Global Isobutene Market: Overview
Isobutene
or 2-methylpropene is a colorless and volatile liquid and a downstream
derivative of crude oil. It is produced during the fractionation process of
refinery gasses and by means of catalytic cracking of methyl-t-butyl ether.
Isobutene is an important chemical and is used in a variety of applications
ranging from fuel additives and polymers to pharmaceuticals and agriculture
industries. The annual global production of isobutene exceeds 10 million metric
tons.
Global Isobutene Market: Key Driving
Factors
The
primary driver for the isobutene
market is the growing aerospace market as well as the growing demand
for rubber from automotive market. Isobutene is the source of polyisobutene
which is the precursor chemical for the production of fuel and lubricant additives.
Isobutene is added to methanol to produce MTBE (Methyl Tert-Butyl Ether) and
with ethanol to produce ETBE (Ethyl Tert-Butyl Ether) which are the main types
of fuel additives in the market. Isobutene is added to isobutene to produce
isooctane, which is a fuel additive used in the aviation fuel. It is
extensively used in the manufacturing process of rubber used to produce tires
and tubes for the automotive industry. Apart from these the chemical is used to
manufacture fine chemicals, plastics and anti-oxidants which account for a
substantial market demand for isobutene. The growth of the end use markets is
expected to drive the isobutene market. Evonik Industries recently increased
the production capacity by three times in their manufacturing facility at
Antwerp, Belgium in anticipation of growing demand of the chemical globally and
in order to establish themselves as a leading producer of isobutene in Europe.
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Although isobutene finds application in a range of end use industries, it is
susceptible to price fluctuations from source. As it is a downstream derivative
of crude oil, the price volatility of crude oil directly affects the isobutene
market. Moreover isobutene is highly regulated chemical owing to its toxic
properties and stringent measures need to be followed to prevent leakage in the
atmosphere. Bio based isobutene has gained acceptance and it is likely to grow
at a fast pace, and gradually replace petroleum based isobutene. Global
Bioenergies SA is a company which has made significant contributions towards
developing bio alternative to the conventional process. The company has
developed and patented a process to convert carbohydrates to isobutene through
the process of fermentation. Global Bioenergies SA has recently set up their
second isobutene manufacturing plant in Germany. With the global paradigm shift
towards sustainable bio-based alternatives to fossil fuel, the technology is
expected to catch up and reap long term benefits.
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North America accounts for the maximum demand of isobutene in the world
followed by Asia Pacific and Europe. However the isobutene market growth
prospects are the highest in Asia Pacific region, owing to the increasing
demand from China. China is also one of the major manufacturers of isobutene in
the world. Japan accounts for a substantial volume demand of isobutene.
Although MTBE has been banned in few countries such as the U.S. and Japan, its
demand is South America and Middle East has witnessed growth amidst concerns
over air pollution and ground water contamination threats.
Global Isobutene Market: Key Players
Some of
the major players in the isobutene market are Evonik Industries, BASF SE,
Global Bioenergies SA, Exxon Mobil Chemicals and ABI Chemicals among many
others.
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