Butyl rubber is a synthetic or polymer rubber having several chemical and physical properties. Butyl rubber is associated with two monomers isoprene and isobutylene. Butyl rubber possesses different properties including biocompatibility, high flexibility, high heat and chemical resistance, air tight and gas impermeability, and others. In addition, butyl rubber is mainly used in various applications such as medicine bottles, mechanical goods, automotive tubes, lubricants, medical stoppers, tires, electrical fluids, sealants, and others.
The first five-year cumulative revenue (2019–2023) is projected to be over US$ 29 Bn, which is expected to increase significantly over the latter part of the five-year forecast period. The global Butyl Rubber market is expected to be valued at approximately US$ 5 Bn in 2019 and is expected to register a CAGR of 5.8%.
Global Butyl Rubber Market: Market Dynamics
Growing pharmaceutical, automotive, and construction industries across various countries and increasing adoption of butyl rubber across different industries for various applications such as healthcare, consumer products, and others. These are major factors expected to fuel growth of the target market over the forecast period. In addition, increasing adoption of butyl rubber in construction sector owing to rising demand for flooring adhesives and sealant tapes in various construction applications. This is another factor projected to support growth of the target market.
Increasing production of automotive across the globe and rising demand for tubeless tire liners and tire tubes across different countries. These are other factors expected to boost growth of the target market during the forecast period. In addition, growing adoption of butyl rubber for marine and electrical applications and rising demand for butyl rubber as a binding agent in explosives, coupled with rising demand for explosives from the mining industry. These are some other factors projected to drive growth of the butyl rubber market over the forecast period.
The ongoing trend observed in the butyl rubber market is increasing strategic merger & acquisition activities among prominent players this trend is expected to continue over the forecast period.
Growing automobile industry across different countries and increasing adoption of tires in automobile industry. These are some other factors expected to create lucrative revenue opportunities for players operating in the target market.
Global Butyl Rubber Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global butyl rubber market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global butyl rubber market is expected to expand at a CAGR of 5.8% over the forecast period.
Global Butyl Rubber Market: Segmental Snapshot
The market report has been segmented on the basis of product type, application, and region. The product type segment is further bifurcated into regular butyl, bromobutyl, and chlorobutyl. The application segment is further bifurcated into tires & tubes, industrial & medical gloves, adhesives & sealants, pharmaceutical & healthcare, and others. The regions covered in the analysis include North America, Europe, Asia Pacific, South America, and Middle East & Africa.
By product type: The chlorobutyl segment accounted for highest CAGR of over 5.8% between 2019 and 2028.
By application: The tires & tubes segment accounted for highest CAGR of over 5.5% between 2019 and 2028.
By region: The Asia Pacific butyl rubber market accounted for the highest share in terms of revenue in the global butyl rubber market in 2018. In addition, the Asia Pacific market is expected to register the highest CAGR of over 5.8% between 2019 and 2028.
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Global Butyl Rubber Market: Competitive Analysis
The research report on the global butyl rubber market includes profiles of some of major companies such as Exxon Mobil Corporation (ExxonMobil Chemical Company, Inc.), Lanxess AG, Timco Rubber Products, Inc., JSR Corporation, Kiran Rubber Industries, Reliance Industries Ltd., Eastman Chemical Company, China Petrochemical Corporation, Michelin Corporation, and The Goodyear Tire & Rubber Company.