Butyl Rubber Market
The global butyl rubber market size was valued at USD 3.76 billion in 2023 and is expected to be worth USD 3.84 billion in 2024. The market is projected to reach USD 5.29 billion by 2032, recording a CAGR of 4.1% during the forecast period.
Butyl rubber, a synthetic rubber, is known for its exceptional air impermeability. It exhibits strong resistance to chemicals, weathering, and ozone and offers good flex properties. Due to these favorable characteristics, it is an ideal material for inner tubes and other inflatable products, driving overall demand for the product.
Fortune Business Insights™ displays this information in a report titled, “Butyl Rubber Market, 2024-2032."
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- Arlanxeo (Netherlands)
- ENEOS Corporation (Japan)
- China Petrochemical Corporation (China)
- SIBUR (Austria)
- Reliance Industries Limited (India)
- Exxon Mobil Corporation (U.S.)
- Huntsman International LLC. (U.S.)
- LANXESS (Germany)
- Timco Rubber (U.S.)
- Formosa Synthetic Rubber (Ningbo) Corporation Limited (China)
Segmentation:
Chlorobutyl Rubber Leads Owing to its Growing Adoption in Tire Production
Based on type, the market is classified into regular butyl rubber, chlorobutyl rubber, and bromobutyl rubber. The chlorobutyl rubber segment accounted for the largest share of the global market in 2023 and is projected to continue its significant growth trajectory during the forecast period. Owing to its exceptional performance characteristics, this type of rubber is in high demand for tire production.
Tire Manufacturing Dominated Market Due to Growing Product Adoption with Unique Properties
Based on application, the market is segmented into tire manufacturing, medical & pharmaceuticals, adhesives & sealants, and others. The tire manufacturing segment accounted for the largest market share of butyl rubber in 2023. This dominance can be attributed to butyl rubber's unique properties, including flexibility and air retention, which make it an ideal choice for tire production.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, types, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Popularity of Conventional Vehicles to Fuel Market Expansion
The growing automotive industry, with its demand for durable, heat-resistant, and low-air-permeability materials, is a major factor driving the market's growth during the forecast period. The product’s exceptional properties make it an essential material for various automotive components such as tires, gaskets, and seals. The increasing popularity of conventional vehicles in emerging markets such as Latin America and Asia Pacific is fueling the market’s expansion.
However, the butyl rubber market growth may be challenged by sharp fluctuations in raw material prices.
Regional Insights:
Asia Pacific Dominated Market Due to Significant Investments by Major Countries
Asia Pacific stands out as the dominant region with the largest butyl rubber market share and is expected to emerge as the fastest-growing region during the forecast period. This is driven by the economic powerhouses, such as China, India, and Japan, which are making significant investments to strengthen their robust automotive infrastructure. This factor is predicted to boost product demand in these countries.
Europe is poised to witness significant growth in the global market during the forecast period. Germany is a major contributor to the global production of automotive components. The rapid expansion of the automotive sector in Germany is driven by production excellence, innovations in mobility, and increased consumer spending. These factors are expected to positively influence the region’s market.
Information Source: https://www.fortunebusinessinsights.com/butyl-rubber-market-110495
Competitive Landscape:
Companies to Focus on Expanding Their Manufacturing Capacity to Strengthen their Market Position
The leading companies operating in this market are increasing their focus on adopting strategic initiatives, such as acquisitions and product developments, to increase their customer base. The key players are also forging for industry-specific applications. They are also focusing on expanding their manufacturing capacity and distribution & sales network in different parts of the world to strengthen their market position.
Notable Industry Development:
- July 2021: MRF is focusing on developing raw materials locally to reduce its reliance on imported raw materials. The company is concentrating on local production of raw materials such as butyl rubber, sulfur, microcrystalline wax, and tackifier resin in collaboration with local manufacturers.
Comments
0 comment