According to a report available on Radiant Insights, Inc.; the global butyl rubber market is projected to grow at a remarkable CAGR over the forecast period (2017 to 2021). Growing requirement for automobiles and its components such as brakes, wipers, and tires is anticipated to propel the market. Butyl rubber can offer heat resistance and high tear strength. Such useful chemical properties of this product are estimated to impel the demand in the coming years.
Furthermore, effective properties such as resistance from ozone, gas permeability, and sunlight are anticipated to propel the growth of the market for butyl rubber. Growing adoption in manufacturing plastics can further fuel market expansion in the coming years. Increasing use of butyl rubber for roof repairing and damp proofing can foster market growth. High demand for explosives from mining sector is expected to impel growth of the market in next few years. Moreover, stringent government regulations to control hydrocarbon emissions can positively influence market growth during the forecast period.
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To cater to the steadily rising demand for butyl rubber, most companies are getting involved in collaborations with other companies to produce better product. For instance, Sibur is likely to setup its new butyl rubber plant in a joint venture with Reliance Industries Limited (RIL). This plant is expected to offer 120000 tons of annual product capacity and can use feedstock from RIL’s cracker/petrochemical site at Jamnagar, India. The company is predicted to complete construction of this plant by end of 2018.
The worldwide butyl rubber market can be segmented on the basis of product type, application, and region. Based on product type, the market can be classified into bromo butyl, regular butyl, and chloro butyl. In the coming years, chloro butyl and regular butyl segments are likely to witness healthy growth owing to their use in manufacturing of tires. Effective properties such as durability, consistent inflation pressure, and heat stability are estimated to propel growth of these segments.
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Based on application, the butyl rubber market can be segmented into adhesives, sealants, stoppers, tires & tubes, and industrial & medical gloves. In 2016, tires and tubes dominated the market owing to high demand for automobiles. Growing population and high disposable income can support demand for automobiles in the forthcoming years. In addition, bromo butyl segment can also witness significant growth in near future owing to vulcanization efficiency of the product.
Regional segmentation includes Europe, Asia Pacific, North America, and rest of the world (ROW). In 2016, North America dominated the market while accounting for indicative volume share. Presence of a high number of medical institutions, hospitals, and clinics demanding medical gloves can foster regional market growth for butyl rubber.
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In Asia Pacific, the market is expected to witness significant growth in the coming years owing to increasing use of product to manufacture automotive goods such as tyres, wipers, and brakes. Rising demand for automotive is anticipated to propel growth of the regional butyl rubber market in near future. The Europe regional segment is expected to grow at a slow CAGR over the forecast period owing to economic downfall and stern government regulations.
Some of the leading companies in the global butyl rubber market are Reliance Industries Ltd., Kiran Rubber Industries Pvt. Ltd., Yanhua Petrochemical Company, Timco Rubber, and Japan Butyl Company.
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