Bio-Isobutene Market to Reach Value of USD 34.68 Billion in 2028 | Rising Demand from Automobile and Aviation Sector are Key Factors Driving Industry Demand, says Emergen Research
VANCOUVER, B.C., April 27, 2022 /PRNewswire/ -- The global bio-isobutene market size is expected to reach a market size of USD 34.68 Billion at a rapid CAGR of 3.3% in 2028, according to the latest analysis by Emergen Research. Increasing demand for biofuels in aviation and automobile sector is a key factor for growth of the market. Major companies in the market are undergoing mergers and acquisitions, partnerships and contracts as part of the strategic development in order to expand the market. Increase in demand from countries such as the US, Canada, and India also adds to growth of the market. China, being one of the largest consumers of isobutene in the world is a major contributor to growth of the market.
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New technological advancements pertaining to bio-isobutene also drives the market. Emerging market for polymer grade bio-isobutene further pushes the market in a positive trajectory. However, high capital investment for the research and development of bio-isobutene may act as a restraint for growth of the market. Requirement of highly skilled labor is a challenge for the market growth. Lack of awareness about the advantages associated with biofuels in the developing countries also presents a challenge for growth of the market.
Key Highlights of Report
- In March 2019, Global Bioenergies and Butagaz announced first delivery of bio-isobutene to Heracles Winery, with an aim to promote innovation in the field of bio-sourced gas.
- In April 2018, Audi and Global Bioenergies announced testing of renewable gasoline blended with bio-isobutene.
- The market in Asia Pacific is expected to register fastest CAGR during the forecast period. Various initiatives undertaken and implemented by the governments of various countries in the region is the major factor for growth of the market. Rising automobile industry in countries such as India and China is also a key factor for growth of the market.
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- The automobile segment accounted for largest market share in 2020. This growth can be attributed to the increasing popularity of bio fuel as an alternative. Strict government regulations and policies pertaining to the environmental impact caused by carbon emission is also a key factor for growth of the market segment.
- Major companies operating in bio-isobutene market are Gevo, Inc., Global Bioenergies, Butagaz, BASF SE, ExxonMobil, LanzaTech Inc., Songwon Industrial, Butamax Advanced Biofuels, Clariant, and INEOS.
Emergen Research has segmented global bio-isobutene market based on product type, application, and region:
- Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Methyl Tert-butyl Ether (MTBE)
- Ethyl Tert-butyl Ether (ETBE)
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Automotive
- Aerospace
- Antioxidants
- Pharmaceuticals
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- BENELUX
- Switzerland
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Israel
- Rest of MEA
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