LONDON--(BUSINESS WIRE)--The global butyl rubber market is expected to post a CAGR of more than 3% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Synthetic rubber finds a large number of applications in end-user industries such as packaging and healthcare. This is due to their superior resistance to heat, resistance to abrasion, and slow aging characteristics. Also, the rise in the adoption of cars and commercial vehicles has significantly increased the demand for synthetic rubber. Besides, the fluctuation in the prices of natural rubber is compelling end-users to increase their preference for synthetic rubber. These factors are driving the growth of the global butyl rubber market.
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As per Technavio, the increasing demand from the medical and healthcare sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Butyl Rubber Market: Increasing Demand from Medical and Healthcare Sector
Proteins present in natural rubber can cause allergic reactions. Hence, end-users in the medical and healthcare industry are increasing the use of butyl rubber in various applications. Butyl rubber is non-allergic, odorless, and does not undergo discoloration. It also exhibits certain distinctive properties that include low tensile set properties, high resilience, and high elongation. With the growing global population, the demand for medical and healthcare products made of butyl rubber will increase significantly during the forecast period.
“In addition growing demand from tire industry and rapid industrialization in emerging countries will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Butyl Rubber Market: Segmentation Analysis
This market report segments the global butyl rubber market by geography (APAC, Europe, MEA, North America, and South America) and application (tire, medical application, adhesives and sealants, and others).
The APAC region led the market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to witness maximum incremental growth due to the rising adoption of automobiles in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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