22-October-2018: The global butyl rubber market is anticipated to touch USD 5.21 billion by 2025, according to a report by Grand View Research, Inc. Butyl rubber, also known as butyl elastomer, is a synthetic rubber used for its impermeability to air and moisture. This particular property makes it a valuable product for manufacturing chewing gum, pharmaceutical closures, protective clothing, and tires. It is also known as isobutylene-isoprene rubber (IIR). Demand for bromobutyl and chlorobutyl rubbers will grow due to their high wear resistance.
The automotive sector will be the biggest beneficiary due to demand for lightweight and resistive material to be used for production of automotive components. Demand for nameplates in car-dependent regions such as U.S., U.K., and Brazil is expected to increase the demand for IIR. Manufacturers are relying on partnerships to meet the increasing demand as evident by the handshake of Reliance Industries Limited, an Indian conglomerate, and SIBUR, a Russian petrochemical giant in 2017. Similarly, Lanxess AG has established the construction of a butyl rubber plant in Singapore in 2014.
The automotive sector will be the biggest beneficiary due to demand for lightweight and resistive material to be used for production of automotive components. Demand for nameplates in car-dependent regions such as U.S., U.K., and Brazil is expected to increase the demand for IIR. Manufacturers are relying on partnerships to meet the increasing demand as evident by the handshake of Reliance Industries Limited, an Indian conglomerate, and SIBUR, a Russian petrochemical giant in 2017. Similarly, Lanxess AG has established the construction of a butyl rubber plant in Singapore in 2014.
Concerns of environmental pollution have led to manufacturers resorting to gamma radiation to modify the chemical structure of IIR to make it biodegradable. Experiments with gamma radiation have shown success and can reduce polymeric industrial waste in the near future. Sport centers upgrading their equipment are purchasing butyl rubber-based products as exemplified by the purchase of Beynon Sports BSS 2000 by the Saskatchewan government in 2018.
The butyl rubber market is expected to expand at a 6.9% CAGR from 2014 to 2025 (forecast period) on account of possessing superior properties compared to natural rubber. Demand for butyl rubber is expected to rise due to its requirement in the plastics sector. Furthermore, demand for tires manufactured by original equipment manufacturers (OEMs) and expanding automotive sector in Brazil, Russia, India, and China (BRIC) is likely to open up new opportunities. Prominent market players include Lanxess AG, Sinopec Corporation, Reliance Industries Limited (RIL), and Michelin.
In-Depth Research Report On Butyl Rubber Market:
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