Bio-Butanediol Market Aims to Increase with a 7.5% CAGR
MarkNtel Advisors recently issued a research report, Global Bio-Butanediol Market stating that the market is appraised to grow at a CAGR of around 7.5% during the forecast period, i.e., 2024-30. The prominent factors attributed to the expansion and growth of the market include the escalating concerning environmental sustainability. Moreover, the requirement for renewable and bio-based substitutes in numerous end-user industries, such as automotive, consumer goods, textiles, etc., also contributes to the market growth.
The report further states that the Bio-butanediol provides an environmental friendly and ecological alternative as compared to its equivalents based on fossil fuels, providing to the flowing demand for sustainable choices. Additionally, the escalating consciousness about the requirement to moderate emissions from greenhouse gas across the world is further fueling the demand for bio-based replacements as compared to customary petrochemical-derived products. Hence, the rush in sustainable electronic manufacturing activities is also likely to drive the market growth.
Global Bio-Butanediol Market Segmentation Analysis
- By Source (Sugar-based and Biomass-based)
- By Application (Polytetramethylene Ether Glycol, Tetrahydrofuran (THF), Polybutylene Terephthalate (PBT, Gamma-Butyrolactone (GBL), Polyurethane (PU), and Others)
- By End User (Automotive, Electrical and Electronics, Packaging, Textile, Consumer Goods, and Others)
- By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)
The expanding demand for ecological and sustainable clothing among consumers globally is booming the growth of the Textile Sector in the Bio-Butanediol Market. The shift of the consumers towards eco-friendly clothing is leading to the escalated production of organic textile polymers like polyethylene terephthalate (PET) prepared from bio-butanediol. The brilliant features provided by bio-butanediol regarding textile application, such as moisture-wicking, resilience, and dye receptivity, resulting in it becoming a perfect choice for the production of fiber, thus augmenting its demand worldwide.
Asia-Pacific is likely to retain a substantial share in the Global Bio-Butanediol Market. The Asia-Pacific region comprises strong industrial arrangement and manufacturing proficiencies for polymer products, which gives the region an edge in the Bio-Butanediol Market. Moreover, Asia-Pacific has a thriving consumer market with a rising inclination towards eco-friendly products, fueling the demand for bio-based choices through several segments, comprising textiles, automotive, and cosmetics.
Who are the Top Competitors in the Global Bio-Butanediol Market?
The major companies in the Global Bio-Butanediol Market include BASF SE, Novamont SpA, LCY Chemical, Shandong LanDian Biological Technology Co. Ltd, DSM, Bio-Chem, Genomatica, Cargill Incorporated, Mitsubishi Chemical, Bio-Amber, Qira, DuPont, Braskem, DOW, LG Chemical, and others. These companies retain a significant share in the market and help in the overall growth of the industry.
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