The global isobutene market is expected to reach USD 30.71 billion by
2024, according to a new report by Grand View Research, Inc. Regulatory
policies aimed at carcinogenicity of petrochemicals to have a huge impact on
industry dynamics and product development sources. The primary market driver is
the growing demand for rubber from the automotive industry. It used primarily
used as a precursor to various chemicals, for instance, in the polymerization
reaction with isoprene for the production of polybutene. Polybutene, in simple
terms, is butyl rubber used for the production of tires and other synthetic
products.
 |
| China isobutene market revenue by product, 2014 - 2024 (USD Million) |
Tire production increased exponentially in the emerging countries of Asia
Pacific including China and India. This increase in production is attributable
to the growing transportation sector in these economies. Factors such as
low-cost land for production facilities and easy availability of skilled labor
have had a positive impact on the growth trend. Asia Pacific accounted for over
33% of the global volume in 2015.
In depth research report
on Isobutene Market
Further key findings from
the report suggest:
•
The global isobutene market demand was estimated at 11.59 million tons in
2015 and is expected to reach 16.23 million tons by 2024, growing at a CAGR of
3.9% from 2016 to 2024
•
MTBE was the leading product segment and accounted for nearly 80% of the
overall volume in 2015. However, growing concerns regarding groundwater
contamination caused due to leakage of MTBE coupled with increasing popularity
of ethanol as a gasoline blending agent is expected to segment impact growth
negatively
•
The U.S. EPA has decided to ban MTBE to be used for gasoline blending in
the nation on account of the aforementioned factor. The regulatory ban might
have an influential role on policies established in other regions as well.
•
Automotive emerged as the leading application segment and accounted for
over 35% of total market volume in 2015. The segment is also expected to
witness the highest growth of 4.1% over the forecast period
•
Product development and capacity expansions remain key determinants of
competitiveness. Evonik Industries increased its production capacity by three
times in Antwerp, Belgium.
•
Global Bioenergies produced second generation bio sourced isobutene as an
initiative to diversify accessible feedstock towards cheaper resources
•
Key industry participants include Evonik Industries, BASF, ExxonMobil,
Praxair Inc., Syngip BV, LanzaTech Inc., ABI Chemicals, Songwon Industrial Co.
Ltd., Honeywell International, TPC Group LLC, and LyondellBasell Industries
Grand View Research has segmented the isobutene market on the basis
product, application and region:
Global Isobutene Product
Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2024)
•
Methyl Tert-butyl Ether (MTBE)
•
Ethyl Tert-butyl Ether (ETBE)
Global Isobutene
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2024)
•
Automotive
•
Aerospace
•
Antioxidants
•
Pharmaceuticals
•
Others
Global Isobutene Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2024)
•
North America
o
U.S.
o
Canada
•
Europe
o
Germany
o
France
o
UK
•
Asia Pacific
o
China
o
India
o
Japan
•
Central & South America
o
Mexico
•
Middle East & Africa
o
Saudi Arabia
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reports of this category:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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