Intermediate Chemical to be Leading Application of Global 2,3-Butanediol Market

1. Intermediate Chemical to be Leading Application of Global 2,3-Butanediol Market Global 2,3-Butanediol Market: Key Highlights In terms of value, the global 2,3-butanediol market is anticipated to expand at a CAGR of ~3% from 2019 to 2027. The demand for renewable chemical products and products with natural origin, manufactured through fermentation and biorefinery processes, is expected to be high in the near future. Bio-based chemicals such as 2,3-butanediol are anticipated to replace synthetic and petrochemical products in the near future. Increase in investments in science and technology, and innovation in these fields, are expected to make China, Japan, South Korea, and India highly dynamic industrial economies in Asia Pacific, in terms of the production and consumption of laboratory chemicals. Government initiatives and partnerships among companies provide new paths for 2,3- butanediol in Europe. For instance, ‘Rehap’ is an EU-funded project that aims to strengthen the bio-economy in Europe, by creating novel materials from agricultural and forestry waste, and then investigating their viability for commercialization. Request A Sample of 2,3-Butanediol Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=44105 Key Drivers and Restraints of Global 2,3-Butanediol Market 2,3-Butanediol is used as an intermediate chemical for various industrial compounds. These compounds can be used as building blocks in the production of synthetic rubbers, plasticizers, printing inks, solvents, flavorings, and pharmaceuticals. This is one of the key factors driving the 2,3-butanediol market. 2,3-butanediol is employed in the production of acetoin, a high-value feedstock that can be widely employed in dairy and cosmetic products, and chemical synthesis. Intrexon, a leading producer of 2,3-butanediol, is engaged in scaling up its production of 2,3-butanediol and its subsequent conversion to butadiene through pilot plant operations. In 2018, the company estimated the butadiene market to be valued at around US$ 22 Bn. Thus, according to the company, the outlook of the market appears positive.

2. 2,3-butanediol witnessed a moderate level of commercialization till 2018. Manufacturers are engaged in scaling up the production of 2,3-butanediol and its usage as a precursor to several industrial chemicals such as methyl ethyl ketone (MEK), butadiene, and acetoin, through pilot plant operations. Intermediate Chemical to be Leading Application of Global 2,3-Butanediol Market Based on application, the global 2,3-butanediol market has been segregated into intermediate chemicals, plastics, food additives, cosmetics, and others. The intermediate chemicals segment is expected to account for a major share of the global 2,3-butanediol market throughout the forecast period. For instance, the demand for 2,3- butanediol is as high as synthetic rubber precursors, as it is used in the production of 1,3- butadiene. 1,3-butadiene, which is commonly referred to as butadiene, is traditionally produced via the naphtha cracking process while using petroleum-derived feedstock. However, the traditional butadiene process suffers from environmental and technical issues, as petroleum is a non-renewable resource and its production fluctuates in the market. The emissions and by-products of petroleum also pose as a severe threat to the soil, surface groundwater, and other ecosystems. The conversion of 2,3-butanediol into 1,3-butadiene has been considered as an environmentally-sustainable route for the production of butadiene. Request TOC of the Report for more Industry Insights @CLICK HERE NOW Asia Pacific and North America to be Lucrative Regions of Global 2,3-Butanediol Market Asia Pacific is projected to be a highly lucrative region of the global 2,3-butanediol market during the forecast period, followed by North America. The move toward shale gas in the U.S. is leading to the scarcity of butadiene in the country. Companies are seeking ways to produce alternative sources of butadiene; 2,3-butanediol provides substantial opportunities as a precursor to butadiene. Global 2,3-Butanediol Market: Competition Landscape Key manufacturers operating in the global 2,3-butanediol market include Global Bio- Chem Technology Group, Intrexon, Tokyo Chemical Industry Co., Ltd. (TCI), Orochem Technologies Inc., LanzaTech, Merck KGaA, and Biosyncaucho S.L. The competitive advantage for 2,3-butanediol manufacturers lies in minimizing the cost of production. Therefore, manufacturers have been investing in technological upgrades to increase the production of 2,3-butanediol at lower costs. For instance, LanzaTech, supported by Invista, is working with Orochem Technologies to improve the process to dehydrate 2,3-butanediol to 1,3-butadiene.