- Soaring demand for plastics in everyday use to fuel growth of the global butene market
- Concerted efforts of some governments to develop high-quality packaging materials for automobile components,food, toys, and electric tools to boost demand for butene
ALBANY, N.Y., Dec. 7, 2021 /PRNewswire/ -- Transparency Market Research: The growth of the global butene market can be ascribed to its increasing use in a range of industries, such as food &beverage, automotive, and consumer products. Butene is extensively utilized in the packaging of electrical spare parts, automobiles, food, and drinks, among many other things.
Butene is predominantly utilized as a comonomer in the making of food as well as non-food packaging materials such as linear low-density polyethylene (LLDPE) and high-density polyethylene (HDPE). It is lightweight and comes with qualities', such as stiffness, simple process ability, and superior sealing capabilities. All these attributes make it a popular choice for packaging, which is likely to bolster the growth of the global butene market.
Butene is used in the form of intermediate in corrosion inhibitors, plasticizers, herbicides, and antioxidants. It is also utilized in hydraulic as well as lubricating oils as an additive. Butene is also used in oilfield drilling, due to its low odor, low volatility, and ability to help in anaerobic biodegradation in the marine ecosystem.
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In terms of revenue, the global butene market is anticipated to reach valuation of US$ 51 Bn by 2031 and the market is projected to grow at a CAGR of 3.7% during the forecast period, from 2021 to 2031.
Key Findings of Market Report
- Increased Usage of Butene in Asia Pacific Packaging Industry to Offer Lucrative Growth Opportunities
Due to the rapid development of the convenience foods and ready meals business in the recent years, the demand for food packaging has increased dramatically. Due to the region's burgeoning population and rising disposable income, Asia Pacific is a fast developing market for the food &beverage industry. The demand for packaging of food and beverage items in the Asia Pacific region is heavily influenced by rapid urbanization and high disposable income. The presence of a large base of young customers, which includes young professionals as well as families with kids, is expected to drive the demand for food and beverage packaging in Asia Pacific. Butene is used in a variety of applications, including container bottles, lids, toy packaging, buckets, cable covers, and film and membrane production. Packaging is one of the major end users in the global butene market. Due to the increasing demand for packaged goods among consumers, this market is likely to grow substantially during the forecast period.
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- Increasing Demand for Use in Polyethylene Production to Drive Global Market
Due to the growing demand for plastics in a wide range of applications, use of polyethylene is expected to keep on rising in the near future. Butene is mostly used in the making of polyethylene (LLDPE and HDPE). Detergent bottles, food wrappers, shopping bags, and automotive fuel tanks are all instances of polyethylene-based products. Various commodity manufacturers to improve product performance have used polyethylene, which is expected to work in favor of the global butene market.
Butene Market: Growth Drivers
- The butene market saw enormous prospects during the COVID-19 pandemic, with increasing sale of PPE kits, disposable protective clothing, and application in pharmaceutical packaging
- Due to its cost effective production cost, HDPE is increasingly being used in boats, bottle caps, chemical resistant pipework, ballistic plates, and containers. Such extensive application of butene is likely to generate attractive growth potential for the market.
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Butene Market: Key Competitors
Some of the key market players are
- LyondellBasell Industries Holdings B.V.
- Sumitomo Chemical Co., Ltd.
- Exxon Mobil Corporation
- Evonik Industries AG
- Vinati Organics Limited
- Global Bioenergies SA
Butene Market: Segmentation
Type
- 1-Butene
- 2-Butene
- Isobutene
Application
- Fuel Additives
- Polybutylene [Butyl Rubber]
- LLDPE
- HDPE
- Polymethylacrylate
End Use
- Automotive
- Aerospace
- Industrial
- Pharmaceutical
- Packaging
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Chemicals & Materials Industry battles Tangible Impact of Economic and Cultural changes, Explore Transparency Market Research's award-winning coverage of the global Chemicals & Materials Market:
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