The increasing need for tire & tire products is driving the butyl rubber market growth.
The global butyl rubber market size is likely to attain over USD 6.50 billion by the year 2028. Besides, it is likely to project a CAGR of more than 6% during the forecast years 2021-2028. Growth of the global pharmaceutical industry is 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 demand for butyl rubber in tire manufacturing is significantly rising over the past few years, 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.
The report also emphasizes several distinctiveness of the global butyl rubber industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the butyl rubber industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
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, in 2019, Germany accounted 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.
The major players of the global butyl rubber market are ExxonMobil Corporation, ARLANXEO, JSR Corporation, JAPAN BUTYL Co., Ltd (Nippon Butyl Co., Ltd.), SIBUR INTERNATIONAL, PJSC Nizhnekamskneftekhim, Reliance Industries Limited, Sinopec Corporation (China Petrochemical Corporation), Formosa Plastics Rubber Industry Co., Ltd, Goodyear Rubber Company of Southern California, and LANXESS. Renowned companies are offering new and modern butyl rubber regular butyl rubber solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic halobutyl rubber and solutions and to remain competitive in the global market.
Key Segments of the Global Butyl Rubber Market
Type Overview, 2019-2028 (USD Million)
- Regular Butyl Rubber
- Halobutyl Rubber
Application Overview, 2019-2028 (USD Million)
- Tire & Tire Products
- Seals, O-rings, and Gaskets
- Molded & Extruded Rubber
- Adhesives & Sealants
End User Overview, 2019-2028 (USD Million)
- Automotive & Transportation
- Healthcare & Pharmaceutical
- Consumer Goods
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America