Increasing adoption from the automotive sector, rising use of butyl rubber in various end-use industries, and growing use to sterilize pharmaceutical products are some of the major factors driving the growth of the Global Butyl Rubber Market
PUne, India, Nov. 02, 2022 (GLOBE NEWSWIRE) --
According to Brandessence Market Research, The Global Butyl Rubber Market is anticipated to reach a valuation of USD 5.91 billion by 2028 from USD 3.98 billion in 2021, registering a CAGR of 5.8% over 2022-2028. The booming automobile industry, increasing demand for these rubbers in medical applications, along with growing R&D activities in the field are primarily augmenting the outlook of this business vertical.
Global Butyl Rubber Market Insights (2022-2028)
Butyl rubber is referred to as a type of synthetic rubber that is produce through the polymerization of isoprene and isobutylene. It is predominantly used primary binders, modifiers, and tackifiers in sealants, protective clothes, tires, tubes, pharmaceutical stoppers, electric cables, and adhesives, among others. This rubber has ideal impermeability toward water and air with enhanced flexing properties. It is highly durable in nature and possesses superior head and aging resistance. Due to these factors, it is highly preferable to use butyl rubber in various applications as compared to its traditional counterparts.
Also, widespread industrialization, growing per capita income levels, and rising focus of key players to develop advanced products in this domain are creating lucrative opportunities to this marketplace to prosper.
Moreover, escalating demand for OEM tires, the biocompatible nature of butyl rubber coupled with is growing use in the sterilization of pharmaceutical products are adding momentum to the development of this industry sphere.
Further, growing health cognizance of the masses, increasing vehicle sales, along with technological advancements in various end use sectors are accelerating the growth of this market.
On the contrary, high cost of these rubbers is hindering the remuneration scope of global butyl rubber market.
Besides, the Coronavirus pandemic negatively impacted the progression of this business vertical. This was mainly powered by a sudden halt in production activities due to the closure of manufacturing units and others commercial complexes during the imposed lockdown period. Moreover, supply chain disruptions along with the dearth of raw materials further hampered the market development.
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Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028
The industry sphere has been garnering significant returns over the stipulated timeframe due to the presence of various expansion propellants.
There has been a widespread adoption of butyl rubber in pharmaceutical applications. It is used as a primary raw material for the production of biomedical stoppers and antibiotics. The non-allergic nature of butyl rubber along with properties such as high elasticity and resilience makes it an ideal raw material for various medical applications.
Butyl rubber also finds prompt use in the automobile sector. It is used during the manufacturing of car body mounts, tires, tubes, oil & fuel additives, vibration dampers, and membrane roofs, among others. Properties such as wear & tear resistance, high chemical resilience, oxidation and abrasion resistance, along with flex cracking resistance possessed by butyl rubber is elevating in demand in this end use sector.
Moreover, the growing disposable income of individuals are positively influencing the dynamics of global butyl rubber market. People with high income levels can easily afford high end products like vehicles in which butyl rubbers are used as primary raw materials during production. This in turn is creating an upward trend for this business sphere.
The prominent players characterizing the competitive terrain of global butyl rubber market are Arlanxeo, China Petrochemical Corporation, JSR Corporation, Sibur International GmbH, PJSC Nizhnekamskneftekhim, Reliance Industries Limited, Exxon Mobile Corporation, Zhejiang Cenway New Synthetic Materials Co., Ltd., and others.
These noteworthy companies are trying to build a standout image across the globe by capturing untapped markets. They are participating in various strategic expansion operations such as mergers & acquisitions, collaborations, partnerships, and new product launches, among others to amplify their geographical footprints.
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Butyl Rubber Market: Segmentation Analysis
Which is the fastest growing region in the industry?
Asia Pacific market has been gaining massive traction in terms of revenue share over the stipulated timeline. This is credited to the booming automotive and pharmaceutical sectors, growing income levels, easy availability of cheap labor, along with technological innovations in the field.
Also, rapid industrialization, prompt evolution in the manufacturing infrastructure, coupled with the presence of prominent players are further contributing to the market expansion in the APAC region.
How is North America faring in the global butyl rubber market?
North America is reckoned to amass notable gains over the forecast period owing to the widespread industrialization, rising vehicle sales, rapidly improving health expenditure, growing health cognizance of the masses, along with surging per capita income levels.
Moreover, increasing investments in OEMs, R&D activities in the field, along with the rising adoption of butyl rubber in the construction industry are propelling industry growth in this region.
Which type segment presently leads the market?
The brominated butyl segment is currently dominating the market due to its widespread usage in the automotive and pharmaceutical sectors.
Which is the fastest growing application segment in the industry?
The medical equipment segment is amassing substantial returns over the estimated timeline. This is due to the non-allergic and chemical resistant nature of butyl rubber. Moreover, it does not undergo discoloration unlike its traditional counterparts.
Which end user segment has been witnessing high growth?
The pharmaceutical & medical segment is amplifying significantly over the assessment period owing to the rising healthcare expenditure, growing use of these rubbers in antibiotics production coupled with is non-allergic property.
Region Covered in Butyl Rubber Market Report:
Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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In September 2020, Zhejiang Cenway announced the further amplification of its butyl rubber manufacturing unit in Panjin, China to diverse its product portfolio in the field.
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