Northbrook, IL 60062 -- (SBWire) -- 10/18/2023 --The report "1,4-Butanediol Market by Type (Synthetic and Bio-based), Application (Tetrahydrofuran (THF), Polybutylene Terephthalate (PBT), Gamma Butyrolactone (GBL), Polyurethane (PU)), and Region (APAC, North America, Europe, RoW) - Global Forecast to 2027", is projected to grow from USD 7.3 billion in 2022 to USD 11.0 billion by 2027, at a CAGR of 8.5% during the forecast period. High demand from automotive industry is expected to drive the BDO market.
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Bio based BDO, by type, is expected to be the fastest growing segment of the 1,4-Butanediol market, during the forecast period
Based on type, BDO is classified into synthetic, and bio based. Bio based BDO is expected to account for the fastest growing segment in 2022, in terms of value and volume. With rising awareness about the benefits of utilizing ecofriendly, recyclable, and sustainable elements in residential and commercial applications, the demand is growing for bio-based products. This in turn is leading to the market expansion of 1,4-Butanediol.
THF, by application, is expected to be the largest segment for BDO market, during the forecast period
Based on application, 1,4-Butanediol is classified into THF, PBT, GBL, PU, and others. Currently, THF is widely used in various applications such as solvents, PTMEG, and others. Among these, THF finds its major application in the manufacturing of PTMEG, which is the feedstock for various fibers, including Spandex. Thus, the significant growth related to the textile industry across the globe is generating the market for BDO.
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Asia Pacific, by region, is expected to be the largest segment for 1,4-Butanediol market
Asia Pacific is expected to lead the BDO market during the forecast period by value. This demand can be attributed to the increasing production capacities with rising demand from automotive industry. Particularly, the emerging economies such as China, Malaysia, Thailand, and India, have made Asia Pacific a huge market for BDO. Moreover, China is one of the largest markets for BDO across the globe and is expected to contribute a major portion to the overall regional demand for 1,4-Butanediol during the forecast period.
Some of the leading players in this market include BASF SE (Germany), DCC (Taiwan), Sinopec Yizheng Chemical Fibre Co., Ltd. (China), Nan Ya Plastics Corporation (Taiwan), and Xinjiang Tianye (Group) Co., Ltd. (China), among others.
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1,4-Butanediol Market : Top Players, Size, Trend Analysis, Industry Share, and Growth Forecast Until 2027
High demand from automotive industry is expected to drive the 1,4-Butanediol Market.