A comprehensive overview of the global Butadiene market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Butadiene market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global Butadiene market at regional and country levels. The global Butadiene market is expected to grow at a CAGR of ~4% between 2021-2027.
Market Overview
Over the years industrialization has played an important role in the development of new products in order to suffice the growing demand from end use industry. The growth in the production of Butadiene is also a part of growing industrialization in the western economies followed by other nations across the globe. Shortage of natural rubber and increasing requirement of substitute which can provide high performance without affecting the balance sheet of companies boosted the market of synthetic rubber as a result propels the market of Butadiene. For instance, according to US Tire Association, a passenger or light truck vehicle tire is made up of natural rubber, synthetic polymer, steel, textile, fillers, and antioxidant, antiozonants, and curing systems. Further, increasing consumption of ABS as consumers are looking for more durable goods at a reasonable prices is further boosting the demand butadiene.
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COVID-19 Impact
In 2020, demand of butadiene has witnessed negative impact owing to reduce demand of synthetic rubber from end use industry. For instance, tire industry witnessed a severe decline owing to the emergency like situation created by the COVID-19 which halted the global production of tire industry. In 2019, the global original equipment manufacturer passenger car and light truck tire market was stood around 422 million units which fell to 351 million unit in 2020. The most severe impact had witnessed in South American region where demand dropped by 31% in 2020.
Global Butadiene market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By application, the market is primarily divided into:
· Butadiene Rubber
· SBR
· ABS
· SB Latex
· NBR
· Others
Among these, SBR held the prominent share in the global butadiene market. SBR is widely use in tire industry as it is better suited to meet the increasingly stringent specifications of high-performance tires. Further, in automotive industry SBR founds application in belt, hoses, gasket. Therefore, growth in tire industry and replacement of automotive components are some of the key factors for its considerable position in the market.
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Global Butadiene Market Geographical Segmentation Includes:
· North America (United States, Canada, Rest of North America)
· Europe (Germany, UK, France, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
· Rest of World
APAC held the prominent share in the butadiene market owing to large number of synthetic rubber manufacturers in the regional economies to suffice the growing demand of rubber in its vast and growing manufacturing industries. The regional economies are among the largest producer of manufactured goods where synthetic rubber as a raw material plays a pivoted role. The region is the largest producer of automobile across the globe with countries like China, Japan, South Korea, and India are among the top 10 automobile producers, globally. Further, regional tire companies like Bridgestone, Sumitomo, Yokohama, Kumho, Hankook, Apollo, and MRF are among the largest tire producers. Further, the region is the largest footwear producer and consumer, with a global production share of around 88% in 2020. Countries like China, Vietnam, Indonesia, and India are among the largest exporter of footwear, with an export market share of around 61.1%, 10.2%, 3.0%, and 1.9% respectively. Further, increasing adoption of EV owing to government supported policies and improving EV infrastructure in the regional countries is further propelling the Butadiene market.
· Sinopec
· TPC Group
· Royal Dutch Shell Plc
· Exxon Mobil Corporation
· China National Petroleum Corporation
· BASF SE
· Braskem S.A.
· LyondellBasell Industries Holdings BV
· Repsol S.A.
· SABIC
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Butadiene market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global Butadiene market?
· Which factors are influencing the global Butadiene market over the forecast period?
· What are the global challenges, threats, and risks in the global Butadiene market?
· Which factors are propelling and restraining the global Butadiene market?
· What are the demanding global regions of the global Butadiene market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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