Bio-based 1,4-butanediol market was valued at 27.11 kilotons in 2021 and it is expected to witness a CAGR of around 25.69% during the forecast period (2022-2027). The COVID-19 pandemic has negatively affected various end-user industries of the market studied.
New York, Feb. 18. Feb. 2, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Bio-based 1,4-Butanediol Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www. reportlinker.com/p06231656/?utm_source=GNW
Over the long term, the major growth drivers of the market studied are the growing demand for Polybutylene Terephthalate (PBT) from various industries and stringent government regulations.
On the other hand, the strong competition from fossil products remains a concern for the market studied.
The shift in focus towards environmentally friendly products is likely to provide opportunities for the market studied over the forecast period.
Europe dominated the market across the world. Demand in the region is driven by the growing use of bio-based 1,4-butanediol in industries such as automotive, electronics and consumer devices.
Main market trends
Increase in 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 then used in the manufacture of synthetic leather soles.
However, the main use of 1-4 BDO is in the production of THF which is used for the production of spandex fiber, which has taken over the garment industry. Spandex is a light, soft and smooth synthetic fiber with a unique elasticity. Due to its elastic property, it is used in making stretchy garments.
Spandex fibers, composed of 80% polytetramethylene ether glycol (PTMEG or PolyTHF), can be stretched between 500% and 700% of their original length and retain their shape for a long time.
Spandex fiber growth rates are estimated to be around 10%, which is much higher than textile growth rates. The trend towards comfortable clothing with high wearing comfort is driving demand in this area.
The growing enthusiasm for national and international tournaments is gaining huge followers worldwide and leading to a large number of athlete admissions every year, thus propelling the demand for related businesses including sportswear .
The United States textile industry is a globally competitive manufacturer of textile raw materials, yarns, fabrics, apparel, furnishings, and other textile finished products. According to government organization SELECT USA, the country’s textile and apparel industry is a nearly $70 billion industry and remains one of the largest sectors in the manufacturing industry.
These factors indicate that the market will observe stagnant growth in the textile industry during the forecast period. LYCRA Company and Hyosung TNC are the main producers of bio-based spandex fibers.
Europe will dominate the market
The Europe region led the global market share. The demand of the studied market is driven by the growing demand from industries, such as automotive, electronics, and consumer devices.
Germany has the largest automotive and electronics industry in Europe. Electric industrial production represents 10% of the total production of industry in the country and, moreover, it represents 3% of the gross domestic product (GDP). The textile and clothing industry is the second largest consumer goods industry in Germany.
The UK is Europe’s largest market for high-end consumer electronics, with around 18,000 UK-based electronics companies. The demand for technologically advanced electronic devices had witnessed significant growth in the consumer electronics market in the country. This increase in demand is expected to boost electronics production in the country, driving the demand for bio-based 1,4-butanediol for electronics applications.
In addition, with the increase in people’s income, the demand for consumer appliances, such as air conditioners, refrigerators, washing machines, microwaves, etc., has increased significantly, which further stimulates the growth of the consumer device market.
Hence, all these favorable market trends are expected to drive the demand for bio-based 1,4-butanediol for raw material applications in the region over the forecast period.
The global market for bio-based 1,4 butanediol is an oligopolistic market, where the dominant share of production capacity is held by Novamont SpA. Notable market players include DSM, BASF SE, DuPont Tate & Lyle Bio Products, and Genomatica Inc., among others.
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