The Global Chlorobutyl Rubber Market is subject to witness a substantial growth due to the superior product properties in comparison with natural rubber. The factors responsible for robust market growth include soaring demand form automotive and pharmaceutical sector. Chlorobutyl rubber is an essential element for the production of automobile tires.
Inner liner for tires are manufactured with the help of chlorobutyl rubber. In addition, increasing adoption of original equipment manufacturer (OEM) tires by automobile manufactures is predicted to fuel the market demand for chlorobutyl rubber in the upcoming years. Globally, the chlorobutyl rubber market is predicted to generate massive revenue in the forecast period, providing numerous opportunities for market players to invest in research and development of the chlorobutyl rubber.
Massive growth of automotive sector in BRICS economies such as Brazil, Russia, India, China and South Africa is considered as major driving factor for the expansion of chlorobutyl rubber market, in the recent years. Furthermore, high volatility in prices of natural rubber prices is leading to high-end demand for synthetic rubber. Superior physical and mechanical properties of synthetic rubber in comparison with natural rubber is propelling market demand further.
However, numerous laws & regulations by regional government authorities associated with excessive use of synthetic rubber is limiting market potential to a certain extent. In addition, lower sustainability of synthetic rubber compared to natural rubber and stringent laws against greenhouse gas emission such as isobutylene are expected to restrain market growth over the forecast period.
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Use of chlorobutyl rubber offers advantages such as higher impermeability, cure versatility, better cure rate, cure compatibility, superior adhesion, and higher heat resistance. Additionally, early adoption of chlorobutyl rubber provides constant inflation pressure, longer life span, and heat stability for automobile tires. These factors are expected to drive the growth of market in the upcoming years. The chlorobutyl rubber is largely used during production of automobile tires.
Applications of chlorobutyl rubber in automotive sector involves production of tire inner liners, hoses, seals and membranes. The chlorobutyl rubber is also used for production of pharmaceutical products such as stoppers and rubber articles that offer higher resistance to chemicals and weathering. Other application of chlorobutyl rubber include tank linings, conveyor belts, and protective clothing.
The market is broadly categorized into two major segments based on end-user application such as automotive sector and pharmaceutical sector. The automotive sector is considered as one of the faster growing segment in the chlorobutyl rubber market with substantial revenue generation in the last couple of years. Growing popularity of the chlorobutyl rubber from automotive segment is attributed to soaring demand for original equipment manufacturer (OEM) tires from Asia Pacific region.
The pharmaceutical sector also witnessed a massive growth in the last few years owing to the chemical and weathering resistance properties of chlorobutyl rubber. Additionally, chlorobutyl rubber is cost effective in comparison with bromobutyl rubber, thus positively affecting market growth.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in chemical industry, favorable laws & regulations by regional governments, increase in the research & development activities, and existence of well-established manufacturing sector infrastructure in the region.
Asia-Pacific region is predicted to hold major market share in the chlorobutyl rubber market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rapid growth of automotive industry, growing demand for original equipment manufacturer (OEM) tires, strong economic growth, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the chlorobutyl rubber market are ExxonMobil Chemical Co., ARLANXEO B.V., Cenway Polymer (Shanghai) Co., Ltd., Panjin Heyun Industrial Group Co., Ltd., Sinopec Beijing Yanshan Petrochemical Co., Ltd., PJSC Nizhnekamskneftekhim, and PJSC SIBUR Holding.
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• North America
• Asia Pacific
• Middle East and Africa
• South America
• ExxonMobil Chemical
• Zhejiang Cenway
• Panjin Heyun Industrial
• Sinopec Beijing Yanshan
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Key Questions Answered in this Report
• What will the market size be in 2023?
• What are the key factors driving the global chlorobutyl rubber market?
• What are the challenges to market growth?
• Who are the key players in the chlorobutyl rubber market?
• What are the market opportunities and threats faced by the key players?
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/rubber
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