According to a new report published by Allied Market Research, titled, “Bio-butanediol Market by Source, Application, and End Use: Global Opportunity Analysis and Industry Forecast, 2021–2030,”the global bio-butanediol market was valued at $190.6 million in 2020, and is projected to reach $392.9 million by 2030, growing at a CAGR of 7.5% from 2021 to 2030.
The global bio-butanediol market is expected to exhibit high growth potential in the coming years, owing to its use in the production of various commercially viable polymers such as polytetramethylene ether glycol, thermoplastic polyurethane, polybutylene terephthalate, and elastic fibers. Lower cost and comparable properties of bio-butanediol compared to fossil-based butanediol make it viable to gain optimum market share during the forecast period. Moreover, indirect use of bio-butanediol in the automotive and textile sectors is fueling the demand.
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Bio-butanediol is used in the production of commercially important polymers such as thermoplastic polyurethane, polytetramethylene ether glycol, polybutylene terephthalate, tetrahydrofuran, and n-methyl-2-pyrrolidone.
Bio-based production refineries are novel, productive models that are focused on the production of bio-based alternatives to fossil-based products. Increase in concerns pertaining to sustainability and adverse environmental impact boosts the demand for bio-based products. Bio-butanediol is expected to replace the fossil-based butanediol completely during the next few years.
Impact of Covid-19 on Global Bio-butanediol Market:
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The bio-butanediol market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the automotive, textile, and other industrial sectors. The Organization for Economic Co-operation and Development (OECD) reported that due to this epidemic, the global GDP growth would dwindle to 2.4% from 2.9% in 2020 and it has impacted the global supply chain. In addition, more than 100 countries have locked their international borders for transportation and nonessential trade activities, which, in turn, have led to demand–supply disruptions for bio-butanediol market. Furthermore, the temporary shutdown of textiles and automotive industries amid the COVID-19 period has reduced the consumption of bio-butanediols. Several companies have either shut down or shrank their operations due to the risk of infection among the workforce. This has temporarily hampered the demand and supply gap of the bio-butanediol. In addition, the declining income of customers has led to the contraction of the demand for consumer products amid the COVID-19 period. In addition, factors such as financial stress, reduction of demand, and disruptions of the power supply chain have negatively impacted the chemical sector, which, in turn, has decreased the demand for bio-butanediol amid the COVID-19 scenario.
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Bio-butanediol is expected to face tough competition from its fossil-based counterpart until a commercial production process for the production of bio-butanediol is streamlined. This factor is expected to hamper the growth of the global bio-butanediol market during the forecast period.
Bio-butanediol exhibits several advantages over fossil-based butanediol such as it reduces greenhouse gas emissions by more than 60% during its lifecycle as compared to fossil-based butanediol. This factor is anticipated to create remunerative opportunities for the expansion of the bio-butanediol market in the future.
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Key findings of the study:
- The sugar source type is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 7.6% from 2021 to 2030.
- The polybutylene terephthalate application is anticipated to register the highest CAGR of 8.2% during the forecast period.
- The textile end-use type is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 8.4% from 2021 to 2030.
- Asia-Pacific garnered the highest share of 45.4% in 2020, in terms of revenue, growing at a CAGR of 8.2%.
The major players operating in the Bio-butanediol Market:
- Novamount S.p.A
- BASF SE
- Genomatica Inc
- Qira
- Yuanli Chemical Group Co. Ltd
- Biokemik
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