Butyl rubber market forecast with a CAGR of 3.3 percent through 2030

New York, NY – According to ChemAnalyst report from Research and Markets, “Butyl Rubber Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Butyl Rubber market witnessed a demand of around 1.4 million tons globally in 2020 and is anticipated to grow at a significant rate with a healthy CAGR of 3.9% until 2030 owing to its surging demand from the Automotive sector. Butyl Rubber is a synthetic polymer, produced by the copolymerization of isobutylene (98%) and isoprene (2%) therefore, also known as isobutylene-isoprene rubber (IIR Rubber). It comprises several significant properties such as chemical inertness, flexibility, low gas, and moisture permeability, good shock absorption, excellent weather & abrasion resistance, and resistance against ozone, and oxygen attack. All these properties of the elastomer make it an ideal material for inner tubes and high-pressure applications. In addition to inner tubes of tires, and high-pressure or vacuum tubes, it also finds applications in the production of wires and cables, gaskets, O-rings, Seals, diaphragms, Liners, hot melts, caulks, bottle closures, and weather stripping. It is also extensively used in adhesives and sealants as binders, and as modifiers. Moreover, it is a cost-effective material with a life span varying from 5-10 years.

For the enhancement of their thermophysical and mechanical properties, Butyl rubbers are blended with other materials such as fillers, antioxidants, and oils. The major two improvised types of Butyl Rubber are Chlorobutyl rubber and Bromobutyl Rubber. The hexane solution of Butyl Rubber is halogenated with chlorine to form Chlorobutyl or Bromine to form Bromobutyl Rubber which increases the cure rate as well as improves its resistance against reversion. Chlorobutyl rubber and Bromobutyl Rubber find applications in airbags, roofing membranes, air conditioning hoses, vials and tubes, shoe soles and other tire applications. Hence, the market is segmented into different types based on its composition such as Regular Butyl Rubber, Chlorobutyl Rubber, and Bromobutyl Rubber. Surging demand for Chlorobutyl rubbers and Regular Butyl Rubber in the automotive and construction sectors is expected to boost its market growth in the forecast period. The major end-use industries of the elastomer include Automotive, Rubber, Pharmaceutical Industry, Consumer Goods, Construction, and Others. However, the major restraint in the market growth of Butyl Rubber is the volatility in the prices of the raw materials used for its manufacturing.

The sudden outbreak of the COVID-19 virus in the first half of 2020, across the globe led to the imposition of nationwide lockdowns by the major economies. It resulted in the disruption in the functioning of several manufacturing plants along with the interruption in the supply and demand chain which consequently impacted most of the industries. The Butyl Rubber market was also affected in the first wave of COVID-19 because its major end use industries such as Automobile and Construction were drastically affected in the first wave of COVID -19. Moreover, after the exemption of trade restriction and resumption in the operations of all the industries in the second half of 2020, an improvement was witnessed in the demand for Butyl Rubber with the recovery of its end use industries such as construction, consumer goods and automobile and is expected to drive the Butyl Rubber market growth in the forthcoming years.

Region-wise, Asia Pacific holds the maximum demand share of the market and is expected to remain the same through 2030 owing to the growing population, rapid industrialization, urbanization, and increasing per capita income in the region. Moreover, the ongoing construction projects and growing automobile sector in the region is also expected to fuel the demand for Butyl Rubber in the forecast period. Additionally, China is one of the leading producers of consumer goods which is likely to sell up the demand for Butyl Rubber in the forecast period.

Key Players: Lanxess AG; Huntsman International LLC.; Reliance Industries Ltd.; ExxonMobil Chemical Co.; Japan Butyl Company; Ineos Group AG; Kiran Rubber Industries Pvt. Ltd.; Eni S.p.A.; Royal Dutch Shell Plc.; LyondellBasell Industries Holdings B.V.; TPC Group; SABIC Chemicals Company, and Others

“Butyl Rubber market is directly linked to Automotive and Construction sectors primarily hence, the growth in these sectors would directly drive its market in the forecast period. Moreover, in pharmaceuticals more than 90% of biomedical, and antibiotics stoppers are made from Butyl Rubber across the world owing to its properties such as chemical and biological inertness, excellent seal-ability, resistance to heat, oxygen, and ozone, that is likely to push the demand for Butyl Rubber and would drive its market through the forecast period. Hence, its growing demand from several end use industries is expected to offer several opportunities to market players to expand their manufacturing capacities to fill demand and supply gap in future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.