Global Butadiene Market by Types, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026
Global Butadiene Market is valued to reach USD 32.2 Billion by 2020, growing at CAGR of 4.2% over forecast period 2020–2026. Rising demand for butadiene for the production of consumer products, surging demand for OEM and replacement tires on account of an upturn in the automotive industry and rising demand for synthetic rubber are the factors driving the market.
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Butadiene is one of the important industrial chemicals used for the production of synthetic rubber and plastic. High demand from the tire industry, growing demand from end-use industries, and Improve functionality at lower cost is driving the butadiene market. Butadiene finds its application in manufacturing tires, hoses, gasket seals, fuel lines, and other parts of the vehicles. Rising demand for lightweight cars and electric vehicles, the demand for butadiene in automotive parts production, and is expected to expand the butadiene market. Butadiene production reduction because of shale oil discoveries and harmful carcinogenic nature, acute and chronic effect of butadiene has restrained the butadiene market.
Market Trends, Drivers, Restraints and Opportunities:
- Surge in the demand for automotive tires due to the increase in launch and sales of automobiles globally is likely to drive the global market.
- Innovation of bio butadiene is expected to create opportunities in the market.
- Butadiene product maturity and volatile prices of unprocessed materials are likely to inhibit the market growth.
- Government bodies across the globe have imposed stringent laws and regulations on the use of butadiene in manufacturing processes due to their dangerous effects on human health. This is likely to hamper market growth.
- Greater acceptance of butadiene derivatives in various manufacturing processes is a major factor that is anticipated to drive the butadiene market.