The Global 2,3-Butanediol market was valued US$ 175 Mn in 2019 and is expected to reach 225 Mn by 2027, at a CAGR of 3.19% during a forecast period.

 

Global 2,3-Butanediol market

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.

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 2019, 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 Analysis:

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 2019 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.

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Scope of 2,3-Butanediol Market

Global 2,3-Butanediol market, By Type

• Content 90%-95%
• Content＞95%
• Others
Global 2,3-Butanediol market, By Application

• Intermediate Chemical
• Food-Additives
• Cosmetics
• Plastics
• Other
Global 2,3-Butanediol Market, By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the 2,3-Butanediol Market,

• 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
• Merck KGaA
• BASF
• Ashland
• INVISTA
• HNEC
• TunHe



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