The global butyl rubber market has currently been witnessing a moderate growth and is further projected to rise with a CAGR of 6.6% from 2019 to 2025. Furthermore, the global market revenue is likely to reach USD 5.62 billion by 2025. Growth of the global pharmaceutical industry is also expected to drive the butyl rubber market demand, owing to rising consumption of butyl rubber in making medical products such as stoppers & seals, blood collection tubes, and infusion containers.
The report on global butyl rubber (IIR) market provides an in-depth breakdown of butyl rubber market size and segmentation by type, application, and end-user. Additionally, the study includes projected market size for the period from 2015 to 2025, with 2018 being the base year and 2019 to 2025 as the forecast duration. Furthermore, the report also includes a section on market competition that has been analyzed based on the extensive value chain of butyl rubber market and economic trends impacting industry growth across different regions. Likewise, this report also covers company profiles, in which the leading global and local player businesses are analyzed on the basis of their financial performance and growth strategies.
Based on the product types, the halobutyl rubber segment held a revenue of USD 2.83 billion in 2018 and is expected to hold the largest market share by the end of 2025. The growth rate of this segment is expected to increase mainly in the Europe region, due to the strong presence of automobile manufacturers. This scenario is anticipated to boost the scope for increased adoption of butyl rubber in the tire sector. Additionally, the usage of butyl rubber in pharmaceutical industry is likely to rise over the years ahead. It is used for storage of sterile pharmaceutical products, owing to its performance properties such as good protection against external contamination.
Among the application segments, tire & tire products held a volume share of over 40% in 2018 and expected to rise with a significant CAGR by 2025. Additionally, the demand for butyl rubber in tire manufacturing is significantly rising, as it helps in maintaining the overall tire pressure. This performance feature of butyl rubber makes it a favorable rubber among other synthetic rubbers. However, presence of low cost conventional rubber substitutes such as styrene butadiene rubber (SBR) may hamper the market growth in the coming years.
Butyl rubber market in North America and Europe is gaining importance, due to strong import and export network across the regions. This is further anticipated to aid in the growth of butyl rubber in US and Canada. In Europe, Germany is one of the major hubs for automobile production. For instance, Germany accounts for more than 40% share of the total butyl rubber imports in Europe. Asia Pacific continues to witness a fast-paced growth at a CAGR of more than 5% during the forecast period. Asia Pacific has been the fastest-growing region due to rising economy, industrialization, and population.
Some of the leading players operating in the butyl rubber industry include ExxonMobil Corporation, ARLANXEO, JSR Corporation, JAPAN BUTYL Co., Ltd (Nippon Butyl Co., Ltd.), SIBUR INTERNATIONAL, PJSC Nizhnekamskneftekhim, Reliance Industries Limited, Sinopec Corporation, Formosa Plastics Rubber Industry Co., Ltd, Goodyear Rubber Company of Southern California, and LANXESS AG.