San Francisco, California (PRWEB) March 05, 2014
The global market for 1,4-butanediol (1,4-BDO) is expected to reach USD 6,947.1 million by 2020, according to a new study by Grand View Research, Inc. Growth of footwear industry, mainly in Asia Pacific, is expected to drive the market for 1,4-BDO over the forecast period. In addition, 1,4-BDO is used for manufacturing tetrahydrofuran (THF) which is further used for manufacturing spandex, a raw material for sports apparel. Growing number of global sporting events is expected to augment sport apparel demand, which is likely to reflect in 1,4-BDO market. However, volatile raw material prices coupled with stringent environment regulations, mainly in North America and Europe is expected to be a key challenge for market participants over the next six years. In order to overcome these challenges, the industry has shifted its focus towards developing bio-based 1,4-BDO which along with providing an eco friendly solution also provides cost competitiveness against its synthetic counterpart. Some major companies developing bio-based routes to 1,4-BDO include BASF, Purac, DSM, Mitsubishi Chemicals, Myriant and Genomatica.
THF emerged as the leading application for 1,4-BDO and accounted for 29.9% of the total market volume in 2013. Polyurethane, on account of growing footwear demand mainly in China, India and Brazil is expected to be fastest growing application market for 1,4-BDO, at an estimated CAGR of 5.1% from 2014 to 2020. 1,4-BDO demand for PBT and GBL is expected to grow at a CAGR of 4.9% and 4.3% from 2014 to 2020, respectively.
The report “1,4-Butanediol Market Analysis and Segment Forecasts to 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/1-4-butanediol-market
Further key findings from the study suggest:
Direct link for request sample of this report - http://www.grandviewresearch.com/request/231
For the purpose of this study, Grand View Research has segmented the global 1,4-BDO market on the basis of application and region. Additionally, the study also provides complete data on 1,3-Butadiene and MEK markets, on the basis of application and region:
Browse All Renewable Chemicals Market Research Reports @ http://www.grandviewresearch.com/industry/renewable-chemicals
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: 1-888-202-9519