The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global butyl rubber market is expected to reach USD 5.21 billion by 2025, according to a new report by Grand View Research, Inc. Butyl rubber market is growing worldwide on account of superior product properties in comparison to natural rubber.
Regular butyl rubber exhibits properties such as resistance toward sunlight, ozone, gas permeability, and various polar solvents like alcohols and esters. The general temperature range of regular butyl rubber is about -34 to 110 degrees centigrade, which is anticipated to widen the application scope of the product.
Key players are expanding distribution channels to meet the rising demand and increasing their market share. Companies are expected to expand their footprint across Asia Pacific owing to rapid industrialization, which in turn is likely to provide a positive scope for the product growth.
Further key findings from the report suggest:
- Chloro butyl product segment is expected to witness the fastest growth of 7.9% from 2017 to 2025 on account of increasing focus toward better healthcare services
- Increasing use of butyl rubber for manufacturing bushes, which are used as a fixture between two moving parts is anticipated to drive product demand over the forecast period
- The Middle East & Africa butyl rubber market was valued at USD 175.7 million in 2016 owing to the presence of numerous oil & gas industries in the region coupled with growing automotive & medical sectors in Africa, which in turn is anticipated to augment market growth
- Germany accounted for the largest revenue share of 45.2% in 2016. High-scale operations of companies such as Lanxess and Denso in the economy are expected to drive product demand over the forecast period.
- India being one of the major pharmaceutical manufacturers is expected to drive the demand for butyl rubber in the pharmaceutical closures application
- Petrochemical companies, such as Reliance and ExxonMobil, are expected to gain higher profits in comparison to other players as they have the opportunity to utilize the raw materials that are manufactured in-house
- In March 2017, Sinopec announced that it budgeted 63.0% increase in its spending on oil refineries and petrochemical plants to conform with a national policy to bolster competitiveness across the industry