According to the research report titled “Global Butadiene Market by Application (Polybutadiene (PBR), Chloroprene, Styrene-butadiene (SBR), Nitrile Rubber (Acrylonitrile Butadiene NBR), Acrylonitrile Butadiene Styrene (ABS), Adiponitrile, Sulfolane, Ethylidene Norbornene, Styrene Butadiene Latex, and Other Applications), End-user Industry (Plastic and Polymer, Tire and Rubber, Chemical, and Other End-user Industries), Regional Forecasts 2021-2027”, available with MarketStudyReport, global butadiene market, valued at over USD 112 billion in 2019, is anticipated to reach over USD 154 billion by the end of the forecast period 2021-2027, registering more than 3.5% CAGR over the forecast period.
 

As per report findings, rising number of automobiles and subsequent growth of tire industry is majorly fueling global butadiene market expansion. Moreover, Statista claims that worldwide automobile tire industry size was valued USD 112 billion in 2019 and is projected to reach USD 154 billion by 2027, presenting.
 

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Further, the overall industry remuneration is touted to witness an upward trend as several industrial players are actively engaged in rubber and plastic products manufacturing activities. However, maturity of the product may impede market growth over the projection period.
 

For the uninitiated, butadiene is a colorless, highly reactive gas utilized in manufacturing synthetic rubber and plastic. The resulting rubber and plastic products are majorly utilized by automobile manufacturers as construction materials, consumer goods, packaging, and protective gear.
 

From regional perspective, the key regions considered for evaluating global butadiene market size are North America, Europe, Asia Pacific, and Latin America. Among these, Asia-Pacific leads the industry growth owing to lucrative and favorable investment policies enacted by the government with an aim to support industrial expansion. Rapid population growth and positive economic outlook are the other major factors supporting the regional market development.
 

In particular, China is one of the largest chemical manufacturing centers in the world with a wide range of industries and is projected to significantly contribute to the market development due to high concentration of indigenous players.
 

Considering competitive landscape, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Reliance Industries Limited, JSR Corporation, BASF SE, LyondellBasell Industries Holdings BV, Evonik Industries AG, Formosa Plastics Group, Royal Dutch Shell PLC, and LG Chem Limited are the leading companies in worldwide butadiene industry.