Global butyl rubber market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Butyl rubber is a type of synthetic rubber, exclusively used in tubes and tires. It possesses properties like high and low-temperature flexibility, permeability to gas, and resistant to chemicals, heat and ozone.
The factors that are playing a major role in the growth of butyl rubber market are the rising demand from sectors like adhesives, automotive, healthcare, and consumer products, rising use of food grade butyl rubber in food applications, and high demand for roof repairing and damp proofing. However, fluctuating raw material costs may restrain overall market growth in the years to come. The market is segmented based on product type, application, and region.
Halo-butyl rubber, Bromo-butyl rubber, and regular butyl rubber are the product types that are explored in butyl rubber market. Halo-butyl rubber sector accounted for the substantial market share of butyl rubber and is estimated to lead overall market in the years to come. Performance upgrade in rolling resistance and improves dry and wet traction, is a major reason responsible for market growth.
The butyl rubber industry is categorized based on applications like automotive, tires & tubes, adhesives & sealants, pharmaceuticals, and others. Pharmaceutical sector accounted for the substantial market share of butyl rubber and is estimated to lead overall market in the years to come. The reason could be its exclusive usage for storing pharma products, as seals and stoppers provide gas barriers and high cleanliness.
Globally, Asia Pacific accounted for a substantial market share of butyl rubber and is estimated to lead overall market in the years to come. The reason behind overall market growth could be developing tire and tubes industry and high demand from end-users. The developing countries like India and China are major consumers of butyl rubber in this region. The reason could be developing industrial sector.
North America and Europe are also estimated to have a positive influence on future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at the highest CAGR in the forecast period.
The key players of butyl rubber market are Royal Adhesives & Sealants, LLC, Lanxess AG, Panjin Heyun Industrial Group Co., Ltd., ExxonMobil Corporation, Zhejiang Cenway New Synthetic Material Co. Ltd., PJSC Nizhnekamskneftekhim, Formosa Synthetic Rubber Corporation, JSR Corporation, and Reliance Industries Limited. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Research Support Specialist, USA