The 1, 3 butadiene market has been segmented into automobile industries, building & construction, consumer products industries and healthcare among others. Among these segments, automobile industries and building & construction segments are anticipated to garner high percentage of market share in 1, 3 butadiene market over the period 2017-2024. This can be attributed to the growth of end-use industries including building & construction and automobile industries in various regions of the globe. Further, the growing demand for elastomers in tires and other consumer products is envisioned to strengthen the growth of 1, 3 butadiene market.
The global market for 1, 3 butadiene is expected to flourish at a robust compound annual growth rate during the forecast period and is anticipated to reach at a market valuation of around USD 33.5 Billion over the forecast period. Factors such as rising demand for good tires on account of growing automobile sector and rising preference of butadiene in production of consumer products are expected to be the key factors behind the growth of global 1, 3 butadiene market by noteworthy revenue by the end of 2024.
In the regional segment, Asia Pacific region has been the leading market for 1, 3 butadiene and is expected continue its dominance over the forecast period. Moreover, the North America region captured the second largest position in 1, 3 butadiene market. Additionally, Europe region is also expected to grow at a satisfactory pace during the forecast period owing to increasing application of 1, 3 butadiene in tire industries and in other downstream applications in this region.
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Automotive Industries Reflects Significant Opportunities
With growing population all around the globe, there is an increase in the demand for automobiles. The global 1, 3 butadiene market is envisioned to flourish on account of growing automobile industries combined with rising disposable income in countries such as India, China and Brazil. Global 1,3 butadiene market is primarily driven by rising adoption of 1, 3 butadiene in end-use industries such as automobile, healthcare and building & construction. Additionally, 1, 3 butadiene offers elastomers in products such as tire and other products. Further, growing demand for elastomers property in various consumer products is vital consideration to supplement the growth of global 1, 3 butadiene market globally.
However, factors such as maturity of the product and prices of raw material are likely to inhibit the growth of the 1, 3 butadiene market in the near future.
The report titled “1, 3 Butadiene Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the 1, 3 butadiene market in terms of market segmentation by products, by end user and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the 1, 3 butadiene market which includes company profiling of BASF S.E, Braskem S.A, Exxon Mobil Chemical Company, ENI S.p.A, Lyondell Basell Industry N.V., Royal Dutch Shell PLC., Sinopec, TPC Group Incorporation, Nizhnekamskneftekhim O.A.O and Lanxess A.G.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the 1, 3 butadiene market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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