The Butyl Rubber Market would cross a mark of USD 5,916.6 million by 2028 and is expected to grow at a CAGR of 4.66% during the forecast period (2021-2030). Butyl rubber is a synthetic form of rubber that boasts a number of industrial applications. It holds numerous key properties like excellent low gas and moisture permeability level and striking shock absorbency, which makes it a highly demanded product across different industries.
The increasing demand for automotive tubes and tires acts as a major contributory factor to the global butyl rubber market. The expansion of the automotive industry across emerging economies has prompted an increase in the demand for raw materials like butyl rubber. Additionally, due to the ameliorating purchasing power of consumers, the sale of both passenger and commercial vehicles are spiraling up in countries like India, China, and Mexico. Market Research Future (MRFR) made an in-depth assessment of the global butyl rubber market and released a report concerning its growth, driving factors, segments, and regional diversification. The report stated that the global market is expected to register a CAGR of 4.66& during the forecast period between 2021-2030.
The global butyl rubber market segmentation is classified on the basis of application and type.
By type, the market includes chlorobutyl, intoregular butyl, and bromobutyl. As per the 2017 market standings, the bromobutyl segment held the highest share of the market. The projected valuation of the segment by the end of the forecast period is said to be USD 2,200 million. The growth percentage to be at an annual rate of 5.21%. The growth of the market segment can be attributed to the growing use of the product across large-scale industries like the pharmaceuticals and the automotives.
By application, the market segments into medical and industrial gloves, tires and tubes, pharmaceuticals, adhesive and sealants, pharmaceuticals, and others. The market category is led by the tire and tubes segment. The tire and tubes segment holds the maximum share of the market and is expected to hold on to the leading position in the forthcoming years of the assessment period. The market valuation is projected to surpass the valuation of USD 4,000 million by the end of the forecast period in 2023. The growing production of vehicles and the ongoing expansion of the aerospace industry are key drivers supporting the growth of the market segment.
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The regional segmentation of the global chloro butyl rubber market covers the following regions: Asia Pacific, North America, Europe, and the Middle East and Africa.
Regionally, the Asia Pacific region holds the largest share of the market. As per the 2017 study of the market, the region stood with an accrued valuation of USD 1500 million. The region is expected to continue its dominance and maintain its standing as the biggest contributor of the global market during the forecast period. The growth of the region is attributed to various key and notable factors by Market Research Future in its published report.
The major driving factor of the market is the rapid-paced industrialization. It is one of the major forces of growth for the region during the forecast period. In terms of automotive production, China holds the maximum share of the market. This acts as a major positive factor to the butyl rubber market in the Asia Pacific region. Additionally, the burgeoning demand for commercial as well as passenger vehicles in countries like China and India also aids the market in this region. Also, the expansion of various key industries like the aerospace, pharmaceuticals, automotive, and construction in the Asia Pacific region is subsequently aiding the butyl rubber market as it is opening the door of opportunities for major market players.
The global butyl rubber market hosts a number of key players. This includes names such as Exxon Mobile Corporation, JSR Corporation, China Petrochemical Corporation, PJSC Nizhnekamskneftekhim, Sibur International GmbH, Arlanxeo, Zhejiang Cenway New Synthetic Materials Co., Ltd., Reliance Industries Limited, and others.
June 2018, ExxonMobil, one of the pioneers in the oil and gas industry, announced that it has begun its production of hydrogenated hydrocarbon resin as well as halobutyl rubber in Singapore, wherein it hosts its largest refining and petrochemical complex in the world.
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