High Purity Isobutylene Market Share

High Purity Isobutylene Market Share Analysis

There is a growing concern about the use of fossil fuels and their impact on the environment. This has led to an increased demand for bio-based isobutylene, which is a more sustainable alternative to traditional isobutylene. Governments around the world are also taking action to reduce carbon emissions, and this is further driving the demand for bio-based isobutylene.

One of the main reasons for the shift to bio-based isobutylene is the environmental impact of MTBE derivatives of isobutylene. These derivatives have been shown to have negative effects on the environment and human health. As a result, many manufacturers are now using bio-based isobutylene, which is made from renewable resources such as sugar, cereals, and agricultural or forestry residues.

In addition to the environmental benefits, bio-based isobutylene also has economic advantages. The cost of manufacturing bio-based isobutylene is expected to decrease in the coming years, making it a more attractive option for manufacturers. Additionally, governments are providing tax breaks and other incentives to encourage the production of bio-based isobutylene.

The Asia-Pacific region is a major hub for the manufacturing of chemicals, and it is also expected to see significant growth in the demand for bio-based isobutylene in the coming years. This is due in part to the strict regulations that have been implemented in countries such as India, China, and Japan for the use of petroleum-based chemicals.

Overall, the outlook for the global high purity isobutylene (HPIB) market is positive. The demand for bio-based isobutylene is expected to continue to grow in the coming years, driven by concerns about the environment, regulations, and technological advances. As a result, the market for HPIB is expected to reach a value of USD 10,684.2 million by 2023, growing at a CAGR of 7.06%.