2,3-Butanediol Market - Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning Review & Global Market Size Forecast to 2030
Overview
2,3-Butanediol Market was valued US$ 198.41 Mn in 2023 and is expected to reach 247.19 Mn by 2030, at a CAGR of 3.19% during a forecast period.
2,3-Butanediol Market Definition:
2,3-Butanediol is the organic compound with the formula (CH₃CHOH) ₂. It is a high-value chemical usually produced petrochemically, but which can also be synthesized by some bacteria. 2,3-Butanediol classified as a vic-diol. It exists as three stereoisomers, a chiral pair, and the meso isomer. All are colourless liquids.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
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2,3-Butanediol Market Drivers and Restraints:
Growing demand from textiles, high production of hydrocarbon fuels, polymers, plastic, and synthetic rubbers and initiatives taken by the government will boost the consumption of renewable and bio-based chemicals that in turn, will anticipate the market growth of global 2,3-butanediol market. 2,3-butanediol is widely used as an alternative and its ability to convert into methyl ethyl ketone is likely to drive the demand during the forecast period. Awareness amongst the growing population, innovation in technologies will drive market growth in the near future.
The rise in expenditure on manufacturing infrastructure will generate numerous opportunities for market growth. Growing applications in various fields like chemical, food, pharmaceutical, cosmetics, and plastic industry will remain the key factor to drive the market. Also, its usage in the production of hydrocarbon fuels, and several chemicals in textiles, polymers, synthetic rubbers, and plastics are attracting the vendors to invest in the market.
Moreover, the availability of a prominent substitute in raw material with high-end product cost is expected to hinder the market.
2,3-Butanediol Market Segment analysis:
In terms of application, the chemical intermediate segment has been documented as the fastest-growing segment amongst the other application in the year 2023, and this development is expected to last over the next seven years; because of significant growth in the chemical industry. Governmental initiative and pressure on the production industry to use biobased chemicals will further boost the market growth in the coming years.
The manufacture of 2,3-BDL is growing at an annual rate of 4% due to the increasing demand for many of its derivatives. The currently commercialized process for its synthesis is based entirely on a chemical route. It can be used as a precursor in the manufacture of a range of chemical products, including the solvents methyl ethyl ketone (MEK), gamma-butyrolactone (GBL), and 1,3-butadiene. Commercially, the key downstream products of 23BD have a potential global market of around 32 million tons per annum, valued at approximately $ xx billion in sales.
The company involved in the production of high-added-value chemical products from renewable raw materials, tested and determined the best conditions for the fermentation of sugars to 2,3-butanediol (BDO), a renewable chemical building block. Promising results from poplar's second-generation sugars has revealed close comparisons to 2,3-BDO production using first-generation sugars found in food crops using standard processing technologies.
Recent Development:
A New Method for Industrial Production of 2,3-Butanediol
C2-4 bio-polyol is prepared by combining biological fermentation and chemical cleavage, with corn starch as raw material. In this industrial method, high purity 2,3-butanediol can be obtained after distillation and purification. The low production cost of this method provides effective support for 2,3-butanediol large-scaled applications and such advancement will upsurge the product demand in near future.
2,3-Butanediol Market Regional Insights:
Regionally, Asia Pacific is expected to dominate the 2,3-Butanediol market and is expected to grow at a CAGR of xx % during the forecast period. Developing regions like India, China, and Japan are considered major contributors to the 2,3-Butanediol market growth in the Asia Pacific region. In 2023 market size was valued US$ 1.5 Mn in China, expected to increase by US$ ~1.9 Mn in the coming years. The use of 2,3-butanediol in the conversion into 1,3-butadiene for usage in the manufacture of synthetic rubber is providing grip for the market growth and expansion in the developing regions of Asia Pacific.
Tire industries are using synthetic rubber on a large scale by utilizing 1,3-butadiene. An increase in the demand for butadiene in the production of styrene-butadiene latex, styrene-butadiene rubber, nitrile rubber, and chloroprene rubber is expected to provide significant opportunities to the manufacturers of 2,3-butanediol in the Asia Pacific during the forecast period.
The objective of the report is to present a comprehensive analysis of the Global 2,3-Butanediol Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global 2,3-Butanediol Market dynamics, structure by analysing the market segments and project the Global 2,3-Butanediol Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global 2,3-Butanediol Market make the report investor’s guide.
2,3-Butanediol Market Scope : Inquire before buying
| Global 2,3-Butanediol Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 198.41 Mn. |
| Forecast Period 2024 to 2030 CAGR: | 3.19% | Market Size in 2030: | US $ 247.19 Mn. |
| Segments Covered: | by Type | Content 90%-95% Content＞95% Others |
|
| by Application | Intermediate Chemical Food-Additives Cosmetics Plastics Other |
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2,3-Butanediol Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
2,3-Butanediol Market, Key Players are
1. Mitsubishi Chemical Corporation
2. Nanya Plastics Corporation
3. Global Bio-Chem Technology Group
4. Tokyo Chemical Industry Co., Ltd. (TCI)
5. Henan Kaixiang Fine Chemical
6. Orochem Technologies Inc
7. Changcheng Energy
8. Shanxi Sanwei Group
9. MarkorChem
10. Xinjiang Tianye
11. Shanxi BidiOu
12. Sichuan Tianhua
13. Biosyncaucho S.L
14. Dairen Chemical
15. Intrexon
16. LanzaTech
17. Merck KGaA
18. BASF
19. Ashland
20. INVISTA
21. HNEC
22. TunHe
Frequently Asked Questions:
1. Which region has the largest share in Global 2,3-Butanediol Market?
Ans: Asia Pacific region held the highest share in 2023.
2. What is the growth rate of Global 2,3-Butanediol Market?
Ans: The Global 2,3-Butanediol Market is growing at a CAGR of 3.19% during forecasting period 2024-2030
3. What is scope of the Global 2,3-Butanediol market report?
Ans: Global 2,3-Butanediol Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global 2,3-Butanediol market?
Ans: The important key players in the Global 2,3-Butanediol Market are – Mitsubishi Chemical Corporation, Nanya Plastics Corporation, Global Bio-Chem Technology Group, Tokyo Chemical Industry Co., Ltd. (TCI), Henan Kaixiang Fine Chemical, Orochem Technologies Inc, Changcheng Energy, Shanxi Sanwei Group, MarkorChem, Xinjiang Tianye, Shanxi BidiOu, Sichuan Tianhua, Biosyncaucho S.L, Dairen Chemical, Intrexon, LanzaTech, and Merck KGaA
5. What is the study period of this market?
Ans: The Global 2,3-Butanediol Market is studied from 2023 to 2030