Separation of crude C4 production technology to account for the largest market share in 2020
According to Absolute Markets Insights report, separation of crude C4 production technology accounted for the higher market share in 2020 and is projected to maintain its dominance over the forecast period (2021-2029) in the 1-butene market. The growth in this segment can be attributed to prevalence of crude oil processing along with its cost effective process economics has driven the production of 1-butene. In addition, high demand for light olefins (C2 to C4), has fostered installations of fluidized steam cracker unit (FCCU) and steam cracker units (SCU) in refineries. Moreover, products such as gasoline additives namely tertiary butyl alcohol, alkylates, etc., and monomers such as isobutene, butadiene, and 1-butene can be yielded during such process. Also, undesired by-products are obtained during upstream cracking process, flexibility in separation and purification of C4 hydrocarbons allows to fit various feedstock. For instance, C4 mixtures can act as direct feed stock, while from perspective of product purification, butene separation becomes profitable or inevitable process. The aforementioned factors have positively influenced such production technology which subsequently is leading for its high rate of usage.
High demand for packaging applications to drive 1-butene market growth
From application standpoint, 1-butene is majorly used as co monomer in the production of linear low-density polyethylene (LLDPE) and high-density polyethylene (HDPE), these products are majorly used in non-food and food packaging products such as containers, bags, wraps, pipes, etc. Apart from aforementioned applications, 1-butene is also used in production of various chemicals such as polybutylene, maleic anhydride, methyl ethyl ketone (MEK), and pentanal amongst others. Moreover, linear low-density polyethylene (LLDPE) has density similar to low-density polyethylene (LDPE) owing to which it finds its ideal application in food packaging. Apart from food packaging application, high chemical resistance of high-density polyethylene (HDPE) makes it favourable in non-food packaging application such as bottles, containers, jugs, piping etc. High demand for packaging application from retail sector along with highly driven e-commerce sales amid pandemic has led in increased product consumption which subsequently is fostering the 1-butene market growth.
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Abundant availability of raw material along with high demand for refined products is likely to drive the product demand
From perspective of raw materials dynamics, 1-butene plays crucial role in influencing the high-density polyethylene (HDPE) demand in film and injection moulding applications. Key feedstock required for commercial production of 1-butene includes crude C4 streams. Fluctuating oil price index along with raw material procurement risks associated with handling & transportation is likely to challenge profitability of the market. However, abundant availability of raw materials coupled with consistent supply of ethylene in conjunction with shale gas exploration activities in U.S. has fostered the growth of 1-butene market. Moreover, global refinery industry is increasing with growing number of petrochemical pipeline projects. According to International Energy Agency (IEA), refinery product demand in 2020 was 75.7 mb/d and is set to reach at 87.2 by 2026. In addition, new capacity additions despite of sluggish oil demand is another factor boosting the production. Mature markets for crude oil-based products along with growing refinery product demand has spurred the 1-butene market growth.
Huge production capacity and domestic consumption in Asia Pacific to drive regional demand
From demographic stance, 1-butene is largely consumed as co-monomer for plastic products. Asia Pacific emerged as the largest market for 1-butene in 2020. Exponential growth in online retail during covid has fostered the growth of packaging applications in Asia Pacific. High linear low-density polyethylene (LLDPE) and high-density polyethylene (HDPE) production capacities in China and India along with growing demand for food & beverage packaging in the region spurred the demand of 1-butene market. Apart from Asia Pacific, North America followed by Europe are projected to emerge as significant regional contributors, as product demand is poised to increase with growing pharmaceutical and automotive sector in these regions.
Few of the key competitors in the Global 1-Butene Market are listed below:
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