Global Butyl Rubber Market: Overview
The global butyl rubber market is anticipated to display considerable growth in the near future due to its rising demand for several applications. Typically, butyl rubber contains 98% polyisobutylene and 2% isoprene that are randomly spread in the polymer chain. Due to the exceptional product characteristics of butyl rubber, which includes excellent permeability to moisture and gases and outstanding heat resistance and ageing stability, they are preferred over conventional rubbers.
The market study assesses market indicators, growth trends, and product innovations that will impact the growth of the global butyl rubber market over the forecast period.
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Global Butyl Rubber Market: Drivers and Restraints
Butyl rubber is expected to exhibit significant growth over the forecast period owing to its superior properties including exceptional resistance to chemical, ozone, and weather. Though initially developed for tire applications, butyl rubber is increasingly being used in other sectors such as healthcare, consumer products, and adhesives.
Butyl rubber is used in several end-user applications such as adhesive and automotive. The enhanced damping property of butyl rubber accounts for its huge demand in the tire industry. Furthermore, the increasing demand for butyl rubber in the manufacture of plastics is expected to propel this market in the coming years.
The growing demand for butyl rubber for damp proofing and roof repairing is expected to fuel the growth of this market in the coming years. In addition, the use of food grade butyl rubber in food applications is expected to propel demand.
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Butyl rubber is used in the explosives industry for the manufacture of plastic explosives. The increasing demand for butyl rubber as a binding agent in explosives along with the rising demand for explosives from the mining industry will propel its demand over the forecast period. Furthermore, butyl rubber can be added to diesel fuel to withstand fouling of fuel injectors. Last but not the least, increasing environmental considerations for regulating hydrocarbon and particulate matter emissions is expected to fuel market growth.
However, factors such as fluctuating raw material prices, regulations for volatile organic compound (VOC) emissions due to rubber manufacturing, and availability of substitutes are expected to challenge the market’s growth in the future.
Global Butyl Rubber Market: Regional Outlook
The butyl rubber market is broadly divided into: North America, Europe, Asia Pacific, and Rest of the World. Amongst these, Asia Pacific is the largest market for butyl rubber due to the expansion of the tire and tubes industry at an unprecedented pace. China and India display the highest consumption of butyl rubber in Asia Pacific. Some other important consumers of butyl rubber in the region include Malaysia, Vietnam, Hong Kong, Macau, Indonesia, Australia, and Republic of Korea.
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North America and Europe will display moderate growth as the butyl rubber is significantly used for several applications.
Global Butyl Rubber Market: Competitive Landscape
Some of the key players in the global butyl rubber market include ExxonMobil Chemical, Japan Butyl Company, Nizhnekamskneftekhim JSC, Timco Rubber, Togliattikauchuk Ltd, Lanxess AG, Yanhua Petrochemical Company, Kiran Rubber Industries Pvt. Ltd., and Reliance Industries Ltd. among others. Amongst these, Lanxess AG and ExxonMobil Chemical account for the majority of the butyl rubber production.
Companies in this market are focused on strategic acquisitions to stay competitive in this market. Moreover, expanding presence in China and India for increased market share is also the focus of large companies in this market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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