The bio-based 1,4-butanediol market was valued at 27.11 kilotons in 2021, and it is expected to witness a CAGR of approximately 25.69% during the forecast period. Key Highlights.
New York, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bio-based 1,4-Butanediol Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06231656/?utm_source=GNW
The bio-based 1,4-butanediol market was valued at 27.11 kilotons in 2021, and it is expected to witness a CAGR of approximately 25.69% during the forecast period.
The major factors driving the market’s growth are the increasing demand for polybutylene terephthalate (PBT) from various industries and stringent government regulations.
On the flip side, huge competition from fossil-fuel products and suspension and inactiveness of production plants remains a concern for the market studied.
The COVID-19 pandemic negatively affected various end-user industries of the market studied. The levels of activities were very low, and most project schedules were changed or postponed. Due to these interruptions, industrial activities and plant construction projects have also been affected across all industries. Such a global scenario has negatively affected the bio-based 1,4-butanediol demand from the end-user industries, such as automotive, textile, electronics, and others.
The shift in focus toward eco-friendly products will likely provide opportunities for the market studied during the forecast period.
Europe dominated the market across the world. The demand in the region is driven by the growing usage of bio-based 1,4-butanediol in industries such as automotive, electronics, and consumer appliances.
Key Market Trends
Increasing Applications in the Textile Industry
1,4 BDO is used as an adhesive in leather, plastics, polyester laminates, and polyurethane footwear. 1,4-butanediol is an immediate chemical used in the production of thermoplastic polyurethane (TPU), which is further used in making synthetic leather sole material.
However, the primary use of 1-4 BDO is in the production of tetrahydrofuran (THF), which is used to produce spandex fiber, which has captured the garment industry. Spandex is a lightweight, soft, smooth synthetic fiber with a unique elasticity. Due to its elastic property, it is used in making stretchable clothing.
Spandex fibers, consisting of 80% polytetramethyleneether glycol (PTMEG or PolyTHF), can be stretched to between 500% and 700% of their original length and durably retain their shape.
The growth rates for spandex fiber are estimated to be around 10%, much higher than those for textiles. The trend toward comfortable clothing with high wearing comfort is driving demand in this area.
The booming enthusiasm for country-level and international tournaments is gaining tremendous followers worldwide. It is leading to a large number of athlete admissions every year, which is, therefore, propelling the demand for associated businesses, including sportswear.
The global sports equipment market has been witnessing significant growth in the recent past. According to Statista Consumer Market Outlook, the global sports equipment market is projected to generate a revenue of USD 150,624 million in 2022 and grow annually with a 6.53% CAGR during 2022-2026. ?
The textile industry in the United States has been a globally competitive manufacturer of raw materials, yarns, fabrics, apparel, home furnishings, and other textile finished products. According to the SELECT USA Government Organization, the country’s textile and apparel industry is nearly USD 70 billion and has remained one of the most significant sectors of the manufacturing industry.?
Such factors depict that the market will observe stagnant growth from the textile industry during the forecast period. LYCRA Company and Hyosung TNC are the primary producers of bio-based spandex fibers.
Europe is Expected to Dominate the Market
The European region dominated the global market share. The demand in the market studied is driven by the growing demand from industries such as automotive, electronics, and consumer appliances.
Germany has the most prominent automotive and electronic industry in Europe. The electric industrial output accounts for 10% of the total industry output in the country, and it accounts for 3% of the gross domestic product (GDP). The textiles and clothing industry is the second-largest consumer goods industry in Germany.
The United Kingdom is the largest European market for high-end consumer electronics products, with about 18,000 UK-based electronics companies. The demand for technologically-advanced electronic devices has registered significant growth in the consumer electronics market in the country. This increase in demand is expected to drive the production of electronics in the country, leading to the demand for bio-based 1,4-Butanediol for electronic applications.
Besides, with the increasing income of the population, the demand for consumer appliances, such as air-conditioners, fridges, washing machines, microwaves, etc., has noticeably increased, further driving the growth of the consumer appliances market.
Hence, all such favorable market trends are expected to drive the demand for bio-based 1,4-butanediol for raw material applications in the region during the forecast period.
The global bio-based 1,4 butanediol market is an oligopoly market, where Novamont SpA holds the dominant share of the production capacity. Some of the noticeable players in the market include DSM, BASF SE, DuPont Tate & Lyle Bio Products, and Genomatica Inc., among others.
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