With CAGR of 7.4%Butyl Rubber Market Size to Worth USD 6,859.8...

With CAGR of 7.4%Butyl Rubber Market Size to Worth USD 6,859.8 Million by 2028

Posted 2023-07-20 08:25:34

Overview of the Global Butyl Rubber Market The global market for butyl rubber was valued at USD 3,906.7 million in 2020 and is anticipated to achieve a steady revenue Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. The rising demand for butyl rubber across various industries such as rubber, automotive, construction, textiles, pharmaceuticals, and manufacturing is a key driving force behind the market's revenue growth.

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Butyl rubber, a copolymer of isobutylene, is renowned for its superior air-barrier performance, robust flex fatigue, and excellent vibration damping properties. It finds extensive application in the automotive, manufacturing, and packaging industries due to its strong heat and chemical resistance, temperature flexibility, and low permeability to moisture, gases, and vapors. Butyl rubber is commonly used in coatings, wires & cables, gaskets, and footwear. Additionally, it acts as a primary binder, tackifier, and modifier in adhesives and sealants. The material is also utilized in the production of tubes & tires because of its ability to retain high inflation pressure. The increasing demand for butyl rubber in the rubber industry, the rapid growth of the automotive sector, and the use of butyl rubber tires in passenger and commercial vehicles have significantly boosted the product's demand.

Market Dynamics of the Global Butyl Rubber Market Driver: The growing use of butyl rubber in various industries contributes to market growth. The material's advantages, including gas impermeability, flexibility, damping properties, biocompatibility, electrical insulation, and resistance to acidic and alkaline chemicals, make it highly desirable in manufacturing tubeless tires, car and truck components, gloves, membrane roofs, and various other products. The pharmaceutical industry also utilizes Halo-butyl rubber in the production of biomedical infusion stoppers, further driving market growth.

Restraint: Market growth is hindered by volatile raw material prices and stringent regulations against volatile organic compound (VOC) emissions caused by rubber production. Additionally, the availability of various substitutes for butyl rubber poses challenges to market expansion.

Type Outlook of the Global Butyl Rubber Market Among the different types of butyl rubber, the regular butyl rubber segment dominated the market in terms of revenue share in 2020. Its extensive use in manufacturing automotive tubes and tires, due to advantages such as high durability, consistent inflation pressure, and robust heat control, contributes to the segment's revenue growth. The brominated butyl rubber segment held the second-largest revenue share in 2020, driven by its excellent curing rate, higher vulcanization efficiency, stability, and cost-effectiveness compared to chlorinated butyl rubber.

End-use Outlook of the Global Butyl Rubber Market The automotive segment accounted for the highest revenue share in the global market in 2020 and is projected to display steady growth during the forecast period. Factors such as increased global automobile production, rising sales of commercial and passenger vehicles, and the demand for synthetic and natural rubber for tube and tire manufacturing bolster the growth of the automotive segment.

Regional Outlook of the Global Butyl Rubber Market North America held the largest revenue share in 2020 and is expected to witness significant growth during the forecast period. The region benefits from a thriving automotive industry, increasing investments by Original Equipment Manufacturers (OEMs) in high-performance tire and tube production, rapid industrialization, urbanization, and the growing use of high-quality rubber products in the construction industry. Asia Pacific is the fastest-growing regional market and is expected to register robust revenue growth due to its status as the largest hub for rubber production, the surge in automobile sales, increasing construction activities, and the expanding textiles industry.

Competitive Landscape of the Global Butyl Rubber Market Leading players in the global butyl rubber market include Lanxess, JSR, Sinopec Beijing Yanshan, Sibur, Panjin Heyun Group, Zhejiang Cenway Synthetic New Material, Formosa Synthetic Rubber, ExxonMobil, PJSC NizhneKamskneftekhim, and Reliance Industries Limited. In September 2019, Reliance Industries Ltd. collaborated with Russian petrochemicals company SIBUR to commence the production of butyl rubber at the Reliance Sibur Elastomers Private Ltd. manufacturing plant in Jamnagar, Gujarat, India, with an annual capacity of up to 120,000 tons.

Segments Covered in the Report This report provides revenue growth forecasts at a global, regional, and country level, with an analysis of market trends in each sub-segment from 2018 to 2028. The global butyl rubber market is segmented based on type, application, end-use, and region.

Butyl Rubber Market Report Scope Parameters Details Market size value in 2020 USD 3,906.7 Million CAGR (2020 - 2028) 7.4% Revenue forecast in 2028 USD 6,859.8 Million Base year for estimation 2019 Historical data 2017-2018 Forecast period 2020-2028 Quantitative units Revenue in USD Billion, CAGR from 2020 to 2028 Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends Segments covered By Type Outlook, Application Outlook, End-use Outlook, Regional Outlook Types Regular Butyl Rubber, Brominated Butyl Rubber, Chlorinated Butyl Rubber Applications Coatings, Adhesives & Sealants, Tubes & Tires, Wires & Cables, Gaskets, Membranes, Footwear, Conveyer Belts, Protective Clothing, Others End-uses Construction, Industrial, Textile Industry, Rubber Industry, Automotive, Medical, Pharmaceutical, Others Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa Countries scope U.S., Canada, U.K., Germany, France, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, Turkey Key companies profiled Lanxess, JSR, Sinopec Beijing Yanshan, Sibur, Panjin Heyun Group, Zhejiang Cenway Synthetic New Material, Formosa Synthetic Rubber, ExxonMobil, PJSC NizhneKamskneftekhim, Reliance Industries Limited Customization scope 10 hrs of free customization and expert consultation.

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