Global Butyl Rubber Market - Overview
The surging demand for raw materials due to improvement in manufacturing activities is predicted to augment the butyl rubber market. The market's report is efficiently analyzed as per MRFR, which provides outlooks for the global markets. By 2028, the market is forecasted to gain a CAGR of 4.66%, while discussing the market, pointed out some factors that can transform the market outcome in the coming years.
The escalated demand for vehicle tires and tubing due to improvement in the automotive sector is estimated to spur the butyl rubber market revenue companies in the forthcoming period. Furthermore, the development of a prevailing tire-recycling industry is estimated to bolster the butyl rubber market share in the impending period. Among these, the automotive sector would contribute substantially to the growth of the market. This is for the rising disposable income, which triggers a hike in the consumption of personal cars. Also, the market would benefit from its percolation in the pharmaceutical sector.
Global Butyl Rubber Market – Prominent Players
Arlanxeo,JSR Corporation,China Petrochemical Corporation,Sibur International GmbH,Reliance Industries Limited,PJSC Nizhnekamskneftekhim,Exxon Mobile Corporation,Zhejiang Cenway New Synthetic Materials Co., Ltd.
Market Drivers and Key Barriers
Superior product properties relative to natural rubber are projected to have a positive scope for market growth over the review period in terms of tear strength, ageing, and heat resistance.
The market is powered by the rising need for car tyres for new vehicles and the replacement of old tyres. Growing demand for OEM tyres is projected to expand market growth over the coming years due to the increasing automotive industry. Butyl adhesive tapes are used for insulation purposes in electrical and electronic circuits, which are expected to have a positive scope for demand development. It is expected that growing hygiene issues and medical literacy among customers would propel medical gloves through clinics , hospitals, and veterinary health care organisations. Furthermore, the increasing usage of disposable surgical gloves is expected over the projected period to promote sustainable demand. In the next eight years, the rising building and pharmaceutical industries are anticipated to provide a positive scope for business development.
Environmental effects and safety have arisen as the industry's main concerns as butyl rubber is extracted from petrochemicals. A significant source of concern for the industry is the harmful effects of air pollution caused by the development of isobutylene.
Owing to the involvement of multiple players in the sector, the competition between companies in the market is expected to be moderate. Competition is awaited in terms of pricing and the availability of innovative and successful production methods.
Butyl Rubber Market - Segments:
The report on what is butyl rubber includes a comprehensive study of various segments that help in fetching better data and getting enriched insights. Such outcomes are always beneficial for players who prefer to initiate plans that would be effective in increasing growth margins. The segmentation includes a discussion of type, end user, and application.
By type, the global market report on the butyl rubber would include segments like regular butyl rubber, chlorinated butyl rubber, and brominated butyl rubber. The bromobutyl currently had the largest market share and by 2028, it would reach USD 2,200 mn with a 5.21% CAGR during the review period.
By application, the analysis of the market includes tires and tubes, adhesive and sealants, industrial and medical gloves, pharmaceuticals, and others. The tire and tubes segment would take the lead during the forecast period of 2018 to 2023. This segment is also showing scope for exceeding a valuation of around USD 4,000 Mn by the end of the forecast period. This growth can be attributed to surging sale of passenger cars.
By end user, the market report includes a study of the pharmaceutical industry, consumer products, automotive industry, construction industries, rubber industries, and others.
Butyl Rubber Market - Regional Analysis:
The regional investigation of the butyl rubber market consists of Asia Pacific, Europe, North America and other prominent regional markets. The swift manufacturing development is one of the important influences compelling the development of the Asia Pacific region's economy. In terms of automobile manufacture, China leads internationally, which is considerably optimistic for the nation's butyl rubber manufacturing. Furthermore, in nations such as India and China, the growing call for commercial and passenger vehicles is also pushing the butyl rubber market in the region. Another one of the chief markets for butyl rubber is in North America. The novel U.S. reforms have quickened the industrialization rate throughout the country, which is anticipated to offer a favorable possibility for business development over the foreseen horizon. As of 2016, the U.S. reported for the uppermost market share in the regional market of North America. It is estimated that the occurrence of numerous medical institutions, hospitals, and clinics and customer awareness would boost the butyl rubber market for goods in the use of medical gloves.
Industry/ Innovation/ Related News:
Feb 2021 Sibur has finalized its halobutyl rubber production facility at Reliance Industries' petrochemicals location in India. The initial production consignments from 60 kilotonnes per annum (ktpa) facility are "expected soon," The start-up of the halogenation unit indicates an important step-up for Sibur's butyl rubber joint undertaking with Reliance, the majority associate with a 74.9% stake. The associates started up a 120ktpa butyl rubber plant started up about a year ago. It is constructed on proprietary Sibur technology, which the JV has approved. The market segment of butyl rubber generated at the new facility accounts for 20% of the international butyl rubber yield and 70% of the Indian market.
Sep 2020 Cenway has finalized a butyl rubber upgrade plan in Panjin, Liaoning province and started manufacturing in Aug. The artificial rubber manufacturer set up a fully-owned subsidiary, named Panjin Cenway New Materials, in Panjin last 2019 December. Cenway purchased butyl rubber facilities in the city, and the improvement project took three months to finish. The project has Euro 43 million in financing and has decreased manufacturing costs by 40%. The unit creates polymer grade isobutylene feedstock through the dehydrogenation of t-butyl alcohol and has implemented optimized procedures advanced by Beijing-Tsinghua Industrial Development. The facility will help construct Panjin into a world-class center for the petrochemical and fine chemical segments.
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