CHICAGO, June 5, 2024 /PRNewswire/ -- The report "1,4-Butanediol Market by Type (Synthetic, and Bio-Based), Applications (THF, PBT, GBL and PU), Technology Type (Reppe, Davy , Butadiene , Propylene Oxide) and Region (Asia Pacific, Europe, and North America) - Global Forecast to 2029", is projected to grow from USD 7.8 billion in 2024 to USD 11.1 billion by 2029, at a CAGR of 7.3% during the forecast period. The growth of the 1,4-butanediol market is expected to be fueled by several factors. Firstly, increasing demand for 1,4-butanediol-derived products across industries such as automotive, textiles, electronics, and pharmaceuticals is a significant driver. Additionally, advancements in production technologies, including bio-based processes and improved catalysts, are enhancing efficiency and reducing costs, thereby boosting market growth. Furthermore, rising environmental concerns and regulations are driving the adoption of bio-based 1,4-butanediol in the manufacturing of biodegradable plastics and sustainable materials.
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The Gamma Butyrolactone, by application, is expected to be the fastest market from during the forecast period.
Gamma Butyrolactone is expected to be the fastest-growing application segment within the 1,4-butanediol market due to several factors. This is attributed to increasing demand for GBL as a solvent and chemical intermediate across industries like pharmaceuticals, electronics, and plastics. Moreover, the growth in end-use sectors such as pharmaceuticals and electronics, particularly notable in regions like Japan, further propels the demand for gamma-butyrolactone. The favourable regulatory environment and rising adoption of gamma-butyrolactone (GBL) in pharmaceuticals and agrochemicals also contribute to its projected growth. Additionally, technological advancements enabling more efficient and cost-effective GBL production from 1,4-butanediol are expected to fuel its market expansion.
The bio-based 1,4-butanediol type segment is projected to lead the global 1,4-butanediol market during the forecast period.
Bio-based 1,4-butanediol is expected to be the fastest-growing type segment within the 1,4-butanediol market by value due to several factors. Firstly, increasing environmental concerns and regulations are driving the demand for sustainable alternatives to traditional petroleum-based chemicals. Bio-based 1,4-butanediol, derived from renewable feedstocks such as biomass and agricultural waste, aligns with these sustainability goals, making it increasingly attractive to industries seeking eco-friendly solutions. Additionally, advancements in biotechnology and fermentation processes have enhanced the efficiency and scalability of bio-based 1,4-butanediol production, reducing costs and improving accessibility. Moreover, growing consumer awareness and preference for environmentally friendly products further stimulate the adoption of bio-based 1,4 butanediol in various applications, including polymers, plastics, and pharmaceuticals.
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Asia Pacific in the 1,4-butanediol market is projected to grow at the largest region.
Asia Pacific is the largest consumer of 1,4-butanediol, in terms of value. Write in summarised way "The Asia-Pacific region is the largest market for 1,4-butanediol due to several key factors. Firstly, the region's dominance in the 1,4-butanediol market is attributed to its high growth potential and increasing demand for various applications like tetrahydrofuran (THF), polyurethane (PU), and other derivatives. The market in Asia-Pacific is influenced by factors such as industrial growth, technological advancements, and a significant presence of key players like BASF SE, DCC, and others. These elements collectively contribute to the region's leading position in the 1,4-butanediol market, making it the largest market share holder in 2023.
Some of the leading players in 1,4-butanediol market are DCC (Taiwan), BASF-SE (Germany), Xinjiang Tianye Group Co., Ltd. (China), Mitsubishi Chemical Group Corporation (Japan) and Nan Ya Plastics Corporation (Taiwan) among others.
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