1,3 Butadiene Market is to receive overwhelming hike in Revenues by 2031
1,3 Butadiene Market: Introduction
Global 1,3 Butadiene market is about to witness a projecting growth in the upcoming years due to the ever-growing rise in the global automotive industry. 1,3-Butadiene is a colorless organic compound with an aromatic gasoline-like odor. 1,3 butadiene is produced as a byproduct of ethylene steam cracking of naphtha feedstock.
It is primarily used as a chemical intermediate and as a monomer for manufacturing rubber and plastic, which is used in a wide variety of industrial and consumer products including automobiles, construction material, electronics, protective clothing, packaging, and appliance parts. Some of the top consumers for 1,3- butadiene include Goodyear Tire & Rubber, Dow Chemical, Firestone Synthetic Rubber & Latex, Lanxess, and Ameripol Synpol. The global production of 1,3 butadiene is almost 10 million metric tons, with manufacturing capacities concentrated in North America and East Asia region.
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1,3 Butadiene Market: Prominent players
Prominent players in the global 1,3 Butadiene market are Shell Chemical LP, BASF, Exxon Mobil Corporation, TPC Group, Lanxess, Lyondellbasell, Ineos, Sabic, Dow, LG Chem, YEOCHUN NCC CO., LTD., Reliance Industries, Jiutai Energy Inner Mongolia Co., Ltd., Bangkok Synthetics Co. Ltd, JSR and Braskem, amongst others. The 1,3-Butadiene market is fragmented with the presence of diversified global and regional players with global vendors ruling the market.
1,3 Butadiene Market: Segmentation
The global 1,3 Butadiene market is segmented on the basis of end use, application and region.
Based on the end use, the global 1,3 Butadiene market is segmented as:
- Styrene butadiene Rubber
- ABS Resins
- Styrene butadiene Latex
- Nitrile Rubber
S.B. butadiene and polybutadiene end use account for a share of over 50% of the global 1,3 butadiene market. Moreover, ABS resin end use will witness a healthy CAGR in the forecast period.
Based on region, the global 1,3 Butadiene market is segmented as:
- North America
- Latin America
- East Asia
- South Asia & Oceania