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Isobutene Market Size, Demand Insights
The Isobutene Market size was worth US$ XX million in 2022 and is estimated to show significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of 4.0% within the forecast period (2023-2030).
Isobutene Market Scope and Summary
Metrics Details
Market CAGR 4.0%
Segments Covered By Raw Material, By Application, By End User, and By Region
Report Insights Covered Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.
Fastest Growing Region Asia Pacific
Largest Market Share North America
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Isobutene is an isomeric C4 hydrocarbon known as 2-methylpropene or Isobutylene. Under pressure, the colorless gas is quickly liquefiable. Gas is a versatile and important fundamental building ingredient in chemical synthesis because of its reactivity and other characteristics. Isobutene is a raw ingredient used to create a variety of polymers or finished goods, including antioxidants, polyisobutene (PIB), and a wide range of citral-based products.
Furthermore, Isobutene is primarily used to make polybutylene (butyl rubber) and as a precursor in the synthesis of methyl tert-butyl ether. These goods are frequently used in hot melt adhesives, compounding, masterbatches, plastic packaging, electrical insulation, compression packaging, wires, and cables, among other specialist applications.
Isobutene Market Dynamics and Trends
The growing importance of bio-based additives drives the market share for Isobutene.
The growing importance of bio-based additives drives the market share for Isobutene
The widely-used green fuel additive and an industrial chemical known as bio-based Isobutene is created by utilizing a specific enzyme to change the naturally occurring glucose in plants.
The enzyme is present in nature in around 50% of organisms. Isooctane is added to gasoline to stop knocking and other issues. The fuel could replace the gasoline ingredient methyl tert-butyl ether (MBTE), which may be hazardous. The future goal for major actors in the fight against global warming is net zero emissions. It has been established that Isobutene is environmentally friendly and has negligible potential to cause ozone depletion or global warming.
In April 2018, Global Bioenergies and Amsterdam-based SkyNRG collaborated to produce sustainable aviation fuel utilizing an ASTM-certified bio-isobutene feedstock and conversion method. The companies want to integrate Global Bioenergies' isobutene-based SAF in ASTM D7566, the industry standard for jet fuel, but they need the aviation industry's approval first.
Global Bioenergies created synthetic biocatalysts and paired them with natural enzymes to create the metabolic pathways that lead to the generation of Isobutene. Therefore, the new metabolic pathways leading to Isobutene involve non-naturally occurring mechanisms, in contrast to most earlier processes.
Additionally, the unique bio-based production method is currently being scaled up. A pilot plant with a capacity of around 10 tons/year of oxidation-grade Isobutene has been operating in Pomacle, France, since 2014, while in 2017, a demo facility with 100 tons/year of polymer-grade Isobutene began operations on the Leuna refinery site in Germany.
Fluctuations in price create a huge challenging atmosphere for the growth of Isobutene
Isobutene has shown unprecedented growth in the past few years and demand from end-user industries is a major factor that has escalated the product's market share. However, growing demand led to huge crate hurdles for the market, and price fluctuation is a major factor.
For instance, in the early quarter of 2022, the price of U.S. isobutylene rose further instead of a limited material supply. Demand fundamentals have been floating in the region as downstream Polyisobutylene and Butyl Rubber industries attempt to maintain the balance. However, the country's supply experienced disturbing dynamics due to high input costs, which compelled producers to increase the price of materials for domestic and foreign converters.
In addition, prices for n-butylene and Isobutylene have increased due to worldwide inflation. Additionally, the U.S. imports some of its food from suppliers in Asia and Europe. Consequently, high-priced imported cargoes supported the rising price trend of Isobutylene in the U.S. market. As a result, increasing product costs partially exceed those of their customers to safeguard their profit margins.
Petroleum-based Isobutene holds a major market share and rising crude oil prices have negatively impacted the isobutene business. The ongoing problems between Russia and Ukraine have influenced upstream crude oil prices, leading to a supply shortage that has resulted in the high cost of Isobutene in the U.S. domestic market. Demand from downstream tire industries and gasoline additives also changed in the first quarter of 2022. As upstream crude and natural gas prices recovered in the last month, isobutylene prices increased significantly compared to the fourth quarter of 2021.
COVID-19 Impact on Isobutene Market Growth
The global isobutene market experienced a decline in 2020 owing to COVID-19's impact. The governments took measures to curb the spread of the emerging COVID-19 pandemic. The imposition of strict lockdowns and movement restrictions of varying durations has hampered the growth of various industries. The lockdowns and other movement restrictions completely halted automotive and aerospace activities, barring essential services.
Isobutene from bio-based raw materials is in its growing phase, relying heavily on research and developmental activities to create new types of innovative products to generate value and drive the market's growth. Companies have invested in research and developmental activities to improve product quality. Due to the pandemic, activities were severely affected as the pandemic delayed the testing and commercial deployment of new material plasticizers. Due to the product's potential, many startups are active within the isobutene sector. The revenues of many startups were severely affected by the pandemic, as some startups had to close operations due to the uncertain situation.
