Bio isobutene market
Isobutene is an important petroleum derivative and is used in various industries such as transportation, defence and aeronautics, among others. Over the recent past, increasing awareness of sustainability and environment-friendly approaches has led to increasing production of bio based fuels. Production of bio isobutene involves use of plant based and green products. In addition, the production involves use of enzymes and microorganisms. The production does not involve use of fossil fuels as raw materials and is hence a sustainable production solution for bio isobutene. Bio-based production of isobutene has the potential to replace the petrochemical production over the coming years and bring about sustainability to the global value chain. Advantage of a completely biological route is that gaseous isobutene is recovered from the fermenter along with carbon dioxide and the low aqueous solubility of bio isobutene can also minimize product toxicity to microorganisms.
The global bio-isobutene market is expected to reach a market size of USD 34.68 Billion at a revenue CAGR of 3.3% in 2028, according to the latest analysis by Emergen Research. Market Size – USD 26.54 Billion in 2020, Market Growth – at a CAGR of 3.3%, bio-isobutene Industry Trends – Need for environment-friendly alternative to petroleum based fuel
Across the globe, numerous research teams are currently working on processes for development of various bio fuels. For instance, in February 2019, Global Energies announced launch of bio isobutene production from wheat straw at the demo plant. The Global Bioenergies bio-Isobutene process involves conversion of residual wheat straw into second generation renewable bio-isobutene. This produced bio isobutene will further be transformed into oligomers and polymers, having various applications such as lubricants, rubbers, cosmetics, solvents, plastics, among others.
List of Key Players Present in the Market- Gevo, Inc., Global Bioenergies, Butagaz, BASF SE, ExxonMobil, LanzaTech Inc., Songwon Industrial, Butamax Advanced Biofuels, Clariant, and INEOS.
Moreover, rapid urbanization, growing industrialization, rising need for renewable resources and focus on sustainable production of fuels and chemicals, and increasing demand from cosmetics, personal care and rubber industries are some factors expected to drive the demand for bio isobutene in the market. However, high cost of isobutene is a major factor expected to hamper the revenue growth of the market. In addition, shutdown of manufacturing units due to lockdown and unavailability of skilled man force are some other factors expected to restrain revenue growth of the bio isobutene market.
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)
Regional Analysis Covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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