Global Butyl Rubber Market: Overview
The global butyl rubber market is anticipated to display considerable growth in the near future due to its rising demand for several applications. Typically, butyl rubber contains 98% polyisobutylene and 2% isoprene that are randomly spread in the polymer chain. Due to the exceptional product characteristics of butyl rubber, which includes excellent permeability to moisture and gases and outstanding heat resistance and ageing stability, they are preferred over conventional rubbers.
The market study assesses market indicators, growth trends, and product innovations that will impact the growth of the global butyl rubber market over the forecast period.
Global Butyl Rubber Market: Drivers and Restraints
Butyl rubber is expected to exhibit significant growth over the forecast period owing to its superior properties including exceptional resistance to chemical, ozone, and weather. Though initially developed for tire applications, butyl rubber is increasingly being used in other sectors such as healthcare, consumer products, and adhesives.
Butyl rubber is used in several end-user applications such as adhesive and automotive. The enhanced damping property of butyl rubber accounts for its huge demand in the tire industry. Furthermore, the increasing demand for butyl rubber in the manufacture of plastics is expected to propel this market in the coming years.
The growing demand for butyl rubber for damp proofing and roof repairing is expected to fuel the growth of this market in the coming years. In addition, the use of food grade butyl rubber in food applications is expected to propel demand.
Butyl rubber is used in the explosives industry for the manufacture of plastic explosives. The increasing demand for butyl rubber as a binding agent in explosives along with the rising demand for explosives from the mining industry will propel its demand over the forecast period. Furthermore, butyl rubber can be added to diesel fuel to withstand fouling of fuel injectors. Last but not the least, increasing environmental considerations for regulating hydrocarbon and particulate matter emissions is expected to fuel market growth.
However, factors such as fluctuating raw material prices, regulations for volatile organic compound (VOC) emissions due to rubber manufacturing, and availability of substitutes are expected to challenge the market’s growth in the future.
Global Butyl Rubber Market: Regional Outlook
The butyl rubber market is broadly divided into: North America, Europe, Asia Pacific, and Rest of the World. Amongst these, Asia Pacific is the largest market for butyl rubber due to the expansion of the tire and tubes industry at an unprecedented pace. China and India display the highest consumption of butyl rubber in Asia Pacific. Some other important consumers of butyl rubber in the region include Malaysia, Vietnam, Hong Kong, Macau, Indonesia, Australia, and Republic of Korea.
North America and Europe will display moderate growth as the butyl rubber is significantly used for several applications.
Global Butyl Rubber Market: Competitive Landscape
Some of the key players in the global butyl rubber market include ExxonMobil Chemical, Japan Butyl Company, Nizhnekamskneftekhim JSC, Timco Rubber, Togliattikauchuk Ltd, Lanxess AG, Yanhua Petrochemical Company, Kiran Rubber Industries Pvt. Ltd., and Reliance Industries Ltd. among others. Amongst these, Lanxess AG and ExxonMobil Chemical account for the majority of the butyl rubber production.
Companies in this market are focused on strategic acquisitions to stay competitive in this market. Moreover, expanding presence in China and India for increased market share is also the focus of large companies in this market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.