South Korea 2-methylprop-1-ene Market was valued at USD 0.3 Billion in 2022 and is projected to reach USD 0.5 Billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030.
The 2-methylprop-1-ene market in South Korea has witnessed notable growth, driven by its widespread application in various industrial sectors. This chemical compound, commonly known as isobutene, is primarily used in the production of fuel additives, synthetic rubber, and polymers. With its unique chemical properties, the compound plays a significant role in the development of high-performance materials, making it a key raw material for numerous industries. As a result, South Korea's market for 2-methylprop-1-ene has been expanding rapidly, with increasing demand from both domestic and international sources.
The market is highly influenced by the demand for high-octane gasoline and specialized synthetic materials. South Korea's automotive industry, known for its global reach, is one of the largest consumers of 2-methylprop-1-ene due to its role in producing high-performance fuels and engine lubricants. This segment alone accounts for a substantial portion of the market, as fuel efficiency and emission standards continue to rise globally.
Another crucial sector driving the demand for 2-methylprop-1-ene is the production of synthetic rubber. This compound is essential in manufacturing tires, particularly in the automotive and transportation industries. With the growth of the South Korean automotive industry, both in terms of production and export, the demand for high-quality rubber compounds has surged, making isobutene a vital ingredient in this sector.
Polymer production also requires significant amounts of 2-methylprop-1-ene, particularly in the creation of various plastics and resins. These materials are utilized in the manufacturing of consumer goods, packaging materials, and construction components. As South Korea remains a leader in technological innovations and manufacturing, the demand for polymers made from isobutene has contributed to the market's steady growth.
In addition to these industries, the expanding chemical manufacturing sector in South Korea, particularly in the petrochemical industry, continues to fuel the demand for 2-methylprop-1-ene. The compound's versatile uses in producing a range of chemical products further solidifies its importance in the country's economy.
As South Korea continues to be a hub for technological advancements and industrial growth, the 2-methylprop-1-ene market is expected to keep evolving. With robust demand from key sectors such as automotive, rubber, and polymer industries, the market’s potential shows no signs of slowing down. Industry leaders are likely to explore innovative ways to optimize the use of this essential chemical compound, ensuring its place at the forefront of industrial applications in South Korea.
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Lyondell Basell
TPC Group
Exxon Mobil
Nizhnekamskneftekhim
Enterprise Products Partners
Evonik
Yuhua Group
Sumitomo Chemical
Yuhuang Chemical
Qifa Chemical
Songwon
Qixiang
Sinopec Beijing Yanshan
BASF
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea 2-methylprop-1-ene Market
Automotive
Aerospace
Electronics
Pharmaceuticals
Chemical manufacturing
Industrial
Consumer goods
Healthcare
Energy
Food & Beverages
High purity grade
Standard grade
Online
Offline
Catalytic cracking
Thermal cracking
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea 2-methylprop-1-ene Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea 2-methylprop-1-ene Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea 2-methylprop-1-ene Market, By Type
6. South Korea 2-methylprop-1-ene Market, By Application
7. South Korea 2-methylprop-1-ene Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea 2-methylprop-1-ene Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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