers Association reporting a notable 3.1% increase in US auto facilities' production, exceeding 6.3 million passenger automobiles in 2021, the surge in automotive activities acts as a pivotal force behind the market's expansion.
Request A Free Sample Of The Global 1, 4 Butanediol Market Report1, 4 Butanediol Market Competitive Landscape
BioAmber Inc., BASF SE, Ashland Global Holdings Inc., Mitsubishi Chemical Corporation, SK Global Chemical Co Ltd., Dairen Chemical Corporation, LyondellBasell Industries NV, Dow Inc., Genomatica Inc., Xinjiang Tianye Co Ltd., ExxonMobil Corporation, Koch Industries, PTT Global Chemical Public Company Limited, Saudi International Petrochemical Company, Chemtura Corporation, Chongqing Jianfeng Chemical Co Ltd., Royal Dutch Shell plc, Mitsui & Co Ltd., DCC plc., Nan Ya Plastics Corporation, Sinopec Yizheng Chemical Fibre Company Limited, Shanxi Sanwei Group Co. Ltd, Invista S.à r.l., Nanjing Bluestar Co. Ltd., Oxea GmbH, TCC Group, Formosa Plastics Corporation, International Specialty Products, Huntsman Corporation, Myriant Corporation, Davy Process Technology
Key 1, 4 Butanediol Market Trend
Product innovation is the key trend gaining popularity in the 1,4-butanediol market. Major companies operating in this market are focusing on developing innovative products to strengthen their market position. For example, in May 2022, Yuanli Chemical Group Co., Ltd., a Chinese company primarily involved in the invention, manufacturing, and marketing of fine chemicals, launched bio-BDO. Bio-BDO has a wide range of potential applications, including Spandex, biodegradable polymers, polyurethane, shoe materials, and novel energy batteries. Bio-BDO offers benefits such as being green, renewable, energy-efficient, and emission-reducing, which makes it environmentally friendly. It is designed to meet carbon emission reduction criteria, providing new options for users.
Get The Full Global 1, 4 Butanediol Market Report1, 4 Butanediol Market Segmentation
The 1, 4 butanediol market covered in this report is segmented –
1) By Type: Synthetic, Bio Based
2) By Application: Tetrahydrofuran (THF), Polybutylene Terephthalate (PBT), Gamma Butyrolactone (GBL), Polyurethane (PU), Others
3) By End-Use: Chemical, Sports, Automotive, Electronic, Footwear, Others
By Geography:The regions covered in the 1, 4 butanediol 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 1,4 butanediol market in 2023.
The 1, 4 Butanediol Global Market Report 2024 furnishes information about the global 1, 4 butanediol market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.