Isobutene is a hydrocarbon used as a starting material for producing butyl rubber, polyisobutylene, & polybutene. It is a sustainable & environment-friendly substitute for isobutene exhibiting similar properties. The non-toxic nature of Bio-isobutene is leading to its wide application in multiple end-user industries to reduce their dependence on fossil fuels. In the coming years, the adoption of these chemicals is very likely to accelerate exponentially across the aviation, automotive, & cosmetic industries. Several leading players & governments of different countries are conducting notable research & development activities to expand the utilization of bio-isobutene and contribute toward environmental sustainability.
The Global Bio-Isobutene Market is projected to witness more than 100% CAGR during the forecast period, i.e., 2021-26. The growth of the market is likely to be driven primarily by the mounting concerns over environmental sustainability due to excess carbon emissions, depletion of natural resources, etc., i.e., compelling governments of different countries worldwide toward the production & utilization of environment-friendly & renewable products.
Additionally, these governments are laying out favorable policies & growth opportunities for the leading market players to develop alternatives like Bio-Isobutene. Several countries are also using these bio-chemicals as fuel alternatives to make the transportation & automotive industry amongst the prominent adopters of bio-isobutene.
Besides, the application of isobutene is extensive and spread across industries like transportation, cosmetic, butyl rubber, lubricants, green plastics, solvent industries, etc. Hence, an alternative like bio-isobutene with environment-friendly nature is anticipated to witness substantial acceptance & utilization in place of conventional streams, which, in turn, would drive the global market in the coming years.
Moreover, fluctuating prices of raw materials & changing dynamics of fuel standards, especially in the aviation industry, shall further stimulate the development & production of bio-isobutene & augment the overall market growth through 2026.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy|
|Asia-Pacific: China, India, Japan, South Korea|
|South America: Brazil|
|Middle East & Africa: GCC, South Africa|
|Key Companies Profiled||BASF SE, Exxon Mobil Corporation, LanzaTech Inc., Songwon Industrial, Butamax Advanced Biofuels, LLC, Clariant, Lanxess AG, Eastman Chemical Company, INEOS, Sinopec Corp, Dow Chemicals, Gevo, Inc., Butagaz, Global Bioenergies|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Global Bio-Isobutene Market
In 2020, the Covid-19 pandemic severely impacted most industries worldwide. Since bio-isobutene is petroleum-based, the acutely hit oil & gas sector, with volatile crude oil prices, had a direct & simultaneous impact on the Global Bio-Isobutene Market. As a result, it introduced several growth challenges for the market like suspended or delayed research & development activities on bio-isobutene, hampered fuel transportation, etc., thereby causing massive financial losses to the leading players in the global market amidst the crisis.