The market for butyl elastomers is estimated to be worth US$ 4.22 billion in 2022 and to grow at a CAGR of 6% to reach US$ 7.46 billion by 2032.
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Butyl Elastomers Market value (2022)
US$ 4.22 Billion
Butyl Elastomers Market anticipated value (2032)
US$ 7.46 Billion
Butyl Elastomers Market growth rate (2022 to 2032)
6% CAGR
Tire production has increased as a result of an increase in demand for automobiles brought on by population growth. The demand for butyl rubber is primarily driven by the increase in demand for car tyres for new vehicles and tyre replacement. The worldwide butyl elastomers market is expected to be driven by this during the forecast period.
Over the course of the forecast period, the market is anticipated to grow as butyl elastomers are being used in building applications. The market for butyl rubber is primarily driven by rising infrastructure projects and expanding uses for food-grade butyl rubber. Additionally, ongoing research and development projects will probably expand the market for butyl rubber during the anticipated time frame. Rubber stoppers used to seal medicinal vials and bottles are frequently made using butyl elastomers. The global market for butyl elastomers is further being driven by the growth of the construction and pharmaceutical industries.
Players in the butyl elastomers market will invest in acquiring new technologies, obtaining raw materials, effective procurement and inventory management, strengthening product portfolios, and utilizing capabilities to maintain growth in difficult economic times. Manufacturers of butyl elastomers and other related firms are concentrating on country-specific strategies because it is well-known that economic and social issues vary greatly between various markets and nations.
Over the projected period, it is anticipated that the increased adoption of butyl rubber for new applications as a result of manufacturers’ introduction of the better quality product would support the growth of the butyl elastomers market. Global expansion is also being fueled by an increase in the use of butyl rubber products in end-use industries, including automobile tubes and tyres, vibration control products, and many others. During the projection period, butyl elastomers are anticipated to increase positively due to rising spending on their products.
Butyl elastomer, commonly known as butyl rubber, is basically a synthetic rubber produced by co-polymerization of isobutylene with isoprene. Butyl rubber possesses several superior physical and chemical characteristics which makes it extremely useful across various industries.
Butyl rubber is highly impermeable to air, gases, and moisture, thus, becoming very useful for applications requiring an airtight atmosphere. Butyl rubber is highly resistant to heat, aging, weathering, chemical attack, abrasion and tearing and also possess good shock absorption and electrical insulation characteristics.
Due to such physiochemical properties, butyl rubber finds its utilization in the manufacturing of automotive tyres (inner liners), tubes & other ancillaries, sports goods, vibration mounts, electrical fluids, ball bladders, adhesives and sealants etc.
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Restraints of the Global Butyl Elastomers Market
The absence of global regulations governing the use of butyl elastomers is anticipated to hinder the market during the forecast period. However, the industry is soon anticipated to be hampered by price instability for raw materials, rules for volatile organic compound (VOC) emissions brought on by the production of rubber, and the availability of replacements.
Companies are putting a lot of effort into improving the quality of butyl rubber product quality by altering the chemical and physical characteristics of the elastomers. The butyl elastomers market is predicted to increase thanks to advancements in research and development globally.
Additionally, throughout the forecast period, government initiatives and broad policies toward butyl rubber goods are anticipated to have a beneficial impact on the growth of the polymer butyl elastomers market. These market activities are thought to provide chances for businesses looking to enter the butyl elastomers industry.
Challenges of the Global Butyl Elastomers Market
Butyl elastomers are likely to have a limited market over the projection period due to cost, low thermal stability, difficulty in supporting loads, and occasionally poor heat and chemical resistance. Key participants in the worldwide butyl elastomers market have seen increases in both domestic and export-focused revenues. However, issues including rising customer negotiating power and the emphasis on high-quality goods at low prices are driving considerable changes in the supply chain for butyl elastomers.
