Market Research Future (MRFR) predicts the Global Butyl Rubber Market to reach a valuation of USD 5,916.6 mn by 2023, according to a new research report. The Global Butyl Rubber Market is mainly driven by the growing use of butyl rubber in automotive tires as well as in construction, aeronautic, and pharmaceutical applications. The report provides a thorough overview of the Global Butyl Rubber Market, including a review of the market’s historical growth and a snapshot of the market’s present statistics. The major growth drivers and restraints operating on the Global Butyl Rubber Market are also profiled in the report, along with major players operating in the Global Butyl Rubber Market.
The growth of the automotive industry remains the most impactful driver for the Global Butyl Rubber Market. The automotive industry uses Butyl Rubber in the production of automotive tires, which are one of the most crucial components in an automobile and have thus undergone a high degree of technological progression in the last few years. The increasing interest in research into tire compounds is likely to remain a key driver for the Butyl Rubber Market over the forecast period, as automotive giants have spared no expense in trying to develop the hardiest and most suitable tire compounds for the wide variety of tires used in the automotive industry.
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The growing use of Butyl Rubber as a sealant material in construction and other applications is also likely to be a key driver for the Global Butyl Rubber Market over the forecast period. The construction industry has also been open to the use of innovations in the field of insulation and other areas related to construction, which has resulted in growing demand for Butyl Rubber from the construction industry, while the aeronautics sector has also made significant use of Butyl Rubber as a sealant and as a foundational building block in the manufacture of airplane tires. This is likely to be a major driver for the Global Butyl Rubber Market over the forecast period, as both the construction and aeronautics industries are likely to grow at steady growth rates over the forecast period.
The Global Butyl Rubber Market is segmented on the basis of Type, Application and Region in the report.
By Type, the Global Butyl Rubber Market is segmented into intoregular butyl, bromobutyl, and chlorobutyl.
By Application, the Global Butyl Rubber Market is segmented into tires and tubes, industrial and medical gloves, adhesives and sealants, and pharmaceuticals.
Regionally, the Global Butyl Rubber Market is segmented into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific.
North America, Europe, as well as Asia Pacific are likely to hold dominant shares in the Global Butyl Rubber Market over the forecast period due to the strong presence of the automotive and pharmaceutical industries in all three regions. The growing presence of Asia Pacific in the global automotive industry is likely to be crucial for the butyl rubber market in the region over the forecast period, as the growing demand for passenger and commercial vehicles is likely to drive the demand for tires. Passenger car ownership has grown by leaps and bounds in growing APAC economies such as India, Thailand, China, Japan, Korea, and Australia and high passenger car ownership is likely to remain a major driver for the Asia Pacific Butyl Rubber Market over the forecast period.
Europe and North America are home to significant automotive as well as aeronautical production industries, leading to a high share in the Global Butyl Rubber Market. The automotive industry is likely to be the key to reigning supreme in the Global Butyl Rubber Market over the forecast period.
Leading players in the Global Butyl Rubber Market include JSR Corporation, Sibur International GmbH, PJSC Nizhnekamskneftekhim, Zhejiang Cenway New Synthetic Materials Co. Ltd., Exxon Mobil Corporation, Reliance Industries Limited, China Petrochemical Corporation, and Arlanxeo.
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In December 2018, China released new guidelines for the development of the rubber industry in China. These are likely to affect the Butyl Rubber Market in the region.
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