Global butyl rubber (IIR) market is expected to witness considerable growth over the forecast period, on account of its increasing demand for automotive and adhesive applications. It typically contains around 98% polyisobutylene and 2% isoprene spread randomly in the polymer chain. Rising application of the product in construction, healthcare, and consumer product is expected to open avenues over the next seven years.
IIR is used in various end-user applications such as tires, sealants, and adhesives. Growing transportation sector is expected to propel its demand over the forecast period. Due to its enhanced damping property, butyl rubber has huge demand for tire industry. Furthermore, its increasing demand for manufacturing plastic is expected to drive the market over the next seven years.
Exceptional product characteristics including excellent permeability to gases and moisture, outstanding ageing stability and heat resistance is expected to offer the product a distinctive competitive advantage over conventional rubbers. Growing demand for IIR for roof repairing and damp proofing is likely to drive growth over the forecast period. In addition, application of food grade butyl rubber as a chewing base is expected to propel demand.
It is used in explosives industry for manufacturing plastic explosives. Its increasing demand as a binding agent in explosives coupled with growing demand for explosives from the mining sector is expected to increase demand over the next seven years.
Butyl rubber is expected to witness significant growth over the next seven years on account of superior properties including outstanding chemical, weather and ozone resistance. Initially, it was mainly developed for tire applications, however, over the past few years, it is being increasingly used in other sectors including healthcare, adhesives and consumer products.
The product is used to improve weatherability of sealant tapes, contact cements, and asphalt. Heavy investments in construction sector on account of rising urbanization are expected to open new opportunities for butyl rubber over the next seven years. Increasing demand for consumer products including sport goods and electrical devices is expected to have a positive impact on the industry.
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Asia Pacific, particularly China, is expected to witness significant gains over the forecast period on account of increasing automobile production in the region. Economies including India, Japan, and South Korea are expected to fuel growth on account of increasing technological developments and industrialization. Furthermore, huge investments on R&D and agricultural sector in this region are expected to propel growth.
North America is expected to drive the market on account of increasing demand for end-use applications including packaging and sealing. Rising demand for medical and pharmaceutical products from developed economies is expected to open new avenues for the market over the next seven years.
Europe has been a mature market for IIR and expected to experience moderate growth owing to well-developed consumer goods and transportation industry. Latin America is expected to witness an increasing demand on account of rapid development of tire and tube sector.
Global butyl rubber market is highly fragmented in nature due the presence of numerous players spread evenly across the globe. Demand for the product is expected to remain strong owing to heavy investments in industrialization. Key players in the market include Timco Rubber, Reliance Industries Ltd., Togliattikauchuk Ltd., ExxonMobil Chemical, Lanxess AG, Japan Butyl Company, Yanhua Petrochemical Company, and Nizhnekamskneftekhim (NKNK) JSC.
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