Market Research Future (MRFR) has published a cooked research report on the “Butylenes Market” that contains information from 2018 to 2032. The Butylenes Market is estimated to register a CAGR of XX% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Butylenes Market— Dow Chemical, BASF, DuPont, Mitsui Chemicals, and GE.
The global Butylenes Market is accounted to register a CAGR of XX% during the forecast period and is estimated to reach USD XX billion by 2032.
Butylenes, specifically isobutylene and normal butylene, are vital raw materials in the production of various petrochemical compounds such as synthetic rubber, polyethylene, and antioxidants. The rise in petrochemical production across the globe is driving the demand for butylenes.
The global Butylenes Market has been segmented based on Type, and Application.
Based on Type, the market is segmented into 1-Butene and 2-Butene. The 1-Butene segment was attributed to holding the largest market share in 2022. 1-butene is a crucial building block in the production of linear low-density polyethylene (LLDPE). LLDPE is a widely used thermoplastic in various applications, including packaging films, containers, and pipes. The global demand for LLDPE, particularly in the packaging and construction sectors, is propelling the growth of 1-butene.
Based on the Application, the Butylenes Market has been segmented into Butadiene, Methyl Ethyl Ketone, Butanol, and Others. The Butadiene segment was expected to hold the largest market share in 2022. Butadiene is a key raw material in the production of synthetic rubber, particularly styrene-butadiene rubber (SBR) and polybutadiene rubber (PBR). These synthetic rubbers are widely used in the automotive industry for tire manufacturing. As the global automotive sector expands and there is an increasing demand for tires, the need for butadiene as a primary feedstock for rubber production grows.
The global Butylenes Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Butylenes Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The butylene market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Butylenes Market comprises of Middle East, Africa, and Latin America.
The largest market share for the Butylenes Market was maintained by the North American regional sector. The petrochemical industry in North America is experiencing substantial growth, making it a primary driver for the butylenes market in the region. In the United States alone, approximately 40% of the world's ethane-based petrochemical production capacity is concentrated. The region boasts 130 refineries, which produce refined petroleum products like gasoline, diesel, and jet fuel, and an additional 311 petrochemical facilities. This surge in the petrochemical sector's expansion is primarily due to two key factors. Firstly, North America enjoys an abundant supply of shale gas, which serves as a valuable resource for the production of butylenes. Secondly, continuous advancements in extraction and processing technologies have further facilitated the growth of the petrochemical industry in the region. As a result of this growth, petrochemical plants are increasingly utilizing butylenes to manufacture a diverse range of high-value chemicals, including various plastics and synthetic rubbers. This trend underscores the importance of butylenes within the North American petrochemical landscape, as they play a crucial role in the production of essential materials across multiple industries.
Moreover, the Europe market has been persistently growing over the forecast period. The petrochemical industry in Europe plays a pivotal role in driving the butylenes market. This industry, contributing more than a quarter of the chemical sector's total sales, provides direct employment to 1.15 million individuals in Europe and supports three times as many jobs indirectly. Notably, it boasts the second-highest added value per employee compared to other sectors and, in 2016, contributed a substantial €155 billion to the European GDP. In the realm of petrochemicals, butylenes hold significant importance as a vital feedstock. They serve as the foundational raw material for the production of a wide array of valuable chemicals, including plastics and synthetic rubbers. The soaring demand for these chemicals across various sectors such as packaging, automotive, and construction is a key driving force behind the petrochemical industry's growth, consequently fueling the increased need for butylenes in the market.
The automotive industry in the Asia-Pacific region stands as one of the world's largest. Notably, India ranked as the fourth-largest automotive market globally, is poised for a 10% growth in 2022, following a substantial 27% growth in 2021. This growth is primarily attributed to robust underlying demand, driven by both economic recovery and consumers' preference for personal vehicles over public transportation. In this thriving automotive sector, the significance of butylenes comes to the forefront. Butylenes play a vital role in the production of synthetic rubber, a key component used extensively in manufacturing tires, automotive hoses, and various other critical automotive parts. As the demand for vehicles continues to surge in the region, the automotive industry's reliance on butylenes for synthetic rubber production is growing in tandem. This underscores the integral role that butylenes play in sustaining and supporting the flourishing automotive market in the Asia-Pacific region.
Furthermore, the rest of the world's Butylenes Market is divided into the Middle East, Africa, and Latin America. These regions are undergoing substantial infrastructure development, which includes construction and energy-related initiatives. As these regions invest in infrastructure projects such as roads, bridges, energy facilities, and more, the demand for butylenes for various applications, especially in the construction sector, is on the rise.
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