Butyl rubber market forecast with a CAGR of 3.9 percent through 2030
New York, NY – The Butyl Rubber market witnessed a demand of 1.4 million tons in 2020 and is anticipated to grow at a healthy CAGR of 3.9% through the forecast period 2030 according to ChemAnalyst.
Butyl Rubber is also called isobutylene-isoprene rubber (IIR Rubber) as it is manufactured by the copolymerization of isobutylene and isoprene. It is a synthetic rubber, with valuable properties such as flexibility, chemical inertness, good shock absorption, low gas and moisture permeability, excellent weather & abrasion resistance coupled with the resistance against ozone and oxygen attack. These elastomeric and significant properties of the elastomer make it a suitable material for inner tubes and vacuum or high-pressure applications under environmental conditions. Apart from inner tubes of tires and high pressure tubes, other applications of Butyl Rubbers are gaskets, diaphragms, O-rings, Seals, Liners, wires and cables, hot melts, bottle closures, caulks, and weather stripping.
Butyl Rubber is widely used in adhesives and sealants as binders, modifiers, and tackifiers. The life of Butyl Rubber ranges from 5-10 years. Sometimes, these elastomers are blended with other materials such as fillers, antioxidants and oils which enhances their thermophysical and mechanical properties. Chlorobutyl rubber and Bromobutyl Rubber are examples of the improvised form of Butyl Rubber. To improve the resistance against reversion and to increase the cure rate, the hexane solution of Butyl Rubber is halogenated with chlorine to form Chlorobutyl or Bromine to form Bromobutyl Rubber. These improvised forms of Butyl Rubber find applications in airbags, roofing membranes, air conditioning hoses, vials and tubes, shoe soles and other tire applications. The market is segmented into different types on the basis of its components such as Regular Butyl Rubber, Chlorobutyl Rubber, and Bromobutyl Rubber.
Growing demand for Chlorobutyl rubbers and regular rubbers in the automotive sector is expected to boost its market growth in the forecast period. On the basis of its applications, the major end use industries include Automotive, Rubber, Pharmaceutical Industry, Consumer Goods, Construction, and Others. However, the fluctuations in the prices of feedstock used for manufacturing Butyl Rubber may act as a major market restraint in the predicted years.
In the first half of 2020, the sudden outbreak of the COVID-19 pandemic, led to the imposition of nationwide lockdowns by the major global economies to control the spread of the virus. It resulted into the slowdown in industrial operations due to raw material scarcity, labor shortage, etc. that subsequently impacted the growth of many industries worldwide. In the first wave of covid-19 pandemics, Construction and Automobile sectors were drastically hit due to halt in the infrastructural activities, transportation restrictions and disturbance in the demand and sales of automobiles that resulted in a decline in the demand for Butyl Rubber. However, in the latter half of 2020, an improvement in the demand for Butyl Rubber is witnessed due to the speedy recovery in the automobile, construction and other end-use industries and is projected to grow at a significant rate over the forecast years.
Region wise, Asia Pacific accounted for the maximum share of the Butyl Rubber market followed by North America due to the growing automotive sector and ongoing construction projects in the region. Additionally, in the APAC region, countries such as South Korea, Japan, China and India are among the leading tire manufacturers in the world and thereby projected to fuel the market growth of Butyl Rubber in the forthcoming years. Moreover, China is a manufacturing hub of Consumer Goods and Electronics which is also likely to drive the market for Butyl Rubber over the forecast period. The leading players of Butyl Rubber market are 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.