Isobutene Market Segment and Shares Analysis
The global isobutene market is segmented on raw material, application, end-user, and region.
Petroleum-based Isobutene has shown dominating market share due to the easy extraction of the product at higher concentration
The global isobutene market is segmented based on type: petroleum-based and bio-based. Petroleum-based Isobutene dominates the market of the mentioned types. Isobutene, often referred to as Isobutylene, is a crucial industrial intermediate used in manufacturing polyethylene and polypropylene. The important characteristics of Isobutene include high flammability, colorlessness, and benzine odor. Isobutane is an unsaturated hydrocarbon employed as a raw material for butyl rubber and polyisobutylene, among other chemical industry raw materials, industrial additives, and solvents.
Isobutane is produced after naphtha is split in the steam cracker. The non-catalytic steam cracking method for producing Isobutene is one of the fundamental methods through which the respective petroleum-based compound is manufactured on an industrial scale. However, the yield of the process is low and the process also consumes much methanol. As a result, scientists have invented other methods for synthesizing Isobutene.
One important manufacturing process for synthesizing Isobutylene is using methanol as a raw material in the MTBE (methyl tert-butyl ether) etherification process and cracking reaction with mixed carbon four containing Isobutylene. In this process, methanol is an effective absorbent for removing light components below C3 from the product gas and heavy components above C3.
Once-through yields of greater than or equal to 98.5%, less than or equal to 1.5% methanol consumption, and purity levels greater than or equal to 99.9% may all be achieved using the respective isobutylene production process. The method of isobutylene production addresses the initial difficulties of low isobutylene yield and excessive solvent usage during manufacturing.
Isobutene Market Geographical Analysis
Asia-Pacific is a major player in the global pharmaceutical industry, with India and China among the leading producers
Asia-Pacific is a rapidly industrializing region experiencing major growth across various industrial sectors. Asia-Pacific is dominant in the global automotive industry, with more than 50% of global automobiles being produced. Production of automobiles is concentrated mostly in China, Japan, and India. Higher consumer confidence and spending on passenger and light vehicles are the results of the variables.
The region's developing nations are working on expanding their automotive industries. These countries' governments constantly emphasize programs and regulatory frameworks for trade liberalization.
Asia-Pacific is also a major player in the global pharmaceutical industry, with India and China among the leading producers. Japan, Thailand, and South Korea also have well-developed pharmaceutical industries. Isobutene is utilized in the industrial production of active pharmaceutical ingredients and intermediates.
The region also has a well-developed cosmetics and personal care products industry. Taking advantage of cheap labor and industry-friendly policies, many multinational cosmetic companies have opened their primary production facilities in Asia-Pacific. China, South Korea, Singapore, and Japan are regionally leading cosmetic producers. Isobutene is used as a propellant in aerosolized hairsprays and deodorants. It is also used as an anti-foaming agent in various skincare products.
Isobutene Companies and Competitive Landscape
The global isobutene market is highly competitive with local and global key players. The key players contributing to the market's growth are LyondellBasell Industries Holdings B.V., BASF SE, Linde plc, Tokyo Chemical Industry Co., Ltd., Honeywell International Inc., Evonik Industries AG, Merck KGaA, Global Bioenergies, SONGWON, Vinati Organics Limited, and others.
The major companies are adopting several growth strategies, such as product launches, acquisitions, and collaborations, contributing to the global growth of the isobutene market.
• For instance, in 2020, Evonik will invest around €15 million in its Marl C4 production network. In December 2021, targeted debottlenecking measures will significantly increase the local manufacturing capacity for so-called isobutene derivatives. Additionally, logistics will be expanded even further to give clients more supply flexibility regarding the quantities required and the turnaround time.
LYNAS CORPORATION, LTD.
Overview: BASF SE is a multinational chemical company producing chemicals for various industries. It is one of the largest publicly owned companies, with over 700,000 shareholders. The company has segmented its product portfolio into 13 categories. The company offers its products in 16 sectors, including transportation, chemicals, construction, electronics & electricity, energy & resources, furniture & wood, home care, and cleaning, agriculture, and others. BASF SE has more than 30 Group companies located in Ludwigshafen. BASF SE operates in 6 verbund sites and 361 production sites in more than 90 countries.
Product Portfolio: Isobutene: Isobutene (also known as Isobutylene) is formed after breaking naphtha. It is an unsaturated hydrocarbon. There are many applications for Isobutene in the chemical industry. as a source of raw materials for polyisobutylene and butyl rubber. High flammability, toxicity, colorlessness, and benzine odor are key properties of Isobutene.
Key Development
• On March 22, 2021, The partnership between OMV and BASF, the chemical firm, achieved a new high with the commissioning of OMV's new ISO C4 plant at the Burghausen (Germany) site. Since the end of 2020, the factory, based on cutting-edge technology created jointly by the two businesses, has been generating high-purity Isobutene.
The global isobutene market report would provide approximately 61 market data tables, 55 figures, and 212 pages.
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