Description
Scope of Butanediol Market
The market for a chemical molecule called 1,4-butanediol (BDO), with a wide range of applicability in many industries, is called the international butanediol market.1,4-Butanediol (BDO), a colourless thick liquid, can be used for various processes such as synthesis of polyurethanes, polymers, solvents, and medicines.It can be obtained by fermentation of carbohydrates, or by hydroformylation of acetylene.The market of a research chemical substance with a variety of usages in various fields,such as 1,4-butanediol called international butanediol market.1,4-Butanediol(BDO),a colorless thick liquid,can be used for the processes of synthesis of polyurethanes,polymers,solvents and medicines.It can be produced by fermentation of carbohydrates,or by the hydroformylation of acetylene.
The global butanediol market is expected to reach USD 7.93 billion in 2023, and is projected to reach USD 14.43 billion by 2030 registering a CAGR of 8.60% from 2023 to 2030. Bio-based technology pioneers like Geomatica and BioAmber have pioneered the way for sustainable BDO manufacturing from renewable feedstock, which has affected consumption trends in recent years.
Impact of COVID – 19
The butanediol supply chain has been impacted by lockdowns, travel restrictions, and interruptions in logistics and transportation, which has caused delays in the acquisition of raw materials, production, and delivery.
Several end-use industries that are significant users of butanediol-based goods, including textiles, construction, and automotive, have seen a slowdown as a result of the epidemic. The demand for these goods has been tempered by a decline in consumer expenditure and economic activity, which has resulted in lower sales volumes for butanediol producers. The pandemic has caused changes in consumer behavior and expectations, such as a greater emphasis on sustainability, health, and hygiene, which have affected the market for items containing butanediol. As consumers place a higher priority on hygiene, there has been a spike in demand for cleaning and disinfection solutions that contain butanediol.
Butanediol Market: Growth Drivers
-
Increasing Demand for Polyurethanes:
A crucial component in the synthesis of polyurethanes, which are widely used in the furniture, automotive, and building sectors, is butanediol. The market for butanediol is expanding as a result of these industries’ rising need for strong, lightweight materials.
-
Rising Demand in Pharmaceutical Industry:
Many medications, such as sedatives, anesthetics, and antidepressants, are made using butanediol as a precursor. The demand for butanediol is being driven by the growing pharmaceutical industry as well as the rising incidence of chronic illnesses.
-
Growing Construction Activities:
Polyurethanes derived from butanediol find widespread application in insulation foams and coatings within the building sector. The demand for butanediol is being driven by the expansion of infrastructure building and construction activities, especially in emerging economies.
Butanediol Market: Restraints
-
Price volatility for raw materials:
Acetylene and carbohydrates are two raw materials that are needed in the synthesis of butanediol, and their costs might fluctuate. The profitability of companies that produce butanediol can be impacted by changes in the price of raw materials.
-
Environmental Concerns:
Butanediol manufacturing may release emissions or byproducts that are detrimental to the environment. Concerns about sustainability and growing environmental restrictions could provide difficulties for the butanediol sector.
Butanediol Market: Opportunity Factors
-
Research and Development:
Prospects for market expansion may arise from ongoing research and development initiatives targeted at refining manufacturing procedures, augmenting product quality, and creating new uses for butanediol.
-
Emerging Applications:
Applications for butanediol may spread into developing industries like 3D printing, bioplastics, and renewable energy, offering new chances for market participants to flourish.
Butanediol Market: Challenges
-
Regulatory Compliance:
It might be difficult for butanediol producers to adhere to the strict laws and guidelines pertaining to product safety, environmental preservation, and occupational health and safety.
-
Competition from Substitutes:
In a variety of applications, butanediol is up against competition from substitute materials and chemicals. The butanediol market may face difficulties due to the availability of alternatives with comparable qualities or at a lower price.
Butanediol Market: Recent Developments
In order to meet the increasing demand from a variety of industries, including the construction and automotive sectors, BASF announced intentions to invest in expanding its capacity for producing butanediol.
The goal of developing new process technologies for butanediol production is to increase sustainability and efficiency in manufacturing operations, as indicated by LyondellBasell.
To meet the needs of the electronics and automotive industries, Mitsubishi Chemical Corporation unveiled a new grade of butanediol with improved characteristics for use in high-performance polyurethane applications.
Butanediol Market: Key Outcomes of the Report
Global supply networks were upset by the pandemic, which had an influence on butanediol production and raw material availability.
Lockdown measures and decreased consumer demand resulted in production halts and slowdowns in the automotive industry, a key consumer of butanediol-based products like polyurethanes and a decline in the demand for butanediol.
Construction projects were delayed as a result of lockdowns and restrictions in place in some nations, which decreased the market for butanediol-based products used in coatings and insulation foams.
List of Key Players in the Global Butanediol Market:
- BASF SE
- Dairen Chemical Corporation
- LyondellBasell Industries Holdings B.V.
- Invista
- Mitsubishi Chemical Corporation
- Ashland Global Holdings Inc.
- Sipchem
- BioAmber Inc.
- Shanxi Sanwei Group Co., Ltd.
- Sinopec Zhenhai Refining & Chemical Company
Butanediol Market: Segmentation
By Application
- Cosmetics & Personal Care
- Food
- Polymers
- Paints & Coatings
By End-Use Industry
- Automotive
- Construction
- Pharmaceuticals
- Textiles
- Electronics
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