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Regional Insights
Butyl elastomers are also heavily used in North America and Europe. Since butyl rubber is widely utilized in several applications, it is anticipated that the market in North America and Europe will grow at a moderate rate during the forecast period. Latin America accounted for 17% of total revenue, while North America contributed 21%, making it the region with the second-fastest growth.
According to estimates, Europe will experience the fastest growth due to rising car output, particularly in Germany and France. Along with expanding economies in Italy, Spain, and the UK, as well as Russia, Poland, Ukraine, Turkey, Bulgaria, Greece, Romania, Croatia, Montenegro, Serbia, and FYROM (formerly the Yugoslav Republic of Macedonia), more people are moving to Europe.
Large Share of the Global Butyl Elastomers Market Will Come from Asia Pacific
The butyl elastomers market can be divided geographically into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific led the global market in 2020, and because the tyre and tube sector is growing at an unprecedented rate, Asia-Pacific is a significant market for butyl rubber. Noteworthy butyl rubber consumers in the Asia-Pacific region include China and India. The market for butyl elastomers in the area is also growing as a result of the use of butyl elastomers in the manufacture of pharmaceuticals.
With a volume share of almost 45% for the entire world in 2015, the Asia-Pacific region was the largest regional market. Due to strong product demand from the automotive, construction, consumer goods, and healthcare industries, the region is anticipated to maintain its dominance during the projection period. China is expected to play a significant role in this region as a result of its recent strong economic expansion, which will further increase product consumption.
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Butyl Elastomers Industry: Market Dynamics
Increasing utilization of butyl rubbers for end-use applications such as tyre & tubes, various mechanical automotive components e.g. vibration control products, hoses and gaskets, in manufacturing of adhesives and sealants and other construction products etc.
is driving their demand in the market. Besides, adaption of butyl rubbers for newer applications, due to introduction of novel technical grades of butyl rubbers by manufacturers, is also driving their demand globally.
Besides, factors such as high raw material costs, fierce competition and cyclic nature of major end-use industries such as automotive and construction etc. is expected to pose significant challenges in the overall butyl elastomers market between 2016 and 2026.
Market players, in order to serve new areas of applications for butyl elastomers products, are highly focused in increasing their product offerings by altering physical and chemical properties of regular butyl rubber products. Over the last couple of decades, after the introduction of tubeless tyres in the market, butyl rubber products has witnessed a sharp increase in their demand.
Besides, halogenated grade butyl rubber, unlike the normal butyl rubber grades, can be used in blend with natural rubber or synthetic rubbers such as nitrile rubber (NBR), styrene-butadiene rubber (SBR), polychloroprene rubber (CR), ethylene-propylene rubber (EPDM), or butadiene rubber (BR). Companies are increasing investing in research and development to produce more technical grades to serve newer applications for butyl rubbers.
Butyl Elastomers Market Segmentation
Global butyl elastomers market is segmented on the basis of type and application. On the basis of type, butyl elastomers market is segmented into regular butyl rubber and halogenated butyl rubber.
The halogenated butyl rubber segment is further sub-segmented into chloro butyl and bromo butyl rubbers.
On the basis of application, butyl elastomers market is segmented into tyres and tubes, automotive mechanical component, adhesives & sealants, pharmaceutical & healthcare, consumer products and others (industrial etc.). The tyre and tubes segment is anticipated to hold the largest market share in the global butyl elastomers market by end of the forecast period (2016-2026).
Butyl Elastomers Market: Regional Outlook
On the basis of region, global butyl elastomers market is segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Middle East and Africa and Japan. The report covers market demand for butyl elastomers in each region between years 2016-2026.
Butyl Elastomers Market: Key Players
The key players reported in this study of butyl elastomers market include Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Lanxess AG, Reliance Industries Ltd., PJSC "Nizhnekamskneftekhim", SIBUR (PJSC SIBUR Holding), etc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, channel types, vehicle type and technology.
The report covers exhaust analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
