As per the latest study conducted by Market Research Future (MRFR), the Global Butyl Rubber Market will surge at 4.66% CAGR between 2018 and 2023. Butyl Rubber has been catering to various industrial domains for several years now, it is Synthetic Rubber that witness’s widespread popularity in the tire manufacturing industry. It has excellent shock absorbency quality, which makes it an apt material for manufacturing tire.
It is also used in making a range of other rubber-based products such as medical gloves, packaging containers, conveyer belts, sports goods etc. However, a majority of the overall Butyl Rubber produce is consumed by the tire industry. It is used in making inner tire tube, durable tubeless tires and rubber shock mounts. Over the years, Butyl Rubber has proven to be an efficient industrial material due its desirable features such as high durability and resistance to heat, abrasion and chemical.
The growth of the automotive sector in countries India, Mexico and China has fueled the demand for Butyl Rubber. These countries are not only recording a stronger sales volume but also have emerged as prominent manufacturing hubs. For instance, China is the world’s largest manufacturer of vehicles. The aforementioned factors are supporting the Butyl Rubber Market.
MRFR in its report has mentioned some of the prominent market players, which include Sibur International GmbH, PJSC Nizhnekamskneftekhim, Arlanxeo, China Petrochemical Corporation, Zhejiang Cenway New Synthetic Materials Co., Ltd., JSR Corporation, Reliance Industries Limited and Exxon Mobile Corporation. Many of these companies are implementing unique growth strategies to gain a competitive edge.
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The report includes a detailed segmental overview of the market based on Application and Type.
By Application, the market has been segmented into adhesive and sealants, tires and tubes, pharmaceuticals, industrial and medical gloves and others. The tire and tubes segment is likely to retain its dominance over 2023. The segment is expected to reach a market valuation in excess of USD 4,000 Mn by the end of forecast period. The growing number of vehicles on road characterizes the increased sales of passenger cars. The automotive industry is extremely dynamic and continues to witness relentless transformation across design, structure, and mechanics. Improvement in component design has always been an area of focus with tire being one of the prime segments. Today, butyl rubber is used for manufacturing various types of vehicular tires and viewed as an important raw material for automotive tires.
By Types, the market has been segmented into bromobutyl, chlorobutyl and regular butyl. The bromobutyl currently commands the largest market share and projected to surge at 5.21% CAGR during the review period. By 2023, the segment is likely to stand at over USD 2,200 Mn. Bromo butyl has high durability, which makes it preferred raw material for manufacturing a wide range of pharmaceutical and automotive products.
The market has been covered across major regions of the world, which include Asia Pacific (APAC), North America, Latin America, Europe and the Middle East & Africa (MEA). APAC currently commands largest share of the global market. The region’s market is currently valued at more than USD 1,500 Mn. In addition, the region will continue to present lucrative opportunities to market players during the forecast period. Existence of a robust tire manufacturing industry couple with the fast expanding parent industry is reflecting favorably on the Butyl Rubber Market in APAC. Countries such China and India are witnessing a tremendous growth of sectors such as aerospace, automotive, construction and pharmaceuticals. Furthermore, rising sales of passenger and commercial cars in these countries is also supporting the growth of the market in countries.
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