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: Market Dynamics
The rising global automobile industry has a direct impact on the growth of global 1,3 butadiene market. 1,3 butadiene is mostly used in the production of styrene butadiene rubber, ABS resin and nitrile rubber, which is further used in the production of automobile tires. With the recent worldwide trend towards conserving resources and rising consciousness about safety during the operation of an automobile, there is an increasing demand for high-performance automobile tires. Moreover, with great emphasis on reducing fuel cost in the automotive sector, the need for 1,3 butadiene has increased worldwide. Furthermore, stringent government regulations on reducing automotive weight has increased the demand for ABS resin, which consumes 13% of the global 1,3 butadiene production. 1,3 butadiene is produced mainly as a by-product in the naphtha cracking process, and hence, the fluctuation in raw material prices and limited availability of crude oil has the potential to tighten the supply of 1,3 butadiene. However, new technologies have been proposed by various manufacturers for the production of 1,3 butadiene to balance the supply of 1,3 butadiene — for instance, Mitsubishi Chemical on purpose butadiene production process (BTcB).
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
1,3 Butadiene Market: Regional Outlook
Among the regions mentioned above, North America will have the largest market share of over 30% in the global 1,3 butadiene market due to its exclusive automotive industry and key producers having manufacturing plants in this region. China, on the urge of self-sufficiency, has invested heavily in R&D and expansion of production capacity. Moreover, due to a slight lack in the automobile industry, the demand for 1,3 butadiene has declined in East Asia but it is anticipated to witness lucrative growth in the forecast period. Moreover, 1,3 butadiene demand in Europe has witnessed steady growth due to unplanned shutdowns and shift of major producers to the East Asia region. The Middle East and Latin America account for a merely single-digit share in the global 1,3 butadiene market.
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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. Some of the major capacity expansions in 1,3 Butadiene market include:
- In May 2019, Jiutai Energy Inner Mongolia Co., Ltd. announced expansion of its production capacity to 70,000 tons/annum by mid may.
- In Feb 2019, Bangkok Synthetics Co. Ltd, a petrochemical company has announced the expansion of 1,3 butadiene to 80 kilo tons/year in 2021.
- In August 2018, Yeochun NCC Co., a naptha cracking firm in South Korea announced capacity expansion from 240 kilo tons/year to 370 kilo tons/year 2020.
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