1,4-Butanediol Market to Grow with a CAGR of 4.35% through 2028
Increasing demand of polyurethane (PU) are expected to drive the Global
1,4-Butanediol Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “1,4-Butanediol
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global 1,4-Butanediol Market stood at USD 6.68 billion in 2022 and is anticipated to grow with a CAGR of 4.35% in the forecast
period, 2023-2028. The initiatives taken by government based on 1,4-butanediol
has led to favorable market conditions for the Global 1,4-Butanediol Market.
Several factors contribute to the growth of various 1,4-butanediol products One
of the notable government initiatives impacting the BDO market is the global
push towards electric vehicles (EVs). Governments worldwide are implementing
comprehensive policies and regulations to enhance the sales and adoption of
EVs, recognizing their potential to reduce carbon emissions and combat climate
change. As EVs become increasingly popular, the demand for various components
and materials used in their manufacturing is also on the rise. Polybutylene
Terephthalate (PBT), a plastic made from BDO, is extensively used in the
production of electric vehicles. PBT offers exceptional mechanical strength,
heat resistance, and electrical insulation properties, making it an ideal
material for various EV components such as connectors, housings, and wiring
harnesses. The increasing focus on sustainable transportation and the shift
towards cleaner energy sources have significantly propelled the demand for EVs
and, in turn, the demand for PBT.
Taking Canada as
an example, the government has been actively promoting the adoption of electric
vehicles through a range of incentives and support measures. These include tax
credits, subsidies, and infrastructure investments to expand the charging
network across the country. By encouraging consumers to switch to EVs, the
Canadian government aims to reduce greenhouse gas emissions and create a more
sustainable transportation system.As the adoption of EVs continues to grow
globally, the demand for PBT and other BDO-related products is expected to rise
further. This surge in demand presents significant opportunities for the BDO
market, driving innovation and investment in BDO production facilities. The
combination of government initiatives, technological advancements, and changing
consumer preferences is reshaping the landscape of the BDO market, making it a
promising sector for future growth and development.
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1,4-Butanediol Market”
1,4 Butanediol
(BDO/1,4-BD) is a versatile and flexible medium liquid diol, possessing primary
hydroxyl reactive functionalities. Its linear structure enables the formulation
of polyurethanes with exceptional hardness balance and low flexibility even at
high temperatures. With remarkable strength, durability, and thermal stability,
1,4 Butanediol (BDO) serves as a crucial raw material for polyester and
polyurethane resins. These resins, acting as chain extenders and hard segments,
exhibit outstanding features. By utilizing 14BG diol as a chain extender,
urethane elastomers can be produced with exceptional mechanical properties, as
well as high heat, oil, and impact resistance. The increasing demand for
lightweight and durable components in automotive, construction, and electronics
sectors has led to a surge in polyurethane demand. Consequently, extensive
research and development efforts within the global plastics industry have
resulted in the development of new polyurethane products that surpass
conventional plastics in performance and versatility.
The Global
1,4-Butanediol Market is segmented into derivative, end user industry, regional
distribution, and company. Based on its derivative, the tetrahydrofuran (THF) segment
held the largest share in the market. The high share of the plastics market can
be primarily attributed to the growing use of poly-tetramethylene glycol
(PTMEG) for the production of urethane elastomers and fibers. PTMEG, known for
its exceptional flexibility and elasticity, has seen an increasing demand,
driving the overall growth of the market. Additionally, the application of
polybutylene terephthalate (PBT) has emerged as the second-largest revenue
contributor, with a global share of 21.6% in 2022. This can be attributed to
the rising consumption of plastics in the automotive industry, particularly due
to the strong demand for lightweight vehicles. The continuous innovation and
advancements in the plastics industry have been instrumental in meeting the
evolving needs of various sectors and driving the market's expansion.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. The availability of skilled labor, coupled
with the easy accessibility of land, is one of the key factors contributing to
the growth in the market. In developing countries, particularly in China and
India, there has been a significant shift in the production landscape, which is
expected to further drive market growth during the forecast period. These
regions are considered hubs for various expanding industries, including
construction, automotive, electronics, and others, which present immense
potential for manufacturers of 1,4 BDO. In fact, China's construction market is
poised to outperform other South-East Asian countries, primarily due to the
government's initiatives and funding aimed at sustaining its overall
development. This favorable business environment and supportive measures are
expected to create a conducive atmosphere for the growth and success of the 1,4
BDO industry in the region.
Major companies operating in Global 1,4-Butanediol
Market are:
- Ashland Inc.
- LyondellBasell Industries Holdings BV
- Mitsubishi Chemical Corporation
- NAN YA PLASTICS CORPORATION
- SINOPEC YIZHENG CHEMICAL FIBRE LIMITED
LIABILITY COMPANY
- Shanxi Sanwei Group Co. Ltd
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“Growing application of 1,4-butanediol in various end
user industries are key drivers of the 1,4-butanediol market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of 1,4-butanediol with every passing
year are anticipated to register an impressive growth to Global 1,4-Butanediol
Market in the forecast period.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“1,4-Butanediol Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Derivative (Tetrahydrofuran (THF), Polybutylene Terephthalate (PBT), Gamma-Butyrolactone (GBL), Polyurethane (PU), Others), By End User Industry (Automotive, Healthcare and Pharmaceuticals, Textile, Electrical and Electronics, Others), By Region and Competition, 2018-2028F”, has evaluated
the future growth potential of Global 1,4-Butanediol Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global 1,4-Butanediol Market.
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