Global 1,4-Butanediol Market Expected to Reach $11.0 Billion by 2027, Growing at a CAGR of 8.5%
The global 1,4-Butanediol market is projected to grow from USD 7.3 billion in 2022 to USD 11.0 billion by 2027, at a CAGR of 8.5% during the forecast period. 1,4-Butanediol is a chemical compound used in various industries, including chemicals, pharmaceuticals, and plastics. It serves as a versatile building block for producing solvents, polymers, and other products. Its demand is driven by applications in these sectors, with regulatory and environmental factors influencing its use. 1,4-Butanediol is primarily used in automotive, consumer appliances, electricals & electronics, textiles, solvents, and others.
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The bio-based 1,4-Butanediol (BDO) segment was expected to be the fastest-growing segment of the 1,4-Butanediol market during the forecast period. This growth was primarily attributed to increasing awareness of sustainability and environmental concerns, leading to a shift toward bio-based and renewable sources for chemical production. Bio-based BDO is derived from renewable feedstocks such as biomass or agricultural products, making it a more eco-friendly alternative compared to traditional petrochemical-based BDO.
Tetrahydrofuran (THF) was expected to be the largest segment for the 1,4-Butanediol (BDO) market by application during the forecast period. THF is a significant downstream product of BDO and is used in various industries, including the production of elastomers, coatings, adhesives, and as a solvent in chemical processes. Its wide range of applications and demand across industries contributed to THF being a prominent segment in the BDO market.
BASF SE (Germany), DCC (Taiwan), Sinopec Yizheng Chemical Fibre Co., Ltd. (China), Nan Ya Plastics Corporation (Taiwan), and Xinjiang Tianye (Group) Co., Ltd. (China) are some of the key players operating in the 1,4-Butanediol market. These players have adopted strategies such as joint ventures, and expansions to enhance their business revenue and market share. Expansion of production units globally is the key strategy adopted by these players to cater to the increasing demand for 1,4-Butanediol.
BASF SE is one of the major players in the global 1,4-Butanediol market. It is involved in the production and selling of 1,4-Butanediol. The company serves more than 90 countries across the Americas, Asia Pacific, and other regions of the world. It has about 390 domestic manufacturing facilities across Europe along with other overseas manufacturing facilities which allows the company to meet the consumer demand. The company has a considerable focus on its chemicals segment as it generates 17% of revenue for the company. This indicates a good platform for the growth of its 1,4-Butanediol business.
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Another important player in the global 1,4-Butanediol market is Genomatica, Inc. In June 2021, Geno BDO biomanufacturing process technology, developed by Genomatica, has been licensed to Cargill. Cargill used it in its joint venture with Helm, Qore, to create renewable 1,4-butanediol. Genomaticas technology will enable a combined, global production capacity of over 100,000 tons per year of renewable BDO once this facility is finished in 2024. With this expansion, Genomatica, Inc. will be more capable of meeting the rising demand for 1,4-Butanediol in the North American market and ensure steady customer supply.
The Asia Pacific region was indeed expected to be the largest segment for the 1,4-Butanediol market. This growth was attributed to factors such as increasing industrialization, rising demand for various end-use products like plastics, textiles, and pharmaceuticals, and the presence of a significant manufacturing base in countries like China and India. However, please note that market dynamics can change over time, so I recommend checking the latest market reports or sources for the most current information on the 1,4-Butanediol market in the Asia Pacific region.
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