The global bio-isobutene market growth is mainly attributed to the increased demand for bio-based and green products in multiple application areas such as transportation (aerospace and defense, and automotive), rubber, plastic, personal care and cosmetics, lubricant, and solvent industries. Specialty fuel and polymer grade bio-isobutene have promising and emerging markets with high margins, predominantly in Europe and North America.
The global Bio-Isobutene Market was at a pre-commercial stage in 2019 and accounted for $4.1 million. The market is expected to garner significant revenue of around $1.0 billion by 2025, growing at a whopping CAGR of 150.30% during the forecast period, 2020-2025. Bio-isobutene is expected to bring reliability as well as environmental and socio-economic sustainability in the global chemical value chain. The increased consumption of bio-based fuels, primarily in the transportation industry (aerospace and defense), is predicted to propel the market. However, the exorbitant prices of all grades of isobutene are expected to hinder the market in the short run.
COVID-19 pandemic has impacted the market and caused unprecedented devastation to various sectors, including the manufacturing industry in recent times. The crisis is expected to have intense socio-economic consequences across the globe. As a result, most of the countries are moving toward a new climate and nature-friendly economy model, i.e., circular bioeconomy. This, in turn, is expected to positively impact the global bio-isobutene market.
Currently, the applications of bio-isobutene are majorly limited to fuel and cosmetic and personal care ingredients. However, with the commercialization of the product by 2022, the capabilities of bio-isobutene are expected to gain momentum. Despite the bio-isobutene market currently being highly consolidated, potential new players are expected to enter the value chain by 2025.
Business expansions, partnerships, and collaborations are some of the business strategies executed in the bio-isobutene market. Several companies, including Gevo, Inc., Global Bioenergies, Butagaz, BASF SE, ExxonMobil, LanzaTech Inc., Songwon Industrial, Butamax Advanced Biofuels, LLC, Clariant, Lanxess AG, L’Oréal, Eastman Chemical Company, INEOS, Sinopec Corp, and Dow are anticipated to emerge as significant players in the global bio-isobutene value chain.
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Key Questions Answered in this Report:
- Why is bio-isobutene required in the market? How is the global bio-isobutene market expected to evolve over the years?
- Which type of bio-isobutene is anticipated to dominate the market in the next five years?
- What are the driving and restraining factors affecting the bio-isobutene market demand?
- How are the future trends expected to impact the bio-isobutene market in the coming years?
- What are the opportunities for the players across the bio-isobutene value chain?
- How is the demand for bio-isobutene market expected to change with the stringent regulatory landscape?
- What are the end-user applications, driving the demand for bio-isobutene?
- Which region is expected to be the major consumer of bio-isobutene during the forecast period?
- Which region is expected to emerge as a potential revenue-generating pocket during the forecast period 2020-2025?
- What are the business strategies adopted by major players in the bio-isobutene value chain?
- Which end-user industry is expected to dominate the bio-isobutene market by 2025?
- How are the prices of products expected to behave in the next five years, and what is their impact on the bio-isobutene market?
- How is COVID-19 is expected to impact the bio-isobutene business, globally?
- Which key organizations are involved in the research and development for bio-isobutene product development?
- How is the demand-supply curve for the bio-isobutene expected to shift over the years (2019-2025)?
- What are customer attributes across various countries for product adoption?
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