Over the years, butyl rubber has been expanding significantly and the expansion rate is projected to accelerate over forecast period. The major key players are focusing on developing innovative materials and high-grade butyl rubber. For instance, to improve fuel efficiency, the manufacturers developed halo-butyl rubber. The application of halo-butyl in tire treads improves dynamic properties such as rolling resistance and wet and dry traction. Therefore, the accelerated pace of developments and innovations within the market will aid the market to gain traction.
Global Butyl Rubber Market was valued at USD 3.57 billion in 2021 and is expected to reach USD 5.30 billion by 2029, registering a CAGR of 5.05% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario. Butyl rubber is a type of polymer or synthetic rubber and has different chemical and physical properties. It is linked with two monomers, isobutylene and isoprene. There are numerous butyl rubber applications, including high flexibility, biocompatibility, air tight and gas impermeability (specific), good vibration damper, good weathering, and chemical and heat resistance.
Recent Developments
In July 2021, MRF, the world's largest tyre manufacturer, has stated that it is considering developing raw materials with domestic partners in order to reduce reliance on imports. The company collaborates with domestic sources to develop raw materials such as sulphur, butyl rubber, microcrystalline wax, and tackifier resin as part of the import replacement programme.
In May 2021, Local voters have approved PJSC Nizhnekamskneftekhim (NKNH) proceeding with a technical re-equipment. The company held a public hearing on April 30 to discuss the project's dimensions and environmental impact assessment. As part of the technical improvement, NKNH will reduce butyl rubber production at its production site and convert a 50 kilotonne per annum capacity to halobutyl rubber, a major raw material for tyre manufacturing. The decision was made in response to rising demand for environmentally friendly and cost-effective tubeless tyres.
In August 2020, Cenway finished a butyl rubber upgrade project in Panjin, Liaoning province, and began production on August 18. According to local government, the synthetic rubber manufacturer established a wholly owned subsidiary in Panjin last December called Panjin Cenway New Materials. As per the official document, Cenway acquired butyl rubber facilities in the city, and the upgrade project took three months to complete.
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Butyl Rubber Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
High Adoption from Automotive Sector
The global market for butyl rubber benefits from the rising demand for vehicle tires and tubing. The growing automotive industry further boosts the expansion of the market for OEM tyres. With the continued growth of the automotive industry in developing economies, demand for raw materials, such as butyl rubber, has risen dramatically. Thanks to rising purchasing power, the sales of passenger and commercial vehicles are soaring in countries like China, Mexico, and India.
Increased Awareness regarding Beneficial Properties
Butyl rubber has excellent properties such as chemical resistance and high flexibility when used in tyres and tubes. It has the property of gas permeability and will extend the life of the tire. Also, due to its low gas permeability and flexibility, it is an excellent material for tire inner tubes. The growing recognition and awareness regarding these beneficial properties is estimated to have huge demand across various industries.
High Demand Across Other Applications
The increased use of butyl rubber as a sealant material in construction and other applications has fueled the butyl rubber market's growth. The construction industry has been open to the use of insulation innovations, which has increased demand for butyl rubber in the construction industry. High demand for the butyl rubber's demand as a binding agent in explosives and the mining industry's demand for explosives will drive its demand over the forecast period. Moreover, the butyl rubber is also experiencing a surge in demand from a variety of other application areas such as the protective clothing, pharmaceutical stoppers, closures, vials and tubes, electrical cables, hoses, and shoe soles among others. As a result, the increased demand across the industries will accelerate the market growth.
Furthermore, the emergence of an existing tire-recycling industry in these countries also provides an incentive for marketing. The rising demand for butyl rubber for damp proofing and roof repair is expected to propel this market forward in the coming years. Furthermore, the use of food-grade butyl rubber in food applications is expected to boost demand.
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Global Butyl Rubber Market Scope
The butyl rubber market is segmented on the basis of type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
Regular Butyl
Brominated Butyl
Chlorinated Butyl
Application
Adhesives
Sealant for Rubber Roof Repair
Tubeless Tire Liners
Medicine Bottles
Mechanical Goods
Others
End-User
Automotive Industry
Pharmaceutical Industry
Consumer Products
Rubber Industries
Construction Industries
Others
Competitive Landscape and Butyl Rubber Market Share Analysis
The butyl rubber market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to butyl rubber market.
Some of the major players operating in the butyl rubber market are
Arlanxeo (Netherlands)
JSR Corporation (Japan)
China Petrochemical Corporation (China)
Sibur International GmbH (Austria)
Reliance Industries Limited (India)
PJSC Nizhnekamskneftekhim (Russia)
Exxon Mobile Corporation (U.S.)
Huntsman International LLC. (U.S.)
Zhejiang Cenway New Synthetic Materials Co., Ltd. (China)
Timco Rubber (U.S.)
SABIC (Saudi Arabia)
LANXESS (German)
LyondellBasell Industries Holdings B.V. (U.S.)
INEOS AG (U.K.), Eni S.p.A. (Italy)
Formosa Plastics Corporation (Taiwan)
TPC Group (U.S.)
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