Growing demand from various end-user industries is expected to drive the Bio-Isobutene market in the forecast period 2024-2028
According to TechSci Research report, “Bio-Isobutene Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The global bio-isobutene market is anticipated to upsurge at an impressive rate in the forecast period 2024-2028, on account of an increase in the price of raw materials, modifications to the fuel standards, and an increase in the demand for liquefied petroleum gas (LPG) and natural gas due to government policies favoring cleaner and alternative fuels. The market growth is supported by the increasing use of bio-based fuels, the rising need for bio-isobutene production, and the demand for high-quality gasoline due to stringent carbon emission laws.
Furthermore, the market is being further stimulated by the extensive use of Bio-Isobutene in plastic, pharmaceuticals, and antioxidants.
However, lack of technical knowledge related to manufacturing and handling of bio-isobutene can slow down the market growth in the coming years. Similarly, bio-isobutene requires highly skilled labor, the shortage of skilled labor especially in the emerging economies is expected to restrict the market growth through 2028.
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The Global Bio-Isobutene Market is segmented based on products, application, end use, and region.
Based on products, the market is categorized into straw-derived bio-isobutene, sugar beet bio-isobutene, cane-derived bio-isobutene, and others. Straw-Derived Bio-isobutene is expected to hold the largest market share in the forecast period, 2024-2028. Straw-Derived Bio-isobutene is produced and used in the personal care products and health care sector and can bring about the complete replacement of petroleum-based substances.
Based on application, the market is fragmented into fuel, butyl rubber, bio-based cosmetic ingredients, lubricant additives, and others. The fuel segment is expected to register the highest growth during the forecast period. Increasing focus on having alternative fuel with low carbon emission has significantly increased the demand for bio-isobutene.
Based on end use, the market is segmented into automobile, aerospace, pharmaceuticals, and others. The aerospace segment is expected to register the highest growth during the forecast period. This can be attributed to the growing demand for bio-isobutene for producing aviation fuel to be used in aerospace industry. The generation of aviation fuel from biomass-based raw materials has low carbon footprints, and a highly flammable tendency, thereby supporting the growth of global bio-isobutene market.
Major companies operating in the global Bio-Isobutene market are:
- Global Bioenergies SA
- Clariant AG
- Gevo Inc.
- Butagaz
- Butamax Advanced Biofuels, LLC.
- Dow Chemical Co. Ltd.
- BASF SE
- Songwon Industrial Co. Ltd.
- Ineos Group Ltd.
- Exxon Mobil Corp.
Various companies operating in the market are following strategies such as mergers & acquisitions, new product launches, increasing production capacities, coming up with new capacities, among others in order to stay competitive and have an edge over the other players operating in the market.
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“Given its favorable regulatory environments, accessibility to raw materials, highly competitive business environment, and capacity for innovation & technology, Europe is expected to dominate the global market for bio-isobutene in the next years. The global bio-isobutene market is anticipated to increase due to the continuous usage in the plastic, automobile, rubber industries.
Along with organizational activity, increased R&D expenditure, and other factors, government limits on trade and export are significant industrial drivers. The primary driver of market expansion through the year 2028 is the rising demand for medicines, fuels, solvents, and lubricants.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Bio-Isobutene Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Products (Straw-Derived Bio-Isobutene, Sugar Beet Bio-Isobutene, Cane-Derived Bio-Isobutene, Others), By Application (Fuel, Butyl Rubber, Bio-Based Cosmetic Ingredients, Lubricant Additives, Others), By End-Use (Automobile, Aerospace, Pharmaceuticals, Others), By Region and Competition, has evaluated the future growth potential of global bio-isobutene 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 the global bio-isobutene market.”
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