"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global butyl rubber market size was valued at USD 3.76 billion in 2023. The market is projected to grow from USD 3.84 billion in 2024 to USD 5.29 billion by 2032 at a CAGR of 4.1% during the forecast period of 2024-2032.
Butyl rubber is a type of synthetic rubber. The product is impermeable to air, highly resistant to chemicals, weathering, and ozone, and it also offers good flex properties. Such properties make this product an ideal material for inner tubes and other types of inflatable items. In addition, the product is witnessing increasing demand in pharmaceutical rubber products, such as stoppers, closures, caps, seals, and others.
The market was significantly affected by the COVID-19 pandemic, especially in 2020 and early 2021. Supply chains were disrupted, manufacturing facilities temporarily closed, and demand from key industries like automotive, furniture, and construction decreased. However, as the world adjusted to the pandemic and industries started to recover, the market began to show signs of improvement. The market's gradual recovery was influenced by a greater emphasis on domestic production, more resilient supply chains, and an increased need for lightweight and durable materials in various applications.
Growing Product Demand in Medical & Pharmaceutical Applications to Boost Market Growth
The growing use of the product in medical & pharmaceutical applications is expected to create opportunities in the market. The market growth is due to its resistance to gases and moisture and its good flex properties. These features make synthetic rubber an ideal choice for various industry applications.
The product demand from these applications is expected to grow with the increasing development of new pharmaceutical products and medical devices and increasing investment by various governments, to improve healthcare infrastructure.
Request a Free sample to learn more about this report.
Increasing Demand from Automotive Industry Drives Market Growth
The growing automotive industry is one of the influential factors driving the market's growth during the forecast period. The product offers exceptional properties such as durability, heat resistance, and low air permeability, making it an essential material for tires, gaskets, seals, and other automotive components.
The growing automobile sector worldwide, especially in emerging markets, such as Latin America and Asia Pacific, is a major factor driving the expansion of the market. This includes the growing demand for conventional vehicles and the increasing popularity of Electric Vehicles (EVs), which require butyl rubber parts that can withstand high temperatures.
To summarize, the products have unique properties, which make them essential for various automotive applications. Thus, the steady growth of the automotive industry drives the market growth during the forecast period.
Volatile Raw Material Prices to Impede Market Growth
Altering prices of the raw materials may cause the manufacturers to consider their approach and look for different suppliers so as to reduce the risk and minimize the impact of price oscillations on the operations. But these actions can result in new expenses and complexities. In addition, the instability in raw material prices could influence investor decisions and long-term market planning. The uncertain price trends in the future and supply may prevent companies from investing in expansion projects, capacity upgrades, and research and development initiatives. Abrupt changes in raw material prices could lead to price unpredictability and uncertainty for both providers and customers, possibly hindering the growth of the butyl rubber market.
Chlorobutyl Rubber Dominates Owing to Increasing Use in Tire Manufacturing Application
Based on type, the market is classified into regular butyl rubber, chlorobutyl rubber, and bromobutyl rubber.
The chlorobutyl rubber segment held the highest part in the global market and is projected to record a noteworthy growth during the study period. This type of rubber is particularly demanded in tire manufacturing, due to its enhanced properties. This product is produced after a chlorination process, significantly improving its resistance to ozone, heat, and weathering, while maintaining the inherent low air permeability of butyl rubber. Such factors are essential in tire manufacturing because they provide overall safety, durability, and performance of tires.
The bromobutyl rubber segment will register significant growth during the forecast period. This type of rubber has an increasing demand in the automotive and medical & pharmaceutical industries because it offers exceptional properties, such as varying temperatures, mechanical stress, and exposure to ozone.
To know how our report can help streamline your business, Speak to Analyst
Tire Manufacturing Segment Leads Favored by Increased Product Adoption with Superior Properties
In terms of application, the market is segmented into tire manufacturing, medical & pharmaceuticals, adhesives & sealants, and others.
The tire manufacturing segment held the largest butyl rubber market share in 2023. Butyl rubber is in major demand in the tire industry, due to its good flexibility and unique air retention properties. This synthetic rubber type’s impermeability to air, makes it an ideal rubber for the inner liners of tubeless tires and the tubes of other kinds of tires.
The medical & pharmaceuticals segment is expected to gain notable growth in the coming years. The product has increasingly been used in medical & pharmaceutical applications due to its excellent flexibility, impermeability, and resistance to moisture and gases. Therefore, there is a demand for products, such as medical stoppers for bottles, vials, and intravenous bags, where maintaining the integrity and sterility of the contents is important.
On the basis of geography, the market is segmented into Europe, North America, Middle East & Africa, and Latin America,
Asia Pacific Butyl Rubber Market Size, 2023 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Asia Pacific leads the market with dominant share and is set to experience the fastest growth during the study period. India, China, and Japan are boosting their investments in the automotive sector for developing strong infrastructure. Additionally, the ever evolving medical & pharmaceutical and automotive sectors in these countries is set to increase the demand for the product.
To know how our report can help streamline your business, Speak to Analyst
The demand for the product in the North America region is derived from the technological innovations, industrial regulations, economic conditions, and increasing adoption of lightweight and sustainable materials. The government of U.S. is also focusing on renovating infrastructural and automotive sectors along with the development of projects which drives the requirement of rubber products in automotive and construction industries.
Significant growth is anticipated in the global market in the near future, with Europe projected to demonstrate notable progress. Germany, a key player, is making substantial contributions to the global production of car components. The country's automotive industry is experiencing rapid expansion due to its high production standards, advancements in transportation, and an increase in consumer purchasing power, which will have a positive impact on the domestic market.
The market in Latin America and the Middle East & Africa are projected to grow at a positive pace in the forecast period. The growing product adoption in the automotive and construction industries positively impacted the market growth in the regions.
Key Players Adopted Expansion Growth Strategies to Gain Competitive Edge in Market
The market dynamics showcases the presence of well-established and evolving companies. Arlanxeo, JSR Corporation, China Petrochemical Corporation, SIBUR, and Reliance Industries Limited are the key players in this market. The market players have enhanced manufacturing capacity and are developing applications customized as per the industry requirements. They are also expanding their manufacturing capability, and distribution & sales network in different parts of the world.
The report provides a detailed analysis of the market. It focuses on key aspects, such as leading companies, types, compositions used to produce these products, and product application. Besides this, it offers insights into the market and current industry trends, and highlights key industry developments. In addition to the factors mentioned above, it encompasses several factors contributing to the market's growth.
To gain extensive insights into the market, Request for Customization
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Unit | Value (USD Billion) and Volume (Kiloton) |
Growth Rate | CAGR of 4.1% from 2024 to 2032 |
Segmentation | By Type
|
By Application
| |
By Region
|
Fortune Business Insights says that the global market size was valued at USD 3.76 billion in 2023 and is projected to record a valuation of USD 5.29 billion by 2032.
Recording a CAGR of 4.1%, the market will exhibit steady growth during the forecast period of 2024-2032.
In 2023, Asia Pacific market value stood at USD 2.00 billion.
The tire manufacturing is the leading segment in the market, by application.
Growing demand from the automotive industry will drive the growth of the market.
Asia Pacific held the highest share of the market in 2023.
Related Reports
US +1 833 909 2966 ( Toll Free )