Dublin, May 05, 2023 (GLOBE NEWSWIRE) -- The "Bio-Isobutene Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Products (Straw-Derived Bio-Isobutene, Sugar Beet Bio-Isobutene, Cane-Derived Bio-Isobutene, Others), By Application, By End-Use, By Region and Competition" report has been added to ResearchAndMarkets.com's offering.
Bio-Isobutene market is anticipated to expand significantly through 2028
The market is rapidly expanding due to numerous factors, including a growing focus on sustainability which has brought attention to adopting safe and low-carbon emission activities. Bio-Isobutene is anticipated to deliver dependability and environmental and socioeconomic sustainability in the worldwide chemical value chain.
Additionally, growing demand from the automotive and aviation industries for fuel is further expected to drive market growth. Besides, growing demand from cosmetic ingredients applications results in the growth of the bio-isobutene market. Bio-isobutene is a bio-derived variant of conventional isobutene.
The Biobased Industries Joint Undertaking (BBI-JU) selected a project worth USD 10.10 million (Euro9.8 million) to optimize the conversion of residual wheat straw to bio-isobutene for bio-based chemicals (OPTISOCHEM), grant agreement No. 744330, in the frame of the European Union (EU) Horizon 2020 (H2020) program for research and innovation, following a "very selective and competitive" process led by independent experts.
Furthermore, the increasing demand from rubber, plastic, and other end-user industries are the crucial factors that propel the market's growth. With stringent rules implemented by governments to replace conventional fuel and high demand for bio-based products, the market is witnessing a shift towards cleaner and more sustainable products.
Various companies and research organizations operating in the market are also focusing on developing such eco-friendly products. This, in turn, is expected to create huge prospects for market growth in the coming years.
Government Initiatives
In the current scenario, various governments across the globe are applying many rules & regulations regarding environmental safety., They are encouraging the shift from conventional fuel to bio-based fuel and its derivatives. Using biomass-based raw materials over conventional ones is a better way to generate bio-based products.
Different biomass raw materials, such as straw, sugar beet, and cane, among others, have a good quantity of starch and sugar which can be combined with conventional isobutene to produce bio-isobutene. Thus, the worldwide bio-isobutene market is anticipated to witness substantial growth from using bio-based raw materials during the projected period.
Increasing Demand from Various End-User Industries
The bio-isobutene chemical is one of the leading petroleum derivatives derived from sugar and starch residues and agricultural and forestry waste. It is used in various applications like fuel, butyl rubber, bio-based cosmetic ingredients, and lubricant additives, among others. Bio-based cosmetic ingredients primarily drive the market for Bio-Isobutene.
The demand for bio-isobutene is appreciable because it does not change the viscosity or texture properties of creams or lotions and is thus a direct and complete replacement for petroleum-based substances. In addition, the new product contains more than 50% regenerative carbon and thus belongs to the group of natural and biological cosmetic ingredients and products.
As a result, many companies operating in the market have committed to adopting this. With the increasing demand for bio-isobutene from the cosmetic ingredients industries, there is an opportunity to increase the production of bio-isobutene globally, thereby driving the global bio-isobutene market.
Market Dynamics
Drivers
- Rise in the popularity of bio-based fuels
- Stringent laws and regulations by governments
- Competitive Raw Material Cost
Challenges
- Technical Knowhow Barrier and Cost
- Lack of awareness in developing countries
Market Trends & Developments
- Increasing demand for Bio-based cosmetics
- Collaboration With End-Use Industry
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in the global Bio-Isobutene market.
- Global Bioenergies SA
- Clariant AG
- Gevo Inc.
- Butagaz
- Butamax Advanced Biofuels, LLC.
- Dow Chemical Co. Ltd.
- BASF SE
- Songwon Industrial Co. Ltd.
- Ineos Group Ltd.
- Exxon Mobil Corp.
Report Scope:
Bio-Isobutene Market, By Products:
- Straw-Derived Bio-Isobutene
- Sugar Beet Bio-Isobutene
- Cane-Derived Bio-Isobutene
- Others
Bio-Isobutene Market, By Application:
- Fuel
- Butyl Rubber
- Bio-Based Cosmetic Ingredients
- Lubricant Additives
- Others
Bio-Isobutene Market, By End Use:
- Automobile
- Aerospace
- Pharmaceuticals
- Others
Bio-Isobutene Market, By Region:
- North America
- United States
- Mexico
- Canada
- Europe
- France
- Germany
- United Kingdom
- Switzerland
- Italy
- Belgium
- Austria
- Asia-Pacific
- China
- India
- South Korea
- Japan
- Thailand
- Indonesia
- Australia
- Malaysia
- Rest of the World
- Brazil
For more information about this report visit https://www.researchandmarkets.com/r/s9kojf
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