Surge in adoption of lightweight sources in the automotive sector and rapid shift toward eco-friendly products drive the growth of the global bio-butanediol market. However, the outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of automobile textile and other industries, led to financial crisis and disruptions in the supply chain, thereby adversely affected the growth of the global bio-butanediol market.
The global bio-butanediol market generated $190.6 million in 2020, and is projected to reach $392.9 million by 2030, witnessing a CAGR of 7.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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-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.
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Bio-butanediol Market Segment Review
The report offers detailed segmentation of the global bio-butanediol market based on source, application, end-use, and region.
Based on end-use, the automotive segment held the largest market share in 2020, holding more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the textile segment is projected to register the highest CAGR of 8.4% from 2021 to 2030.
Based on source, the sugar segment held the highest market share in 2020, holding around three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 7.6% from 2021 to 2030.
On the basis of application, the bio-butanediol market is classified into polytetramethylene ether glycol, thermoplastic polyurethane, polybutylene terephthalate, tetrahydrofuran, n-methyl-2-pyrrolidone, and others.
The polytetramethylene ether glycol (PTMEG) segment dominated the global market in terms of revenue in 2020, with over two-fifths of the total share. This is attributed to the fact that PTMEG is highly used in the production of spandex fibers, copolyester-ether elastomers, and polyurethane elastomers.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the region is projected to manifest the fastest CAGR of 8.2% during the forecast period.
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Bio-butanediol Market Key Players
Leading players of the global bio-butanediol market analyzed in the research include Novamount S.p.A, BASF SE, Genomatica Inc., Qira, Yuanli Chemical Group Co. Ltd., Biokemik. It also includes raw materials suppliers such as Shandong Landian Biological Technology Co. Ltd., Roquette Frères, J. Rettenmaier & Söhne GmbH + Co KG., and Cargill Incorporated.
Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
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