Butyl rubber market forecast with a CAGR of 4 percent through 2030
The Butyl Rubber market is expected to grow annually by 4% (CAGR 2023 – 2030) according to the latest report from Reliable Business Insights.
Butyl Rubber, also known as isobutylene-isoprene (IIR), is a synthetic elastomer commonly used in the production of tires, sealing materials, and other products requiring high impermeability to gases, moisture, and fluids. Its unique properties, such as excellent air retention and thermal stability, make it a favorite among manufacturers of automotive and construction-related products.
As a consultant or industry expert, it is important to keep up with market research and trends to better advise clients on their business decisions. According to recent market research reports, the global butyl rubber market is expected to experience significant growth in the coming years. Driving factors include increasing demand in the automotive and construction industries, as well as the need for more durable and sustainable materials. Additionally, advancements in butyl rubber technology, such as improved cross-linking and blending capabilities, are further expanding the range of applications and potential markets for this versatile material.
In recent years, there have been several mergers and acquisitions in the Butyl Rubber industry. In March 2019, ExxonMobil completed the acquisition of Indonesian petrochemical company PT Sentral Mitra Inovasi, which produced butyl rubber. Lanxess acquired US-based Emerald Kalama Chemical, a global producer of specialty chemicals including butyl rubber, in February 2021. PJSC NizhneKamskneftekhim, a leading manufacturer of synthetic rubber in Russia, purchased a butyl rubber manufacturing line from Kazakhstan’s Kumekay company in 2018. Sibur, a Russian petrochemicals company, acquired the production assets of Togliattikaucuk, a major butyl rubber manufacturer in Russia, in 2013. Sinopec Beijing Yanshan, China’s largest butyl rubber producer, acquired a 50% stake in BP’s butadiene rubber plant project in China in 2016. Other significant players in the industry include Formosa Synthetic Rubber (Ningbo), Zhejiang Cenway Synthetic New Material, and Panjin Heyun Group. These companies are likely to find further acquisition opportunities in the ever-evolving world of the Butyl Rubber industry.
Butyl rubber is a type of synthetic rubber that has excellent air-retention properties, making it a popular material for manufacturing tire inner tubes, pharmaceutical stoppers, and other products requiring air-tight seals. The market leaders in butyl rubber are ExxonMobil, Sibur, and Lanxess, which collectively hold a significant share of the global market. Other players in the market include PJSC NizhneKamskneftekhim, JSR, Sinopec Beijing Yanshan, Formosa Synthetic Rubber (Ningbo), Zhejiang Cenway Synthetic New Material, and Panjin Heyun Group.
These companies can help grow the butyl rubber market through various strategies such as product innovation, strategic partnerships, and expanding their reach into new markets. For instance, ExxonMobil has leveraged its long-standing presence in the market and strong brand reputation to develop and offer high-quality butyl rubber products that meet the changing needs of customers. Meanwhile, Sibur is focused on expanding its global presence by establishing strategic partnerships and investing in R&D to develop new products.