According to estimates, the butyl elastomers market will be worth US$ 4.22 billion in 2022 and will increase at a CAGR of 6% to US$ 7.46 billion by 2032.
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.
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.
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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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.
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.
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