Butyl Rubber Market Overview:
Butyl rubber is a type of synthetic rubber that is used mainly in tires and tubes because it has special properties such as gas permeability, excellent resistance to heat, chemicals, ozone and flexibility at high temperature and low temperatures. In addition to tires and tubes, butyl rubber is also used in sealants, adhesives, protective clothing, pharmaceutical caps, plugs, flasks and tubes, electrical cables, hoses and shoe soles. A research suggests that the butyl rubber market is experiencing an increase in demand in several fields of application. The butyl rubber application has increased lately. Among the various application areas of butyl rubber, tires and tubes are a consistent position as the dominant segment of the global market, with an annual average annual growth of 4.8% during the forecast period.
Butyl Rubber Market Size Analysis:
Global Butyl Rubber Market was worth USD 2.67 billion in 2014 and is expected to reach approximately USD 4.83 billion by 2023 while registering itself at a compound annual growth rate (CAGR) of 6.82% during the forecast period.
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Butyl Rubber Market Drivers and Restraints:
Butyl rubber is expected to show significant growth during the forecast period due to its superior properties, which include exceptional resistance to chemicals, ozone and weathering. Although initially developed for tire applications, butyl rubber is increasingly used in other sectors such as health, consumer products and adhesives. Butyl rubber is used in many applications for end users, such as adhesives and automobiles. The improved cushioning property of butyl rubber explains its huge demand in the tire industry. In addition, it is expected that the growing demand for butyl rubber in the plastics industry will boost this market in the coming years. It is expected that the growing demand for butyl rubber for moisture testing and roof repairs will feed the growth of this market in the coming years. In addition, the use of food-grade butyl rubber in food applications is expected to stimulate demand. Butyl rubber is used in the explosives industry for the manufacture of plastic explosives. The growing demand for butyl rubber as an explosives binder and the increasing demand for explosives from the mining industry will boost demand during the forecast period. In addition, butyl rubber can be added to diesel fuel to resist fouling of fuel injectors. Last but not least, it is expected that increasing environmental considerations for the regulation of hydrocarbon and particle emissions will stimulate market growth.
Apart from market drivers, factors such as the fluctuation of commodity prices, the regulation of volatile organic compound (VOC) emissions from rubber manufacturing and the availability of substitutes should undermine market growth.
Butyl Rubber Market Geographical Segmentation:
The butyl rubber market is largely divided into North America, Europe, Asia-Pacific and Rest of the world. Of these, the Asia-Pacific region is the largest market for butyl rubber due to the expansion of the tire and tube industry at an unprecedented rate. China and India have the highest consumption of butyl rubber in Asia-Pacific. Malaysia, Vietnam, Hong Kong, Macao, Indonesia, Australia and the Republic of Korea are other important consumers of butyl rubber in the region. North America and Europe will show moderate growth, and butyl rubber will be used significantly in several applications.
Key Takeaways from Butyl Rubber Market Report:
• For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
• Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
• Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
• Increase overall revenue by understanding the geographical impact on sales and distribution channels.
• Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
• Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
• Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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Butyl Rubber Market Key Players:
Japan Butyl Company, ExxonMobil Chemical, Timco Rubber, Nizhnekamskneftekhim JSC, Lanxess AG, Togliattikauchuk Ltd, Kiran Rubber Industries Pvt. Ltd., Yanhua Petrochemical Company, Reliance Industries Ltd., Lanxess AG and ExxonMobil Chemical are the major players of the Global Butyl Rubber Market.
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