Butyl Elastomers Market Introduction
- Butyl elastomer is a synthetic rubber; a copolymer of isobutylene with isoprene. It was the first rubber to be synthesized. It has good shock absorption characteristics, low moisture, and gas permeability. Butyl elastomer is utilized in numerous commercial applications.
- Butyl rubber is employed in the manufacture of adhesives, agricultural chemicals, fibre optic compounds, and ball bladders. One of the most popular uses of butyl rubber is in the making of automotive tires. Regular butyl provides excellent inflation pressure retention for truck, bicycle, industrial, agricultural, and specialty tires. The first major application of butyl rubber was tire inner tubes. This remains an important segment of its market today.
- The global butyl elastomers market can be segmented based on product type and end-user/applications
Key Drivers of Butyl Elastomers Market
- Increase in demand for automobiles due to the growing population has boosted tire production. Rise in demand for automobile tires for new vehicles and the replacement of old tires are vital factors driving the demand for butyl rubber. This, in turn, is projected to drive the global butyl elastomers market during the forecast period.
- Rise in usage of butyl elastomers in construction applications is expected to boost the market during the forecast period. Moreover, increasing applications of food grade butyl rubber and rising infrastructure activities are key factors that drive the butyl rubber market. Moreover, consistent research and improvement activities are likely to further create new opportunities for the butyl rubber market during the forecast period. Butyl elastomers are extensively employed to manufacture rubber stoppers used for sealing medicine vials and bottles. Expansion of pharmaceutical and construction industries is further driving the global butyl elastomers market.
Restraints of Global Butyl Elastomers Market
- Lack of universal directives pertaining to applications of butyl elastomers is expected to restrain the market during the forecast period. However, volatility in raw material prices, regulations for volatile organic compound (VOC) emissions due to rubber manufacturing, and availability of substitutes are expected to hamper the market in the near future.
Covid 19 impact on Butyl Elastomers Market
- The COVID-19 pandemic is hampering the demand for butyl elastomers in numerous applications. Several governments across the globe enforced lockdowns to curb the spread of the coronavirus. These lockdowns resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are declining the demand for butyl elastomers.
- Key players operating in the butyl elastomers market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Numerous players have halted their production output in the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials. Thus, demand for butyl elastomers market declined in 2020.
- The COVID-19 outbreak has directly affected the production and demand for butyl elastomers. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Asia Pacific to Constitute Significant Share of Global Butyl Elastomers Market
- In terms of region, the global butyl elastomers market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020; Asia Pacific is a prominent market for butyl rubber due to the expansion of the tire and tubes industry at an unprecedented pace. China and India are notable consumers of butyl rubber in Asia Pacific. Consumption of butyl elastomers in the production of pharmaceuticals is also boosting the butyl elastomers market in the region.
- North America and Europe are also key consumers of butyl elastomers. The market in North America and Europe is estimated to expand at a moderate pace during the forecast period, as butyl rubber is used significantly in several applications.
Competitive Landscape of Global Butyl Elastomers Market
Major players operating in the global butyl elastomers market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. The upcoming report aims to unveil their market shares, products, and geographical outreach, offers a detailed analysis of the various companies operating in the global butyl elastomers market. Key players operating in the market include:
- Exxon Mobil Corporation
- Reliance Industries Ltd
- China Petroleum and Chemical Corporation
- Japan Butyl Co. Ltd.
- Yanhua Petrochemical Company
- Kiran Rubber Industries Pvt. Ltd.
- Lanxess AG
- Togliattikauchuk Ltd
- Nizhnekamskneftekhim PJSC
- Evonik Industries AG
Global Butyl Elastomers Market: Research Scope
Global Butyl Elastomers Market, by product type
- Regular Butyl Rubber
- Halogenated Butyl Rubber
Global Butyl Elastomers Market, by End-use
Global Butyl Elastomers Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:
- Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
- Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
- Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
- Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.
The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to
- North America, South America, and the Americas
- Asia Pacific and Japan
- Latin America
- Middle East and Africa
The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micromarketing initiatives of leading players will bring in investments?
- What can be the best framework and tools for PESTLE analysis?
- Which regions will witness rise in new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future?
- Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
- What is the current and expected intensity of competition the market in the near future?
Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.