Butyl rubber market forecast at $5.9 billion by 2028
Pune, India – The Butyl Rubber Market is valued at USD 3.98 Billion in 2021 and expected to reach USD 5.91 Billion by 2028 with a CAGR of 5.8% over the forecast period according to the latest report from Brandessence Market Reseach.
Global Butyl Rubber Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028: 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.
Butyl rubber is also called isobutylene-isoprene rubber (IIR rubber) because it is formed by the copolymerization of isobutylene and isoprene. Butyl rubber is a type of synthetic rubber which is mainly used in tires and tubes, as it has special properties such as air permeability, excellent resistance to heat, chemicals, and ozone, and high low-temperature elasticity. There are three types of butyl rubbers these are regular butyl, chlorinated butyl, and brominated butyl. In addition to tires and tubes, butyl rubber is also used in sealants, adhesives, protective clothing, pharmaceutical stoppers, closures, caps and tubes, electrical cables, hoses, and shoe soles. A new research report indicates that the butyl rubber market has seen an increase in demand from various application sectors.
The Covid-19 pandemic has shown a negative impact on the growth of the global butyl rubber market. Lack of raw materials, shortage of labor, etc. led to a slowdown in industrial operations which later affected the growth of many industries around the world. In the first wave of the Covid-19 pandemic, the stagnation of infrastructure activities hit the construction and automobile sectors, transport restrictions and disruptions in demand and sales of automobiles affected the market. However, after the pandemic rapid recovery in the construction and other end-user industries has seen an improvement in demand for butyl rubber and is projected to grow at a significant rate in the coming years.
The global butyl rubber market is segmented based on the type, application, end-use, and region & country level. Based on type, the global butyl rubber market is segmented into regular butyl, chlorinated butyl, and brominated butyl. By application, the global butyl rubber market is segmented into tires & tubes, medical equipment, adhesive & sealants and others. By end-user, the global butyl rubber market is segmented into chemical, automotive, healthcare, pharmaceutical & medical, construction and others.
The regions covered in the global butyl rubber market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global butyl rubber is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global butyl rubber market report cover prominent players like 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.